A. Each licensee authorized to make small loans shall pay thirty cents ($0.30) for each loan entered into to be deposited into the Consumer Credit Counseling Revolving Fund and the Personal Financial Literacy Education Revolving Fund as follows:
1. Eight cents ($0.08) of each thirty-cent payment shall be deposited into the Consumer Credit Counseling Revolving Fund; and
2. Twenty-two cents ($0.22) of each thirty-cent payment shall be paid to the Office of the State Treasurer for deposit into the Personal Financial Literacy Education Revolving Fund.
B. The schedule for payment into the Consumer Credit Counseling Revolving Fund shall be determined by the Administrator of Consumer Credit. The schedule for payments to the Office of the State Treasurer for deposit into the Personal Financial Literacy Education Revolving Fund shall be made by each lender quarterly.
C. Ten percent (10%) of each scheduled payment of fees pursuant to this section made into the Consumer Credit Counseling Revolving Fund may be transferred to the Consumer Credit Administrative Expenses Revolving Fund established in Section 6-301 of Title 14A of the Oklahoma Statutes for expenses incurred by the Administrator of Consumer Credit in administering the requirements of subsection D of this section.
D. Funds collected and deposited in the Consumer Credit Counseling Revolving Fund pursuant to this section shall be paid by the Administrator of Consumer Credit to a third-party, Oklahoma-based consumer credit counseling provider with a verifiable history of work with both industry and consumers in the appropriate field for a program of research and implementation of voluntary consumer counseling and education specifically designed for consumers utilizing deferred deposit loans. The program shall be:
1. Selected by a bid process, pursuant to The Oklahoma Central Purchasing Act; and
2. Designed in consultation with representatives of both the industry and consumers.
E. Funds paid to the Office of the State Treasurer for deposit into the Personal Financial Literacy Education Revolving Fund pursuant to this section shall be used by the State Department of Education for purposes provided in Section 11-103.6h of Title 70 of the Oklahoma Statutes.
Added by Laws 2004, c. 557, § 9, emerg. eff. June 10, 2004. Amended by Laws 2010, c. 415, § 36, eff. July 1, 2010; Laws 2017, c. 279, § 2, eff. July 1, 2017; Laws 2019, c. 89, § 30, eff. Aug. 1, 2020. Renumbered from § 3119 of Title 59 by Laws 2019, c. 89, § 32, eff. Aug. 1, 2020.
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