(a) A person licensed under, and in compliance with all applicable requirements of, the Sale of Checks Act in effect immediately prior to the effective date of this act shall have until December 1, 1988, to:
1. Furnish the Commissioner with a corporate surety bond complying with the requirements of Section 2108 of Title 6 of the Oklahoma Statutes or, in lieu thereof, to deposit securities equal to the amount of such bond complying with the requirements of subsection (b) of Section 2109 of Title 6 of the Oklahoma Statutes; and
2. File with the Commissioner the most current annual financial statement of such licensee, which financial statement shall be in compliance with the requirements of Section 2110 of Title 6 of the Oklahoma Statutes.
(b) A person licensed under, and in compliance with all applicable requirements of, the Sale of Checks Act in effect immediately prior to the effective date of this act shall not be required to comply with the provisions of subsection (b) of Section 2107 of Title 6 of the Oklahoma Statutes until the Commissioner has issued license certificates for each location to said licensee for the fiscal year commencing July 1, 1989; provided, the licensee must timely satisfy all requirements for the issuance of a renewal license and such license certificates.
Added by Laws 1988, c. 216, § 14, eff. Nov. 1, 1988.
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