OK SB1914

Establishes the Oklahoma Tax Refund Services Oversight Act to regulate refund anticipation loan (RAL) facilitators and protect consumers obtaining tax refund loans.

Requires persons providing facilitation services for RALs to register with and obtain permits from the Commission on Consumer Credit, with initial fees not exceeding $50 and renewal fees not exceeding $100.

Exempts banks, credit unions, thrift institutions, nonprofit tax preparation services, supervised lenders, and deferred deposit lenders from registration and compliance requirements.

Mandates facilitators disclose all RAL fees, terms, and risks to consumers in writing, provide itemized fee lists, and calculate interest rates based on a specific formula dividing total fees by loan amount and adjusting for loan term.

Prohibits facilitators from charging unauthorized fees, arranging third-party charges, including prohibited contract clauses (hold harmless, confession of judgment, jury trial waivers), and collecting outstanding loans or engaging in check cashing operations.

Creates the Oklahoma Tax Refund Services Oversight Revolving Fund to receive registration fees and penalties for administering the act, with annual facilitator reporting requirements beginning July 2012.

Authorizes the Commission to suspend, revoke, or refuse registration for violations, with civil penalties ranging from $100 to $10,000 per occurrence.