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OK SB2198
Bill
AI Summary
SB 2198 Summary
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Authorizes the Commission on Consumer Credit to prescribe license fees, examination fees, and other charges by rule rather than fixed in statute.
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Allows the Commission to impose civil penalties up to $5,000 per violation incident for licensee violations, in addition to or instead of license suspension/revocation.
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Creates the Consumer Credit Administrative Expenses Revolving Fund to receive fees and civil penalties; effective July 1, 2011, deposits percentage of collections to General Revenue Fund (30% first year, declining to 10% by 2013).
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Establishes the Commission on Consumer Credit as a non-appropriated agency beginning July 1, 2010, and creates an eight-member Consumer Credit Advisory Committee to review and recommend on licensee fees.
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Requires fees be established by emergency rule initially, then permanent rule under the Administrative Procedures Act.
Legislative Description
Commission on Consumer Credit; making Commission a nonappropriated agency; authorizing Commission to establish fees and civil penalties by rule. Effective date. Emergency,
Government
Last Action
Recommendation to the full committee; Do Pass as amended Appr/Sub-Natural Resources and Regulatory Services sub-committee
2/10/2010