OK SB503

Establishes and modifies licensing fees across multiple consumer credit regulatory areas including supervised lenders, pawnbrokers, precious metal dealers, rental-purchase lessors, health spas, and mortgage brokers/originators

Abolishes the Consumer Credit Advisory Committee and eliminates the authority of the Commission on Consumer Credit to prescribe certain fees by rule, replacing discretionary fee-setting with specific statutory amounts

Creates or renames several revolving funds for fee deposits: Consumer Credit Administrative Expenses Revolving Fund, Oklahoma Deferred Deposit Lending Regulatory Revolving Fund, Health Spa Revolving Fund, Consumer Credit Investigation Fund, and Oklahoma Mortgage Broker and Mortgage Loan Originator Revolving Fund

Requires mortgage brokers and loan originators to complete continuing education courses as a condition of license renewal and reactivation

Establishes effective date of July 1, 2011, with emergency clause for immediate implementation upon passage and approval