Senate Bill 505 Summary

• Modifies the Uniform Consumer Credit Code (14A O.S. 2001, Sections 6-201 through 6-203) to clarify applicability and notification requirements for consumer credit businesses in Oklahoma.

• Exempts persons from paying annual notification fees if their interest earned in the notification year totals less than $2,500.00, provided they submit a notarized written statement demonstrating the income threshold.

• Establishes a $20.00 late fee for notifications filed after January 31, unless the filer demonstrates interest earnings below $2,500.00.

• Changes terminology from "this part applies" to "Sections 6-201 through 6-203 of this title apply" and updates references to align with the Uniform Consumer Credit Code structure.

• Takes effect July 1, 2011 with an emergency declaration for immediate implementation.