HB 2468 Summary

• Prohibits deferred deposit lenders (payday loan companies licensed under Oklahoma's Deferred Deposit Lending Act) from garnishing wages or earnings of borrowers.

• Amends 12 O.S. 2011 Sections 1173 and 1173.4 to add an exception excluding deferred deposit lenders from obtaining noncontinuing and continuing earnings liens.

• Defines "deferred deposit lender" as any person licensed under Sections 3101 through 3119 of Title 59 of the Oklahoma Statutes.

• Defines "earnings" to include salary, commission, and other compensation, but excludes state employee travel reimbursements.

• Effective date: November 1, 2014.