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OK HB3434

Bill

Official Source

Status

Introduced

2/3/2014

Primary Sponsor

Mike Shelton

Click for details

Origin

House of Representatives

2014 Regular Session

AI Summary

  • Increases the required surety bond for credit services organizations from $10,000 to $1,000,000 before they can charge fees prior to completing services
  • Requires the Department of Consumer Credit to establish a consumer complaint telephone hotline, post the number on its website, and investigate complaints against credit services organizations
  • Mandates background checks on license applicants in addition to standard investigations, with the Administrator retaining the background check fee
  • Authorizes the Administrator or representative to perform audits of credit services organizations' books, accounts, and records
  • Extends the record retention requirement for credit service transaction documents from four (4) years to seven (7) years

Legislative Description

Consumer credit; modifying provisions of the Credit Services Organization Act; effective date.

Government

Last Action

Second Reading referred to Rules

2/4/2014

Committee Referrals

Rules2/4/2014

Full Bill Text

No bill text available