Senate Bill 1940 Summary

• Amends 14A O.S. 2011, Section 6-303 regarding the Consumer Credit Administrative Revolving Fund and distribution of fees collected by the Department of Consumer Credit.

• Changes effective date from "the effective date of this act" to August 24, 2012 for the 80% deposit requirement of fees and civil penalties into the Consumer Credit Administrative Expenses Revolving Fund.

• Authorizes the Administrator of Consumer Credit to reduce annual license fees on a pro rata basis instead of authorizing refunds of collected fees to licensees.

• Requires the Administrator to notify licensees of any annual license fee reduction prior to November 1 of the specific renewal period, excluding initial annual license fees from this reduction provision.

• Maintains exception that the provisions do not apply to fees for the Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund or deferred deposit lender consumer counseling service fees.