Okla. Admin. Code § 160:1-1-7

Current through Vol. 42, No. 4, November 1, 2024

Section 160:1-1-7 - Consumer Credit Advisory Committee

(a)Purpose and authority. The purpose of this rule is to establish procedures regarding the appointments of members to the Consumer Credit Advisory Committee (Committee). The Committee has authority to review fees applicable to licensees of the Department of Consumer Credit (Department) and to make recommendations to the Commission on Consumer Credit (Commission) regarding any fees applicable to licensees of the Department. The Commission appoints members of the Committee and has authority to prescribe rules governing appointments to the Committee.

(b)Members. The Committee consists of eleven (11) members. Ten (10) members are appointed by the Commission and the Administrator of Consumer Credit serves as the Chair of the Committee. The ten members appointed by the Commission are two (2) licensed supervised lenders, one (1) licensed pawnbroker, one (1) licensed mortgage broker and mortgage loan originator, one (1) licensed rental purchase dealer, one (1) licensed precious metal and gem dealer, one (1) licensed health spa, one (1) licensed credit services organization, one (1) entity or individual that has filed notification pursuant to 14A O.S. § 6-202 and one (1) licensed deferred deposit lender. The Commission may appoint an employee of a licensed entity to serve on the Committee.

(c)Members recommended for appointment by professional associations. The following Committee members are recommended for appointment by the following professional associations: One (1) supervised lender is recommended for appointment by the Oklahoma Consumer Finance Association; one (1) supervised lender is recommended for appointment by the Independent Finance Institute; one (1) pawnbroker is recommended for appointment by the Oklahoma Pawnbrokers Association; one (1) rental purchase dealer is recommended for appointment by the Oklahoma Rental Dealers Association; one (1) mortgage broker and mortgage loan originator is recommended for appointment by the Oklahoma Association of Mortgage Professionals and one (1) deferred deposit lender is recommended for appointment by the Community Financial Services Association.

(d)Members not recommended for appointment by professional associations. The following Committee members are not recommended for appointment by a professional association: One licensed precious metal and gem dealer; one (1) licensed health spa; one (1) licensed credit services organization and one (1) entity or individual that has filed notification pursuant to 14A O.S. § 6-202.

(e)Appointment procedures of members recommended by professional associations.

(1)Notification. The Commission Secretary shall submit notification to each professional association responsible for making an appointment recommendation when a vacancy occurs. The notification may be submitted by electronic mail, facsimile or regular United States Mail and shall be addressed to the association director, president or chief officer, as applicable. The notification shall request the association to submit a list of three (3) names and accompanying resumes for recommendation to the Committee within thirty (30) days from the date notification is sent. Failure of an association to submit the required list of names and accompanying resumes shall result in a vacancy for the applicable licensee member until a list of names and accompanying resumes are submitted and a member is appointed by the Commission.

(2)Appointment. The Commission Secretary shall forward the list of recommendations and accompanying resumes to Commission members prior to the next regularly scheduled Commission meeting following the submission of recommendations and resumes. A member shall be appointed upon a nominating motion from the list of recommended names, a seconded nomination motion and a majority vote of voting Commission members present at the meeting.

(f)Appointment procedures for members not recommended by professional associations.

(1)Notification. Notification of a vacancy shall be published on the main page of the Department Internet website by the Commission Secretary. The notification shall request recommendations and resumes for applicable appointments to be submitted to the Commission Secretary by electronic mail, facsimile or regular United States mail within thirty (30) days from the date notification is published on the Department Internet website. The notification shall be published for a period of thirty (30) calendar days. Failure to submit recommendations and accompanying resumes shall result in a vacancy for the applicable licensee member until a list of names and accompanying resumes are submitted and a member is appointed by the Commission.

(2)Appointment. The Commission Secretary shall forward the list of names and accompanying resumes to Commission members following the conclusion of the notification publication period and prior to the next regularly scheduled Commission meeting. A member shall be appointed upon a nominating motion from the list of submitted names, a seconded nomination motion and a majority vote of voting Commission members present at the meeting.

Okla. Admin. Code § 160:1-1-7

Added at 28 Ok Reg 1114, eff 7-1-11