Okla. Stat. tit. 59 § 1503A

Current through Laws 2024, c. 453.

Section 1503A - Eligibility for license - Felons - Verifying net assets requirement - Definitions

A. To be eligible for a pawnshop license, an applicant shall:

1. Have net assets of at least Twenty-five Thousand Dollars ($25,000.00); and

2. Show that the pawnshop will be operated lawfully and fairly within the purpose of the Oklahoma Pawnshop Act.

B. The Administrator shall find ineligible an applicant who has a conviction for a felony crime that substantially relates to the occupation of a pawnbroker or poses a reasonable threat to public safety.

C. If the Administrator is unable to verify that the applicant meets the net assets requirement for a pawnshop license, the Administrator may require a finding, including the presentation of a current balance sheet, by an accounting firm or individual holding a permit to practice public accounting in this state, that the accountant has reviewed the books and records of the applicant and that the applicant meets the net assets requirement.

D. As used in this section:

1. "Substantially relates" means the nature of criminal conduct for which the person was convicted has a direct bearing on the fitness or ability to perform one or more of the duties or responsibilities necessarily related to the occupation; and

2. "Poses a reasonable threat" means the nature of criminal conduct for which the person was convicted involved an act or threat of harm against another and has a bearing on the fitness or ability to serve the public or work with others in the occupation.

Okla. Stat. tit. 59, § 1503A

Amended by Laws 2019 , c. 363, s. 53, eff. 11/1/2019.

Amended by Laws 2015 , c. 183, s. 9, eff. 11/1/2015.

Added by Laws 1988, c. 191, § 7, eff. 11/1/1988.