Oklahoma Department of Consumer Credit
Encyclopedia
The Oklahoma Department of Consumer Credit (ODCC) is an agency
of the state of Oklahoma. The Department regulates the consumer lending business in Oklahoma by overseeing non-commercial credit, small loans, installment sales and usury. The Department also investigates and licenses creditors of the state.
The Department is led by a Consumer Credit Commission, which consists of eight member appointed by the Governor of Oklahoma
with the consent of the Oklahoma Senate
to serve five year terms. The State Banking Commissioner
serve as a non-voting member of the Commission. The Department's executive is the Administrator of Consumer Credit who is appointed by the Commission.
The Department was created in 1969 during the term of Governor Dewey F. Bartlett
.
with the consent of the Oklahoma Senate
. Five of those members are appointed at-large members and four members are appointed as follows: one member is recommended by the Oklahoma Consumer Finance Association, one from the Independent Finance Institute, one from the Oklahoma Pawnbrokers Association and one from the Oklahoma Association of Mortgage Professionals. The State Banking Commissioner
is a non-voting tenth member of the Commission.
The term of each members, excluding the State Banking Commissioner, is five years. Members of the Commission are eligible for reappointment. No more than three members at-large of the Commission are to be of the same political party. No more than two of the additional members are to be of the same political party.
The primary duties of the Commission include the establish of rules to regulate to consumer credit market and to appoint the Administrator of the Department, who serves at the pleasure of the Commission.
Government agency
A government or state agency is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency. There is a notable variety of agency types...
of the state of Oklahoma. The Department regulates the consumer lending business in Oklahoma by overseeing non-commercial credit, small loans, installment sales and usury. The Department also investigates and licenses creditors of the state.
The Department is led by a Consumer Credit Commission, which consists of eight member appointed by the Governor of Oklahoma
Governor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
with the consent of the Oklahoma Senate
Oklahoma Senate
The Oklahoma Senate is the upper house of the two houses of the Legislature of Oklahoma, the other being the Oklahoma House of Representatives. The total number of Senators is set at 48 by the Oklahoma Constitution....
to serve five year terms. The State Banking Commissioner
Oklahoma State Banking Department
The Oklahoma State Banking Department is an agency of the state of Oklahoma. The Banking Department is responsible for regulating Oklahoma's banking system, including state-chartered banks, credit unions, savings and loan associations, and trust companies, as well as cemeteries and money order...
serve as a non-voting member of the Commission. The Department's executive is the Administrator of Consumer Credit who is appointed by the Commission.
The Department was created in 1969 during the term of Governor Dewey F. Bartlett
Dewey F. Bartlett
Dewey Follett Bartlett, Sr. , a U.S. politician, served as the 19th Governor of Oklahoma from 1967 to 1971, following his same-party Republican predecessor, Henry Bellmon. State law at that time did not allow consecutive terms for governor. In 1966, he was elected governor after defeating the...
.
Organization
- Commission on Consumer Credit
- Administrator
- Deputy Administrator
- Licensing Division
- Examination Division
- Business Division
- Legal Division
- Deputy Administrator
- Administrator
Commission on Consumer Credit
The Commission on Consumer Credit is the governing body of the Department. The Commission consists of nine members appointed by the Governor of OklahomaGovernor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
with the consent of the Oklahoma Senate
Oklahoma Senate
The Oklahoma Senate is the upper house of the two houses of the Legislature of Oklahoma, the other being the Oklahoma House of Representatives. The total number of Senators is set at 48 by the Oklahoma Constitution....
. Five of those members are appointed at-large members and four members are appointed as follows: one member is recommended by the Oklahoma Consumer Finance Association, one from the Independent Finance Institute, one from the Oklahoma Pawnbrokers Association and one from the Oklahoma Association of Mortgage Professionals. The State Banking Commissioner
Oklahoma State Banking Department
The Oklahoma State Banking Department is an agency of the state of Oklahoma. The Banking Department is responsible for regulating Oklahoma's banking system, including state-chartered banks, credit unions, savings and loan associations, and trust companies, as well as cemeteries and money order...
is a non-voting tenth member of the Commission.
The term of each members, excluding the State Banking Commissioner, is five years. Members of the Commission are eligible for reappointment. No more than three members at-large of the Commission are to be of the same political party. No more than two of the additional members are to be of the same political party.
The primary duties of the Commission include the establish of rules to regulate to consumer credit market and to appoint the Administrator of the Department, who serves at the pleasure of the Commission.
See also
- Oklahoma Office of State FinanceOklahoma Office of State FinanceThe Oklahoma Office of State Finance is the Oklahoma state government agency that prepares the Governor of Oklahoma’s annual budget, analyzes the effectiveness of state management, manages the state’s budget system and makes appropriate allotments and transfers throughout the state government...
- Oklahoma State Banking DepartmentOklahoma State Banking DepartmentThe Oklahoma State Banking Department is an agency of the state of Oklahoma. The Banking Department is responsible for regulating Oklahoma's banking system, including state-chartered banks, credit unions, savings and loan associations, and trust companies, as well as cemeteries and money order...
- Oklahoma Department of SecuritiesOklahoma Department of SecuritiesThe Oklahoma Department of Securities is an agency of the state of Oklahoma. The Department oversees the securities business in Oklahoma. The Department regulates securities agents, broker-dealers, and investment advisers as well as the registration of stocks, bonds, and many other types of...
- Oklahoma Tax CommissionOklahoma Tax CommissionThe Oklahoma Tax Commission is the Oklahoma state government agency that collects taxes and enforces the internal revenue laws of the state. The Commission is composed of three members appointed by the Governor of Oklahoma with the approval of the Oklahoma Senate...