Oklahoma Administrative Code
Title 160 - Department of Consumer Credit
Chapter 75 - Consumer Litigation Funding
Subchapter 1 - General Provisions
Section 160:75-1-3 - Definitions

Except as otherwise specifically defined in this chapter, the definitions set forth in the Consumer Litigation Funding Act are incorporated herein and made a part of this chapter. The following words or terms, when used in this chapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Administrator" means the Administrator of Consumer Credit.

"Applicant" means an entity, foreign business entity or individual that submits an application to the Department for licensure as a consumer litigation funder.

"Complainant" means an entity or individual that submits a written complaint to the Department regarding a licensee.

"Consumer Litigation Funding Act" means the provisions of the Uniform Consumer Credit Code regarding consumer litigation funding at 14A O.S. §§ 3-801 through 3-817.

"Department" means the Oklahoma Department of Consumer Credit.

"Entity" means a corporation, limited liability company, partnership or other type of business entity authorized by the laws of the State of Oklahoma or any district, possession, state or territory of the United States of America.

"Foreign business entity" means a business entity formed under the laws of any state of the United States of America other than the State of Oklahoma or a business entity formed under the laws of any district, possession or territory of the United States of American or any foreign country.

"Individual" means a natural person or a sole proprietor.

"Licensee" means a consumer litigation funder that is either licensed by the Department or is subject to the Consumer Litigation Funding Act.

Adopted by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/11/2015