Oklahoma Administrative Code
Title 160 - Department of Consumer Credit
Chapter 75 - Consumer Litigation Funding
Subchapter 3 - Licensing
Section 160:75-3-1 - License application package
Current through Vol. 41, No. 13, March 15, 2024
A complete license application package shall consist of the following information and documentation:
(1) License application. The license application shall consist of the following information:
(2) Disclosures. The applicant must respond to disclosure questions regarding the background of the applicant and the officers, directors, members, partners, managers or agents of the applicant, as applicable. The disclosure questions address the character and fitness of the applicant for purposes of determining whether or not the applicant will operate honestly and fairly in accordance with the Consumer Litigation Funding Act. The disclosure questions address the following matters:
(3) Bond or irrevocable letter of credit. The applicant must furnish a certified copy of a bond or an irrevocable letter of credit in the amount of Fifty Thousand Dollars ($50,000.00). The bond or irrevocable letter of credit shall include the terms mandated by the Consumer Litigation Funding Act.
(4) Business documents. An entity must furnish business documents to verify the identity and business structure of the applicant. An entity must also provide documentation from the Oklahoma Secretary of State regarding the authority of the applicant to transact business in the State of Oklahoma. The business documents required to be furnished to the Department are specified in the application. A foreign business entity that is exempt from obtaining a Certificate of Authority, Registration or Qualification from the Oklahoma Secretary of State, as applicable, shall provide to the Department the exemption that is applicable and a certified copy of a document issued by an authorized officer of the jurisdiction in which the foreign business entity was formed or incorporated evidencing the existence and good standing of the foreign business entity in such jurisdiction.
(5) Fees. The applicant shall submit all applicable fees as required by the Consumer Litigation Funding Act and/or any applicable administrative rules of the Department.
(6) Affidavit verifying lawful presence in the United States of America. A notarized affidavit must be submitted for individuals or sole proprietors to verify the lawful presence of the individual in the United States of America. Information and forms are included with the application.
(7) Attestation. An authorized officer, member, manager, director, or agent, as applicable, of the applicant must sign the application and attest to the information submitted in the application. The attestation shall include an acknowledgment that the applicant understands and will comply with the laws of the State of Oklahoma regarding consumer litigation funding.