(1) In addition to other powers granted by this title, the Administrator of Consumer Credit may, within the limitations provided by law: (a) receive and act on complaints, take action designed to obtain voluntary compliance with this title, or commence proceedings on the Administrator's own initiative, (b) counsel persons and groups on their rights and duties under this title, (c) establish programs for the education of consumers with respect to credit practices and problems, (d) make studies appropriate to effectuate the purposes and policies of this title and make the results available to the public, (e) with approval by the Commission on Consumer Credit adopt, amend, and repeal substantive rules when specifically authorized by this title, and adopt, amend, and repeal procedural rules to carry out the provisions of this title, all as provided by the Administrative Procedures Act, and (f) enforce the disclosure provisions of the Federal Consumer Credit Protection Act as defined in Section 1-302 of this title. (2) Except for refund of an excess charge, no liability is imposed under this title for an act done or omitted in conformity with a rule of the Administrator or written opinion of the Administrator stating rights and duties issued on the Administrator's own motion or in response to a request under paragraph (b) of subsection (1) of this section notwithstanding that after the act or omission the rule or opinion may be amended or repealed or be determined by judicial or other authority to be invalid for any reason. The opinions of the Administrator shall be compiled and published no less often than annually. (3) The Administrator shall report annually on or before January 1 to the Governor and Legislature on the operation of the Administrator's office, on the use of consumer credit in the state, and on the problems of persons of small means obtaining credit from persons regularly engaged in extending sales or loan credit. For the purpose of making the report, the Administrator is authorized to conduct research and make appropriate studies. The report shall include a description of the examination and investigation procedures and policies of the Administrator's office, a statement of policies followed in deciding whether to investigate or examine the offices of credit suppliers subject to this title, a statement of the number and percentages of offices which are periodically investigated or examined, a statement of the types of consumer credit problems of both creditors and debtors which have come to the Administrator's attention through examinations and investigations and the disposition of them under existing law, and a general statement of the activities of the Administrator's office and of others to promote the purposes of this title. The report shall not identify the creditors against whom action is taken by the Administrator. (4) The Administrator may enter into cooperative, coordinating and information-sharing agreements with any other agencies that have supervisory or regulatory responsibility over any entity that has been or may be licensed by the Department of Consumer Credit or any organization affiliated with or representing one or more agencies with supervisory or regulatory responsibility over any entity that has been or may be licensed by the Department, and the Administrator may accept reports of examination and reports of investigation from any such agency or organization in lieu of conducting the Administrator's own examinations or investigations. The Administrator may cooperate, coordinate and enter into information- sharing agreements with the Oklahoma State Banking Department and other state agencies with whom the agreements may be mutually beneficial. (5) The Administrator shall have the authority to adopt rules, not inconsistent with the provisions of this title, to limit the amount of the additional charges that lenders are permitted to impose under subsections (1) and (2) of Section 3-202 of this title and Section 3-203.2 of this title, or to limit the amount of deferral charges that sellers and lenders may impose under subsections (2) and (3) of Section 2-204 of this title and subsections (2) and (3) of Section 3-204 of this title. The Administrator shall: (a) in promulgating, amending or repealing rules pursuant to this section, take into consideration whether limits on the additional charges permitted under subsections (1) and (2) of Section 3-202 of this title and Section 3-203.2 of this title, or limits on deferral charges that sellers and lenders may impose under subsections (2) and (3) of Section 2-204 of this title and subsections (2) and (3) of Section 3-204 of this title, would: (i) place lenders located in this state at a competitive disadvantage, with respect to the additional charges, as compared to out-of-state credit card lenders or place sellers and lenders in this state at a competitive disadvantage with respect to the deferral charges, as compared to out-of-state sellers and lenders, (ii) require sellers or lenders located in this state to impose higher finance charges, or (iii) impede the growth of consumer credit sales or the consumer lending industry in this state, and (b) adopt rules limiting the dollar amounts of the additional charges permitted under subsections (1) and (2) of Section 3-202 of this title and Section 3-203.2 of this title, or the deferral charges permitted under subsections (2) and (3) of Section 2-204 of this title and subsections (2) and (3) of Section 3-204 of this title, in the event that the Administrator determines that such limits are necessary to protect debtors in this state from being subjected to charges which are unreasonable or excessive as compared to the prevailing charges being imposed by out-of-state lenders and sellers. Added by Laws 1969, c. 352, § 6-104, eff. July 1, 1969. Amended by Laws 1970, c. 282, § 11; Laws 1982, c. 335, § 55, operative June 1, 1982; Laws 1992, c. 51, § 1, eff. Sept. 1, 1992; Laws 1998, c. 352, § 5, eff. July 1, 1998; Laws 2000, c. 217, § 22, eff. July 1, 2000; Laws 2003, c. 65, § 3, emerg. eff. April 10, 2003; Laws 2014, c. 159, § 3, eff. July 1, 2014; Laws 2019, c. 103, § 1, eff. Nov. 1, 2019.
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