Oklahoma Debt Settlement Laws

Debt Settlement License Registration Required:

Statute: Okla. Stat. tit. 24, §16.

Definition: Debt pooling is defined as making a contract with a particular debtor whereby the debtor agrees to pay a sum or sums of money periodically to the person engaged in the debt pooling who shall distribute the same among certain specified creditors in accordance with a plan agreed upon and the debtor further agrees to pay such person any valuable consideration for such services or for any other services rendered in connection therewith.