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Oklahoma Compliance Information for Tax Preparers
As a user of CrossLink, we are providing this information to you so that you may ensure you are complying with your state licensing and bonding consumer protection laws. If you offer RALs to your clients, you may be required to be licensed by the state of Oklahoma as a Credit Services Organization. This is in addition to any other registration requirements that might be applicable.
Who must be Licensed and Bonded?
A tax preparer who assists or provides advice in obtaining an RAL for their clients for the payment of money or other valuable consideration in the state of Oklahoma must be licensed and bonded.
A special exemption exists for tax preparers who electronically file tax returns and do not receive any compensation for RALs.
What are the Requirements to become Licensed and Bonded?
First, you must secure a surety bond of $10,000 for each location you have. After the bond is secured, a signed, notarized application must be filed with the Oklahoma Department of Consumer Credit, along with a personal affidavit form, a bond form, a designated agent form, a financial statement, evidence of a trust account, copies of all business forms used (such as contracts and disclosure statements), and a certificate of fictitious name and basic documents establishing the entity, if applicable. An out of state examination agreement must also be sent if your records will be stored in a different state. Additional information may be requested, and you will need to send it immediately. A payment of $200 is due with the application which covers a nonrefundable $100 investigation fee and a $100 license fee. You will also need to submit an additional bond form and an additional $100 license fee for each additional branch location.
What Additional Requirements Apply?
Prior to entering into a contract with a client, you must obtain a disclosure statement signed by the client, which must be kept on file for at least two years. This disclosure statement concerning your license and bond is provided with your CrossLink program.
A contract between you and your client must be in writing. It must also be dated and signed by the client. It must include all of the following information:
- A conspicuous statement in bold face type near the space where the client will sign stating, “You, the buyer, may cancel this contract at any time prior to midnight of the fifth day after the date of the transaction. See the attached notice of cancellation form for an explanation of this right.”
- All of the terms and conditions of payment, including the total payment to be made.
- A full and detailed description of the services you will be performing including an estimated length of time for performing those services.
- Your principal business address and the name and address of your agent that is registered with the state to receive service of process.
All books and records related to RAL transactions must be kept for at least 4 years. An annual examination of books and records is mandatory, and other examinations may occur if deemed necessary.
This is only a synopsis of the primary requirements of a licensed Credit Services Organization. Please consult with an attorney or the Oklahoma Department of Consumer Credit’s office for a thorough list of requirements to ensure your compliance with Oklahoma laws and regulations.
What Do I Need to Do?
Visit the Oklahoma Department of Consumer Credit’s Credit Service Organization website.* This site provides the forms you will need to submit, along with the address and other important information.
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