| April 12, 2012
State could save thousands at Consumer Credit Commission
Following is an excerpt from OCPA’s Proposed State Budget for the Fiscal Year ending June 30, 2013.
With Oklahoma government spending at an all-time high (see chart), the time has come to set priorities and to exercise spending discipline.
The Consumer Credit Commission (CCC) should no longer receive a state appropriation. According to its website, “the Consumer Credit Commission is responsible for the regulation of consumer credit sales and consumer loans in the State of Oklahoma. The Department is also responsible for the licensing and regulation of mortgage brokers, mortgage loan originators, pawnshops, deferred deposit lenders, rental purchase lessors, health spa contracts, credit service organizations, and precious metal and gem dealers.” These products are used by some and not used by others, but are not a core function of government and should not be supported by general taxes on all Oklahomans. The CCC can be operated entirely from fee revenue of those producing, selling, or utilizing these products.
The potential savings from implementing such reforms would be $331,730 annually.
Submitted each year by the Oklahoma Council of Public Affairs, Inc. to the taxpayers of the State of Oklahoma and their elected Officials, the OCPA “Budget Book” is carefully crafted by Fiscal Policy Director Jonathan Small to help lawmakers set priorities and exercise spending discipline while creating a state budget that respects your family budget. Offering unmatched fiscal policy analysis and recommendations, Small draws on his experiences as a former budget analyst for the Oklahoma Office of State Finance, former fiscal policy analyst and research analyst for the Oklahoma House of Representatives, and former director of government affairs for the Oklahoma Insurance Department to provide perspective on the state budget that you cannot find anywhere else.