Okla. Stat. tit. 14A, § 14A-6-114 — OK Code / Title 14A / Section 14A-6-114
Jury trial
Status: in_force

In an action brought by the Administrator under this act, the

Administrator has no right to trial by jury.
Okla. Stat. tit. 14A, § 14A-5-202 — OK Code / Title 14A / Section 14A-5-202
Effect of violations on rights of parties
Status: in_force

(1) If a creditor has violated the provisions of this act

applying to certain negotiable instruments (Section 2-403 of this

title), or limitations on the schedule of payments or loan term for

supervised loans (Section 3-512 of this title), the debtor is not

obligated to pay the credit service charge or loan finance charge

and has a right to recover from the person violating this act or

from an assignee of that person's rights who undertakes direct

collection of payments or enforcement of rights arising from the

debt a penalty in an amount determined by the court not in excess of

three times the amount of the credit service charge or loan finance

charge. No action pursuant to this subsection may be brought more

than one (1) year after the due date of the last scheduled payment

of the agreement with respect to which the violation occurred.

(2) If a creditor has violated the provisions of this act

applying to authority to make supervised loans (Section 3-502 of

this title), the loan is void and the debtor is not obligated to pay

either the principal or loan finance charge. If he has paid any

part of the principal or of the loan finance charge, he has a right

to recover the payment from the person violating this act or from an

assignee of that person's rights who undertakes direct collection of

payments or enforcement of rights arising from the debt. With

respect to violations arising from loans made pursuant to revolving

loan accounts, no action pursuant to this subsection may be brought

more than two (2) years after the violation occurred. With respect

to violations arising from other loans, no action pursuant to this

subsection may be brought more than one (1) year after the due date

of the last scheduled payment of the agreement pursuant to which the

charge was paid.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 191

(3) Any creditor or servicer who fails to comply with any

requirement for subsection 10 mortgages under Section 10 of this

act, with respect to any person is liable to that person in an

amount equal to the sum of all finance charges and fees paid by the

consumer, unless the creditor demonstrates that the failure to

comply is not material. No action pursuant to this subsection may

be brought more than one (1) year after the due date of the last

scheduled payment of the agreement with respect to which the

violation occurred.

(4) A debtor is not obligated to pay a charge in excess of that

allowed by this act, and if the debtor has paid an excess charge

the debtor has a right to a refund. A refund may be made by

reducing the debtor's obligation by the amount of the excess charge.

If the debtor has paid an amount in excess of the lawful obligation

under the agreement, the debtor may recover the excess amount from

the person who made the excess charge or from an assignee of that

person's rights who undertakes direct collection of payments from or

enforcement of rights against debtors arising from the debt.

(5) If a debtor is entitled to a refund and a person liable to

the debtor refuses to make a refund within a reasonable time after

demand, the debtor may recover from that person a penalty in an

amount determined by a court not exceeding the greater of either the

amount of the credit service or loan finance charge or ten times the

amount of the excess charge. If the creditor has made an excess

charge in deliberate violation of or in reckless disregard for this

act, the penalty may be recovered even though the creditor has

refunded the excess charge. No penalty pursuant to this subsection

may be recovered if a court has ordered a similar penalty assessed

against the same person in a civil action by the Administrator

(Section 6-113 of this title). With respect to excess charges

arising from sales made pursuant to revolving charge accounts or

from loans made pursuant to revolving loan accounts, no action

pursuant to this subsection may be brought more than two (2) years

after the time the excess charge was made. With respect to excess

charges arising from other consumer credit sales or consumer loans,

no action pursuant to this subsection may be brought more than one

(1) year after the due date of the last scheduled payment of the

agreement pursuant to which the charge was made.

(6) Except as otherwise provided, no violation of this act

impairs rights on a debt.

(7) If an employer discharges an employee in violation of the

provisions prohibiting discharge (Section 5-106 of this title), the

employee may within thirty (30) days bring a civil action for

recovery of wages lost as a result of the violation and for an order

requiring the reinstatement of the employee. Damages recoverable

shall not exceed lost wages for six (6) weeks.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 192

(8) If the creditor establishes by a preponderance of evidence

that a violation is unintentional or the result of a bona fide error

no liability is imposed under subsections (1), (2) and (5) of this

section and the validity of the transaction is not affected.

(9) In any case in which it is found that a creditor has

violated this act, the court may award reasonable attorney fees

incurred by the debtor.
Okla. Stat. tit. 14A, § 14A-2-112 — OK Code / Title 14A / Section 14A-2-112
Sale of motor vehicles - Taking security in other
Status: in_force

vehicles.

A seller in a consumer credit sale of a motor vehicle may secure

the debt arising from the sale by contracting for a security

interest in any other motor vehicle used for the purpose of

transportation of persons or property, as well as the motor vehicle

which is the subject of the sale. Provided, further, that the

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 25

amount of the debt secured by property other than the motor vehicle

which is the subject of the sale shall be clearly set forth and when

the total debt is reduced to an amount equal to or less than the

amount secured by the motor vehicle which is the subject of the

sale, a release of the security agreement as to such "other vehicle"

will be furnished to the debtor upon request but such partial

release shall not impair the security interest on the motor vehicle

which was the subject of the sale. The total amount secured by any

transaction authorized hereunder cannot exceed the amount of the

sale price of the motor vehicle, and further, the seller cannot

advance money or other things of value to be included in such

consumer transaction.
Okla. Stat. tit. 14A, § 14A-2-105 — OK Code / Title 14A / Section 14A-2-105
Definitions: "Goods"; "Merchandise certificate"; "Services"; "Sale of goods"; "Sale of
Status: in_force

However, a minimum late fee of Five Dollars ($5.00) may be contracted for by the parties under"Services"; "Sale of goods"; "Sale of services"; "Sale of an

interest in land"; "Precomputed".

(1) "Goods" includes goods not in existence at the time the

transaction is entered into and merchandise certificates, but

excludes money, chattel paper, documents of title, and instruments.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 22

(2) "Merchandise certificate" means a writing issued by a

seller not redeemable in cash and usable in its face amount in lieu

of cash in exchange for goods or services.

(3) "Services" includes

(a) work, labor, and other personal services:

(b) privileges with respect to transportation, hotel and

restaurant accommodations, education, entertainment,

recreation, physical culture, hospital accommodations,

funerals, cemetery accommodations, and the like; and

(c) insurance provided by a person other than the insurer.

(4) "Sale of goods" includes any agreement in the form of a

bailment or lease of goods if the bailee or lessee agrees to pay as

compensation for use a sum substantially equivalent to or in excess

of the aggregate value of the goods involved and it is agreed that

the bailee or lessee will become, or for no other or a nominal

consideration has the option to become, the owner of the goods upon

full compliance with his obligations under the agreement.

(5) "Sale of services" means furnishing or agreeing to furnish

services and includes making arrangements to have services furnished

by another.

(6) "Sale of an interest in land" includes a lease in which the

lessee has an option to purchase the interest and all or a

substantial part of the rental or other payments previously made by

him are applied to the purchase price.

(7) A sale, refinancing, or consolidation is "precomputed" if

the debt is expressed as a sum comprising the amount financed and

the amount of the credit service charge computed in advance.
Okla. Stat. tit. 14A, § 14A-3-801 — OK Code / Title 14A / Section 14A-3-801
Definitions
Status: in_force

DEFINITIONS.

As used in this act:

1. "Administrator" means the Administrator of Consumer Credit;

2. "Advertise" means to publish or disseminate a written,

electronic, or printed communication, or to publish, disseminate,

circulate, or place directly or indirectly before the public a

communication by means of a recorded telephone message or a

communication transmitted on radio, television, the Internet, or

similar communications media, including film strips, motion

pictures, and videos, for the purpose of inducing a person to enter

into a consumer litigation funding agreement;

3. "Charge" or "charges" means the amount paid to a consumer

litigation funder by or on behalf of the consumer, in addition to

the funded amount provided by or on behalf of the funder to a

consumer. The term includes an administrative fee, origination fee,

underwriting fee, and other fees, regardless of how the fee is

denominated, and any amounts denominated as interest;

4. "Consumer" means an individual who has a pending legal claim

and who:

a. resides in this state, or

b. has a legal claim in this state;

5. "Consumer litigation funder" or "funder" means a person that

enters into a consumer litigation funding agreement with a consumer.

The term does not include:

a. an attorney who, at the time money is provided to or

on behalf of a consumer under a consumer litigation

funding agreement, has an attorney-client relationship

with the consumer concerning the consumer's legal

claim,

b. an accountant who provides accounting services to the

consumer, or

c. an immediate family member of the consumer;

6. "Consumer litigation funding agreement" means an agreement:

a. under which money is provided to or on behalf of a

consumer by a consumer litigation funder for a purpose

other than prosecuting the consumer's legal claim, and

b. the repayment of the money is in accordance with a

litigation funding transaction the terms of which are

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 171

included as part of the consumer litigation funding

agreement;

7. "Funded amount" means the amount provided to or on behalf of

the consumer under a consumer litigation funding agreement. The

term does not include a charge;

8. "Funding date" means the date on which the consumer

litigation funder:

a. transfers the funded amount to the consumer by

personal delivery or by wire, ACH debit, or other

electronic means, or

b. mails the funded amount to the consumer by insured,

certified, or registered United States mail;

9. "Immediate family member" means:

a. a parent, sibling, spouse, grandparent, or grandchild

of an individual, or

b. a child related by blood, adoption, or marriage to an

individual;

10. "Legal claim" includes:

a. a civil action,

b. an alternative dispute resolution proceeding, or

c. an administrative proceeding before an agency of this

state, except for workers' compensation claims, which

are not assignable;

11. "Litigation funding transaction" means a non-recourse

transaction in which a consumer litigation funder purchases, and a

consumer assigns to the funder, a contingent right to receive an

amount of the potential proceeds of a settlement, judgment, award,

or verdict obtained in the consumer's legal claim; and

12. "Resolution date" means the date on which the sum of the

amount funded to the consumer and the agreed to charges is delivered

to the consumer litigation funder.
Okla. Stat. tit. 14A, § 14A-3-816 — OK Code / Title 14A / Section 14A-3-816
Implementation
Status: in_force

As soon as practicable after the effective date of this act, but

not later than July 1, 2014, the Commission on Consumer Credit shall

adopt the rules and procedures necessary to implement this act.
Okla. Stat. tit. 14A, § 14A-2-106 — OK Code / Title 14A / Section 14A-2-106
Definition: "Consumer lease"
Status: in_force

(1) "Consumer lease" means a lease of goods

(a) which a lessor regularly engaged in the business of

leasing makes to a person, other than an organization,

who takes under the lease primarily for a personal,

family or household purpose;

(b) in which the amount payable under the lease does not

exceed Fifty Thousand Dollars ($50,000.00). The

dollar amount in this paragraph shall be adjusted

annually as indicated by the Consumer Financial

Protection Bureau by the annual percentage increase in

the Consumer Price Index for Urban Wage Earners and

Clerical Workers, as published by the Bureau of Labor

Statistics, rounded to the nearest multiple of One

Hundred Dollars ($100.00) or One Thousand Dollars

($1,000.00) as applicable; and

(c) which is for a term exceeding four (4) months.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 23

(2) "Consumer lease" does not include a lease made pursuant to

a lender credit card or similar arrangement.
Okla. Stat. tit. 14A, § 14A-6-302 — OK Code / Title 14A / Section 14A-6-302
Commission on Consumer Credit - Prescription of fees
Status: in_force

(1) The Commission on Consumer Credit shall prescribe by

administrative rules all fees authorized by the Uniform Consumer

Credit Code, the Credit Services Organization Act, the Oklahoma

Pawnshop Act, the Precious Metal and Gem Dealer Licensing Act, the

Oklahoma Rental-Purchase Act, the Oklahoma Health Spa Act, the

Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act and

the Deferred Deposit Lending Act. All fees prescribed by rule of

the Commission shall be in accordance with Article I of the

Administrative Procedures Act and this subsection. Prior to July 1,

2011, the Commission shall establish all authorized fees by

emergency rule. Any fee established by emergency rule shall remain

effective until the fee is prescribed by permanent rule of the

Commission in accordance with Article I of the Administrative

Procedures Act. Any fees prescribed by rule after July 1, 2011,

shall be prescribed as permanent rules; provided, no fee prescribed

after July 1, 2011, shall become effective unless approved by the

Legislature.

(2) Examination and investigation fees shall not be increased

more than Two Hundred Dollars ($200.00) in a three-calendar-year

period.

(3) Annual license fees shall not be increased more than One

Hundred Dollars ($100.00) in a three-calendar-year period.
Okla. Stat. tit. 14A, § 14A-3-704 — OK Code / Title 14A / Section 14A-3-704
Restrictions on private educational lenders
Status: in_force

(1) A private educational lender may not use the name, emblem,

mascot, or logo of the covered educational institution, or other

words, pictures, or symbols readily identified with the covered

educational institution, in the marketing of private education loans

in any way that implies that the covered educational institution

endorses the private education loans offered by the private

educational lender.

(2) Any person who is employed in the financial aid office of a

covered educational institution, or who otherwise has

responsibilities with respect to private education loans or other

financial aid of the institution, and who serves on an advisory

board, commission, or group established by a private educational

lender or group of such lenders shall be prohibited from receiving

anything of value from the private educational lender or group of

lenders. Nothing in this subsection prohibits the reimbursement of

reasonable expenses incurred by an employee of a covered educational

institution as part of their service on an advisory board,

commission, or group described in this subsection.

(3) It shall be unlawful for any private educational lender to

impose a fee or penalty on a borrower for early repayment or

prepayment of any private education loan.

(4) An institution of higher education shall publicly disclose

any contract or other agreement made with a card issuer or creditor

for the purpose of marketing a credit card.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 165

(5) No card issuer or creditor may offer to a student at an

institution of higher education any tangible item to induce such

student to apply for or participate in an open-end consumer credit

plan offered by such card issuer or creditor, if such offer is made:

(a) on the campus of an institution of higher education;

(b) near the campus of an institution of higher education,

as determined by rule of the Administrator; or

(c) at an event sponsored by or related to an institution

of higher education.
Okla. Stat. tit. 14A, § 14A-3-508B — OK Code / Title 14A / Section 14A-3-508B
Loan finance charge for loans with principal of Three
Status: in_force

Thousand Dollars or less.

1. On loans having a principal of Three Thousand Dollars

($3,000.00) or less, a supervised lender may charge in lieu of the

loan finance charges specified in Section 3-508A of this title, the

following amounts:

a. on any amount up to and including One Hundred Sixty-

one Dollars and ninety-five cents ($161.95), there

shall be allowed an acquisition charge for making the

loan not in excess of one-tenth (1/10) of the amount

of the principal. In addition thereto, a handling

charge may be added at the ratio of Five Dollars and

forty cents ($5.40) for each Twenty-seven Dollars

($27.00) of principal,

b. on any loan in an amount in excess of One Hundred

Sixty-one Dollars and ninety-five cents ($161.95) up

to and including the amount of One Hundred Eighty-nine

Dollars ($189.00), there shall be allowed an

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 155

acquisition charge for making the loan not in excess

of one-tenth (1/10) of the amount of the principal.

In addition thereto, an installment account handling

charge shall be allowed not to exceed Sixteen Dollars

and twenty cents ($16.20) per month,

c. on any loan of an amount in excess of One Hundred

Eighty-nine Dollars ($189.00) but not more than Three

Hundred Seventy-eight Dollars ($378.00), there shall

be allowed an acquisition charge for making the loan

not in excess of one-tenth (1/10) of the amount of the

principal. In addition thereto, an installment

account handling charge shall be allowed not to exceed

Eighteen Dollars and ninety cents ($18.90) per month,

d. on any loan of an amount in excess of Three Hundred

Seventy-eight Dollars ($378.00) but not in excess of

Five Hundred and Forty Dollars ($540.00), there shall

be allowed an acquisition charge for making the loan,

not in excess of one-tenth (1/10) of the amount of the

principal. In addition thereto, an installment

account handling charge shall be allowed not to exceed

Twenty-one Dollars and sixty cents ($21.60) per month,

e. on any loan in an amount in excess of Five Hundred

Forty Dollars ($540.00) up to and including the amount

of Eight Hundred Ten Dollars ($810.00), there shall be

allowed an acquisition charge for making the loan not

in excess of one-tenth (1/10) of the amount of the

principal. In addition thereto, an installment

account handling charge shall be allowed not to exceed

Twenty-four Dollars and thirty cents ($24.30) per

month,

f. on any loan of an amount in excess of Eight Hundred

Ten Dollars ($810.00) but not more than One Thousand

Eighty Dollars ($1,080.00), there shall be allowed an

acquisition charge for making the loan not in excess

of one-tenth (1/10) of the amount of the principal.

In addition thereto, an installment account handling

charge shall be allowed not to exceed Twenty-seven

Dollars ($27.00) per month,

g. on any loan of an amount in excess of One Thousand

Eighty Dollars ($1,080.00) but not more than One

Thousand Three Hundred Fifty Dollars ($1,350.00),

there shall be allowed an acquisition charge for

making the loan not in excess of one-tenth (1/10) of

the amount of the principal. In addition thereto, an

installment account handling charge shall be allowed

not to exceed Twenty-nine Dollars and seventy cents

($29.70) per month,

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 156

h. on any loan of an amount in excess of One Thousand

Three Hundred Fifty Dollars ($1,350.00) but not more

than One Thousand Six Hundred Twenty Dollars

($1,620.00), there shall be allowed an acquisition

charge for making the loan not in excess of one-tenth

(1/10) of the amount of the principal. In addition

thereto, an installment account handling charge shall

be allowed not to exceed Thirty-two Dollars and forty

cents ($32.40) per month,

i. on any loan of an amount in excess of One Thousand Six

Hundred Twenty Dollars ($1,620.00) but not more than

Two Thousand Dollars ($2,000.00), there shall be

allowed an acquisition charge for making the loan not

in excess of one-tenth (1/10) of the amount of

principal. In addition thereto, an installment

account handling charge shall be allowed not to exceed

Forty Dollars ($40.00) per month,

j. on any loan of an amount in excess of Two Thousand

Dollars ($2,000.00) but not more than Two Thousand

Five Hundred Dollars ($2,500.00), there shall be

allowed an acquisition charge for making the loan not

in excess of one-tenth (1/10) of the amount of

principal. In addition thereto, an installment

account handling charge shall be allowed not to exceed

Fifty Dollars ($50.00) per month, and

k. on any loan of an amount in excess of Two Thousand

Five Hundred Dollars ($2,500.00) but not more than

Three Thousand Dollars ($3,000.00), there shall be

allowed an acquisition charge for making the loan not

in excess of one-tenth (1/10) of the amount of

principal. In addition thereto, an installment

account handling charge shall be allowed not to exceed

Sixty Dollars ($60.00) per month.

2. The maximum term of any loan made under the terms of this

section shall be one (1) month for each Ten Dollars ($10.00) of

principal up to a maximum term of eighteen (18) months. Provided,

however, that under subparagraphs e through i of paragraph 1 of this

section the maximum terms shall be one (1) month for each Twenty

Dollars ($20.00) of principal up to a maximum term of eighteen (18)

months, and under subparagraphs j and k of paragraph 1 of this

section, the maximum terms shall be one (1) month for each Twenty

Dollars ($20.00) of principal to a maximum term of twenty-four (24)

months.

3. The minimum term of any loan made under the terms of

subparagraphs a through k of paragraph 1 of this section shall be no

less than sixty (60) days. Any loan made under the terms of this

section shall be scheduled to be payable in substantially equal

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 157

installments at not less than thirty-day intervals, with the first

installment to be scheduled to be due not less than one (1) calendar

month after the date such loan is made.

4. Loans made under this section may be refinanced or

consolidated according to the provisions of this section,

notwithstanding anything in Section 2-101 et seq. of this title to

the contrary. When a loan made under this section is refinanced or

consolidated, installment account handling charges on the loans

being refinanced or consolidated must be rebated pursuant to the

provisions regarding rebate on prepayment (Section 3-210 of this

title) as of the date of refinancing or consolidation. For the

purpose of determining the amount of acquisition and installment

account handling charges permitted in relation to the refinancing or

the consolidation of loans made under this section, the principal

resulting from the refinancing or consolidation is the total of the

unpaid balances of the principal of the loans being refinanced or

consolidated, plus any new money advanced, and any delinquency or

deferral charges if due and unpaid, less any unearned acquisition

and installment account handling charges imposed in connection with

loans being refinanced or consolidated.

5. On such loans under this section, no insurance charges or

any other charges of any nature whatsoever shall be permitted.

6. Except as otherwise provided, the acquisition charge

authorized herein shall be deemed to be earned at the time a loan is

made and shall not be subject to refund. Provided, however, in a

loan made under this section which is prepaid in full, refinanced or

consolidated within the first sixty (60) days, the acquisition

charge under this section will not be fully earned at the time the

loan is made, but must be refunded pro rata at the rate of one-

sixtieth (1/60) of the acquisition charge for each day from the date

of the prepayment, refinancing or consolidation to the sixtieth day

of the loan. On the prepayment of any loan under this section, the

installment account handling charge shall be subject to the

provisions of Section 3-210 of this title as it relates to refunds.

Provisions of Section 3-203 of this title as it relates to

delinquency charges and Section 3-204 of this title as it relates to

deferral charges shall apply to loans made under the section.
Okla. Stat. tit. 14A, § 14A-2-407 — OK Code / Title 14A / Section 14A-2-407
Security in sales or leases
Status: in_force

(1) With respect to a consumer credit sale, a seller may take a

security interest in the property sold. In addition, a seller may

take a security interest in goods upon which services are performed

or in which goods sold are installed or to which they are annexed,

or in land to which the goods are affixed or which is maintained,

repaired or improved as a result of the sale of the goods or

services, if in the case of a security interest in land the debt

secured is One Thousand Dollars ($1,000.00) or more, or, in the case

of a security interest in goods the debt secured is Two Hundred

Dollars ($200.00) or more. Except as provided with respect to

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 71

cross-collateral (Section 2-408), a seller may not otherwise take a

security interest in property of the buyer to secure the debt

arising from a consumer credit sale.

(2) With respect to a consumer lease, a lessor may not take a

security interest in property of the lessee to secure the debt

arising from the lease.

(3) A security interest taken in violation of this section is

void.

(4) "Security interest" as used in this section means a

security interest arising by agreement of the parties and does not

include a lien arising by operation of law.
Okla. Stat. tit. 14A, § 14A-4-103 — OK Code / Title 14A / Section 14A-4-103
Definition: "Consumer credit insurance"
Status: in_force

As used in the Uniform Consumer Credit Code, "consumer credit

insurance" means insurance, other than insurance on property as

provided for in Section 4-301 of this title, by which the

satisfaction of debt in whole or in part is a benefit provided, but

does not include:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 179

(a) insurance provided in relation to a credit transaction

in which a payment is scheduled more than fifteen (15)

years after the extension of credit; or

(b) insurance issued as an isolated transaction of the

insurer not related to an agreement or plan for

insuring debtors of the creditor; or

(c) insurance indemnifying the creditor against loss due

to the debtor's default.
Okla. Stat. tit. 14A, § 14A-3-107 — OK Code / Title 14A / Section 14A-3-107
Definitions: "Lender"; "Precomputed"; "Principal"
Status: in_force

(1) Except as otherwise provided, "lender" includes an assignee

of the lender's right to payment but use of the term does not in

itself impose on an assignee any obligation of the lender with

respect to events occurring before the assignment.

(2) A loan, refinancing, or consolidation is "precomputed" if

the debt is expressed as a sum comprising the principal and the

amount of the loan finance charge computed in advance.

(3) "Principal" of a loan means the total of

(a) the net amount paid to, receivable by, or paid or

payable for the account of the debtor;

(b) the amount of any discount excluded from the loan

finance charge (subsection (2) of Section 3-109); and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 81

(c) to the extent that payment is deferred

(i) amounts actually paid or to be paid by the lender

for registration, certificate of title, or

license fees if not included in (a); and

(ii) additional charges permitted by this article

(Section 3-202).
Okla. Stat. tit. 14A, § 14A-4-102 — OK Code / Title 14A / Section 14A-4-102
Scope - Applicability to parties
Status: in_force

(1) Except as provided in subsection (2), this article applies

to insurance provided or to be provided in relation to a consumer

credit sale (Section 2-104), a consumer lease (Section 2-106), or a

consumer loan (Section 3-104).

(2) The provision on cancellation by a creditor (Section 4-304)

applies to loans the primary purpose of which is the financing of

insurance. No other provision of this article applies to insurance

so financed.

(3) Joint life insurance coverage and joint accident and health

insurance coverage for debtors with their comakers, endorsers and

guarantors shall be permissible under this article; provided, not

more than two persons shall be so insured in connection with the

same indebtedness.
Okla. Stat. tit. 14A, § 14A-2-504 — OK Code / Title 14A / Section 14A-2-504
Restoration of down payment - Retention of cancellation
Status: in_force

fee.

(1) Except as provided in this section, within ten (10) days

after a home solicitation sale has been cancelled or an offer to

purchase revoked the seller must tender to the buyer any payments

made by the buyer and any note or other evidence of indebtedness.

(2) If the down payment includes goods traded in, the goods

must be tendered in substantially as good condition as when received

by the seller. If the seller fails to tender the goods as provided

by this section, the buyer may elect to recover an amount equal to

the trade-in allowance stated in the agreement.

(3) The seller may retain as a cancellation fee five percent

(5%) of the cash price but not exceeding the amount of the cash down

payment. If the seller fails to comply with an obligation imposed

by this section, or if the buyer avoids the sale on any ground

independent of his right to cancel provided by the provisions on the

buyer's right to cancel (subsection (1) of Section 2-502) or revokes

his offer to purchase, the seller is not entitled to retain a

cancellation fee.

(4) Until the seller has complied with the obligations imposed

by this section the buyer may retain possession of goods delivered

to him by the seller and has a lien on the goods in his possession

or control for any recovery to which he is entitled.
Okla. Stat. tit. 14A, § 14A-6-103 — OK Code / Title 14A / Section 14A-6-103
Administrator
Status: in_force

"Administrator" means the Administrator of Consumer Credit.
Okla. Stat. tit. 14A, § 14A-3-503 — OK Code / Title 14A / Section 14A-3-503
Application for license – Annual fee - Appointment of
Status: in_force

statutory agent – Bond - Criminal history check.

(1) Application for a license shall be under oath, shall give

the approximate location from which the business is to be conducted,

and shall contain such relevant information as the Administrator of

Consumer Credit may require. When making application for one or

more licenses, the applicant shall pay an investigation fee and an

annual license fee.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 147

(2) Every licensee shall maintain on file with the

Administrator a written appointment of a resident of this state as

the agent for service of all judicial or other process or legal

notice, unless the licensee has appointed an agent under another

statute of this state. In case of noncompliance, such service may

be made on the Administrator.

(3) Every applicant shall, also, at the time of filing such

application, file with the Administrator, if required, a bond

satisfactory to the Administrator and in an amount not to exceed

Five Thousand Dollars ($5,000.00) for the first license and One

Thousand Dollars ($1,000.00) for each additional license with a

surety company qualified to do business in this state as surety,

whose total liability in the aggregate shall not exceed the amount

of such bond so fixed. The bond shall run to the state for the use

of the state and of any person or persons who may have cause of

action against the obligor of the bond under the provisions of this

title. Such bond shall be conditional that the obligor will

faithfully conform to and abide by the provisions of this title and

to all rules lawfully made by the Administrator hereunder and will

pay to the state and to any such person or persons any and all

amounts of money that may become due or owing to the state or to

such person or persons from such obligor under and by virtue of the

provisions of this title during the calendar year for which the bond

is given.

(4) As part of the investigation, the Administrator may conduct

a national criminal history check pursuant to subsection B of

Section 150.9 of Title 74 of the Oklahoma Statutes. The applicant

shall furnish to the Administrator, upon request by the

Administrator, a complete set of the applicant's fingerprints that

shall be certified by an authorized law enforcement officer.Oklahoma Statutes - Title 14A. Consumer Credit Code Page 4
Okla. Stat. tit. 14A, § 14A-6-105 — OK Code / Title 14A / Section 14A-6-105
Administrative enforcement powers with respect to
Status: in_force

supervised financial institutions.

(1) With respect to supervised financial organizations, the

powers of examination and investigation under Sections 3-506 and 6-

106 of this title and administrative enforcement under Section 6-108

of this title shall be exercised by the official or agency to whose

supervision the organization is subject. All other powers of the

Administrator under this title may be exercised by the Administrator

with respect to a supervised financial organization.

(2) If the Administrator receives a complaint or other

information concerning noncompliance with this title by a supervised

financial organization, the Administrator shall inform the official

or agency having supervisory authority over the organization

concerned. The Administrator may request information about

supervised financial organizations from the officials or agencies

supervising them.

(3) The Administrator and any official or agency of this state

having supervisory authority over a supervised financial

organization are authorized and directed to consult and assist one

another in maintaining compliance with this title. They may jointly

pursue investigations, prosecute suits, and take other official

action, as they deem appropriate, if either of them is otherwise

empowered to take the action.

(4) (a) In carrying out their enforcement activities each

agency having administrative responsibility with

respect to persons subject to this title, including

the Administrator, in cases where an annual percentage

rate or finance charge was inaccurately disclosed,

shall notify the creditor of such disclosure error and

are authorized in accordance with the provisions of

this subsection to require the creditor to make an

adjustment to the account of the person to whom credit

was extended, to assure that such person will not be

required to pay a finance charge in excess of the

finance charge actually disclosed or the dollar

equivalent of the annual percentage rate actually

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 208

disclosed, whichever is lower. For the purposes of

this subsection, except where such disclosure error

resulted from a willful violation which was intended

to mislead the person to whom credit was extended, in

determining whether a disclosure error has occurred

and in calculating any adjustment:

(i) each agency shall apply:

(aa) with respect to the annual percentage rate,

a tolerance of one-quarter of one percent

(1/4 of 1%) more or less than the actual

rate, determined without regard to tolerance

rules for other purposes, and

(bb) with respect to the finance charge, a

corresponding numerical tolerance as

generated by the tolerance provided under

this subsection for the annual percentage

rate; except that:

(ii) with respect to transactions consummated after

two (2) years following March 31, 1980, each

agency shall apply:

(aa) for transactions that have a scheduled

amortization of ten (10) years or less, with

respect to the annual percentage rate, a

tolerance not to exceed one-quarter of one

percent (1/4 of 1%) more or less than the

actual rate, determined without regard to

tolerance rules for other purposes, but in

no event a tolerance of less than the

tolerances allowed for other purposes,

(bb) for transactions that have a scheduled

amortization of more than ten (10) years,

with respect to the annual percentage rate,

only such tolerances as are allowed for

other purposes, and

(cc) for all transactions, with respect to the

finance charge, a corresponding numerical

tolerance as generated by the tolerances

provided under this subsection for the

annual percentage rate.

(iii) In connection with credit transactions not under

an open-end credit plan that are secured by real

property or a dwelling, the disclosure of the

finance charge and other disclosures affected by

any finance charge:

(aa) shall be treated as being accurate for

purposes of this title if the amount

disclosed as the finance charge:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 209

(I) does not vary from the actual finance

charge by more than One Hundred Dollars

($100.00), or

(II) is greater than the amount required to

be disclosed under this title, and

(bb) shall be treated as being accurate for

purposes of Section 5-204 of this title if:

(I) except as provided in subparagraph (ii)

of this paragraph, the amount disclosed

as the finance charge does not vary

from the actual finance charge by more

than an amount equal to one-half of one

percent (1/2 of 1%) of the total amount

of credit extended, or

(II) in the case of a transaction, other

than a subsection 10 mortgage referred

to in subsection (10) of Section 1-301

of this title, which:

(A) is a refinancing of the principal

balance then due and any accrued

and unpaid finance charges of a

residential mortgage transaction

as defined in subsection (17) of

Section 1-301 of this title, or is

any subsequent refinancing of such

a transaction, and

(B) does not provide any new

consolidation or new advance,

if the amount disclosed as the finance charge does not

vary from the actual finance charge by more than an

amount equal to one percent (1%) of the total amount

of credit extended.

(b) Each agency shall require such an adjustment when it

determines that such disclosure error resulted from:

(i) a clear and consistent pattern or practice of

violations,

(ii) gross negligence, or

(iii) a willful violation which was intended to mislead

the person to whom the credit was extended.

Notwithstanding the preceding sentence, except where

such disclosure error resulted from a willful

violation which was intended to mislead the person to

whom credit was extended, an agency need not require

such an adjustment if it determines that such

disclosure error:

(aa) resulted from an error involving the

disclosure of a fee or charge that would

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 210

otherwise be excludable in computing the

finance charge, including but not limited to

violations involving the disclosures

concerning consumer credit insurance,

property and liability insurance, and

official fees, in which event the agency may

require such remedial action as it

determines to be equitable, except that for

transactions consummated after two (2) years

following March 31, 1980, such an adjustment

shall be ordered for violations of

disclosure of consumer credit insurance,

(bb) involved a disclosed amount which was ten

percent (10%) or less of the amount that

should have been disclosed and in cases

where the error involved a disclosed finance

charge, the annual percentage rate was

disclosed correctly, and in cases where the

error involved a disclosed annual percentage

rate, the finance charge was disclosed

correctly; in which event the agency may

require such adjustment as it determines to

be equitable,

(cc) involved a total failure to disclose either

the annual percentage rate or the finance

charge, in which event the agency may

require such adjustment as it determines to

be equitable, or

(dd) resulted from any other unique circumstance

involving clearly technical and

nonsubstantive disclosure violations that do

not adversely affect information provided to

the buyer, debtor or lessee and that have

not misled or otherwise deceived the buyer,

debtor or lessee.

In the case of other such disclosure errors, each

agency may require such an adjustment.

(c) Notwithstanding the provisions of paragraph (b) of

this subsection, no adjustment shall be ordered:

(i) if it would have a significantly adverse impact

upon the safety or soundness of the creditor, but

in any such case, the agency may require a

partial adjustment in an amount which does not

have such an impact except that with respect to

any transaction consummated after March 1, 1980,

the agency shall require the full adjustment, but

permit the creditor to make the required

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 211

adjustment in partial payments over an extended

period of time which the agency considers to be

reasonable,

(ii) if the amount of the adjustment would be less

than One Dollar ($1.00), except that if more than

one (1) year has elapsed since the date of the

violation, the agency may require that such

amount be paid to the Administrator, or

(iii) except where such disclosure error resulted from

a willful violation which was intended to mislead

the person to whom credit was extended, in the

case of an open-end credit plan, more than two

(2) years after the violation, or in the case of

any other extension of credit, as follows:

(aa) with respect to creditors that are subject

to examination by the agencies referred to

in this section, except in connection with

violations arising from practices identified

in the current examination and only in

connection with transactions that are

consummated after the date of the

immediately preceding examination, except

that where practices giving rise to

violations identified in earlier

examinations have not been corrected,

adjustments for those violations shall be

required in connection with transactions

consummated after the date of the

examination in which such practices were

first identified,

(bb) with respect to creditors that are not

subject to examination, except in connection

with transactions that are consummated after

May 10, 1978, and

(cc) in no event after the later of the

expiration of the life of the credit

extension, or two (2) years after the

agreement to extend credit was consummated.

(d) Notwithstanding any other provision of this

subsection, an adjustment under this subsection may be

required by an agency only by an order issued in

accordance with cease and desist procedures either as

prescribed in a statute governing that agency or in

Section 6-108 of this title.

(e) Except as otherwise specifically provided in this

subsection, no agency may require a creditor to make

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 212

dollar adjustments for disclosure errors in any

requirements under this title.

(f) A creditor shall not be subject to an order to make an

adjustment, if within sixty (60) days after

discovering a disclosure error, whether pursuant to a

final written examination report or through the

creditor's own procedures, the creditor notifies the

person concerned of the error and adjusts the account

so as to assure that such person will not be required

to pay a finance charge in excess of the finance

charge actually disclosed or the dollar equivalent of

the annual percentage rate actually disclosed,

whichever is lower.

(g) Notwithstanding the second sentence of paragraph (a)

of this subsection and divisions (aa) and (bb) of

subparagraph (iii) of paragraph (c) of this

subsection, each agency shall require an adjustment

for an annual percentage rate disclosure error that

exceeds a tolerance of one-quarter of one percent (1/4

of 1%) less than the actual rate, determined without

regard to tolerance rules for other purposes, except

in the case of an irregular mortgage lending

transaction, with respect to any transaction

consummated between January 1, 1977, and April 1,

1980.

(h) The Administrator may prescribe guidelines and

interpretations to govern agency action under this

subsection.
Okla. Stat. tit. 14A, § 14A-2-304 — OK Code / Title 14A / Section 14A-2-304
Calculation of rate to be disclosed
Status: in_force

(1) Except as otherwise specifically provided, if a seller is

required to give to a buyer a statement of the rate of the credit

service charge he shall state the rate in terms of an annual

percentage rate as defined in subsection (2) or in terms of a

corresponding nominal annual percentage rate as defined in

subsection (3), whichever is appropriate.

(2) "Annual percentage rate"

(a) with respect to a consumer credit sale other than one

made pursuant to a revolving charge account, is either

(i) that nominal annual percentage rate which, when

applied to the unpaid balances of the amount

financed calculated according to the actuarial

method, will yield a sum equal to the amount of

the credit service charge; or

(ii) that rate determined by any method prescribed by

rule by the Administrator as a method which

materially simplifies computation while retaining

reasonable accuracy as compared with the rate

determined pursuant to subparagraph (i);

(b) with respect to a consumer credit sale made pursuant

to a revolving charge account, is the quotient

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 40

expressed as a percentage of the total credit service

charge for the period to which it related divided by

the amount upon which the credit service charge for

that period is based, multiplied by the number of

these periods in a year.

(3) "Corresponding nominal annual percentage rate" is the

percentage or percentages used to calculate the credit service

charge for one billing cycle or other period pursuant to a revolving

charge account multiplied by the number of billing cycles or periods

in a year.

(4) If a seller is permitted to make the same credit service

charge for all amounts financed within a specified range (subsection

(5) of Section 2-201) or for all balances within a specified range

(subsection (2) of Section 2-207), he shall state the annual

percentage rate or corresponding nominal annual percentage rate,

whichever is appropriate, as applied to the median amount of the

range within which the actual amount financed or balance is

included.

(5) A statement of rate complies with this part if it does not

vary from the accurately computed rate by more than the following

tolerances:

(a) the annual percentage rate may be rounded to the

nearest quarter of one percent (1/4 of 1%) or may fall

within a tolerance not greater than one-eighth of one

percent (1/8 of 1%) more or less than the actual rate

for consumer credit sales payable in substantially

equal installments when a seller determines the total

credit service charge on the basis of a single add-on,

discount, periodic, or other rate, and the rate is

converted into an annual percentage rate under

procedures prescribed by rule by the Administrator;

(b) the Administrator may authorize by rule the use of

rate tables or charts which may provide for the

disclosure of annual percentage rates which vary from

the rate determined in accordance with paragraph (a)

by not more than the tolerances the Administrator may

allow; the Administrator may not allow a tolerance

greater than eight percent (8%) of that rate except to

simplify compliance where irregular payments are

involved; and

(c) in case a seller determines the annual percentage rate

in a manner other than as described in paragraph (a)

or (b), the Administrator may authorize by rule other

reasonable tolerances.
Okla. Stat. tit. 14A, § 14A-2-109 — OK Code / Title 14A / Section 14A-2-109
Definition: "Credit service charge"
Status: in_force

"Credit service charge" means a finance charge composed of the

sum of

(1) all charges payable directly or indirectly by the buyer and

imposed directly or indirectly by the seller as an incident to the

extension of credit, including any of the following types of charges

which are applicable: time price differential, service, carrying or

other charge, however denominated, premium or other charge for any

guarantee or insurance protecting the seller against the buyer's

default or other credit loss; and

(2) charges incurred for investigating the collateral or credit

worthiness of the buyer or for commissions or brokerage for

obtaining the credit, irrespective of the person to whom the charges

are paid or payable, unless the seller had no notice of the charges

when the credit was granted. The term does not include charges as a

result of default, additional charges (Section 2-202), delinquency

charges (Section 2-203), deferral charges (Section 2-204), sellers

points or charges of a type payable in a comparable cash

transaction.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 24
Okla. Stat. tit. 14A, § 14A-3-211 — OK Code / Title 14A / Section 14A-3-211
Fee for small loans – Payments to Consumer Credit
Status: in_force

Counseling Revolving Fund and Personal Financial Literacy Education

Revolving Fund.

A. Each licensee authorized to make small loans shall pay

thirty cents ($0.30) for each loan entered into to be deposited into

the Consumer Credit Counseling Revolving Fund and the Personal

Financial Literacy Education Revolving Fund as follows:

1. Eight cents ($0.08) of each thirty-cent payment shall be

deposited into the Consumer Credit Counseling Revolving Fund; and

2. Twenty-two cents ($0.22) of each thirty-cent payment shall

be paid to the Office of the State Treasurer for deposit into the

Personal Financial Literacy Education Revolving Fund.

B. The schedule for payment into the Consumer Credit Counseling

Revolving Fund shall be determined by the Administrator of Consumer

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 96

Credit. The schedule for payments to the Office of the State

Treasurer for deposit into the Personal Financial Literacy Education

Revolving Fund shall be made by each lender quarterly.

C. Ten percent (10%) of each scheduled payment of fees pursuant

to this section made into the Consumer Credit Counseling Revolving

Fund may be transferred to the Consumer Credit Administrative

Expenses Revolving Fund established in Section 6-301 of Title 14A of

the Oklahoma Statutes for expenses incurred by the Administrator of

Consumer Credit in administering the requirements of subsection D of

this section.

D. Funds collected and deposited in the Consumer Credit

Counseling Revolving Fund pursuant to this section shall be paid by

the Administrator of Consumer Credit to a third-party, Oklahoma-

based consumer credit counseling provider with a verifiable history

of work with both industry and consumers in the appropriate field

for a program of research and implementation of voluntary consumer

counseling and education specifically designed for consumers

utilizing deferred deposit loans. The program shall be:

1. Selected by a bid process, pursuant to The Oklahoma Central

Purchasing Act; and

2. Designed in consultation with representatives of both the

industry and consumers.

E. Funds paid to the Office of the State Treasurer for deposit

into the Personal Financial Literacy Education Revolving Fund

pursuant to this section shall be used by the State Department of

Education for purposes provided in Section 11-103.6h of Title 70 of

the Oklahoma Statutes.
Okla. Stat. tit. 14A, § 14A-2-403 — OK Code / Title 14A / Section 14A-2-403
Certain negotiable instruments prohibited
Status: in_force

In a consumer credit sale or consumer lease, the seller or

lessor may not take a negotiable instrument other than a check as

evidence of the obligation of the buyer or lessee. A holder is not

in good faith if he takes a negotiable instrument with notice that

it is issued in violation of this section. A holder in due course

is not subject to the liabilities set forth in the provisions on the

effect of violations on rights of parties (Section 5-202) and the

provisions on civil actions by Administrator (Section 6-113).
Okla. Stat. tit. 14A, § 14A-3-807 — OK Code / Title 14A / Section 14A-3-807
Disclosures
Status: in_force

DISCLOSURES.

A. A consumer litigation funding agreement shall contain the

disclosures required by this section. The disclosures shall be

clear and conspicuous and in at least twelve-point bold type, except

as provided by subsection F of this section.

B. On the front page of the agreement under appropriate

headings, the agreement shall disclose:

1. The funded amount to be paid to the consumer by the consumer

litigation funder;

2. An itemization of one-time charges;

3. The total amount to be assigned by the consumer to the

funder, including the funded amount and all charges; and

4. A payment schedule that:

a. includes the funded amount and charges, and

b. lists all dates and the amount due at the end of each

one-hundred-eighty-day period from the funding date

until the due date of the maximum amount due to the

funder by the consumer to satisfy the amount owed

under the agreement.

C. Pursuant to the requirements set forth in this act, the

agreement shall contain the following statement: "CONSUMER'S RIGHT

TO CANCELLATION: You may cancel this agreement without penalty or

further obligation within five business days after the funding date

if you either:

1. Return to the consumer litigation funder the full amount of

the disbursed funds by delivering the funder's uncashed check to the

funder's office in person; or

2. Send, by insured, certified, or registered United States

mail, to the funder at the address specified in the agreement, a

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 174

notice of cancellation and include in the mailing a return of the

full amount of disbursed funds in the form of the funder's uncashed

check or a registered or certified check or money order."

D. The agreement shall disclose that:

1. The consumer litigation funder may not participate in

deciding whether, when, or the amount for which a legal claim is

settled;

2. The funder may not interfere with the independent

professional judgment of the attorney handling the legal claim or

any settlement of the legal claim; and

3. The consumer shall notify the funder of the settlement or

adjudication of the legal claim before the resolution date.

E. The agreement shall contain in all capital letters the

following text within a box: "THE FUNDED AMOUNT AND AGREED TO

CHARGES SHALL BE PAID ONLY FROM THE PROCEEDS OF YOUR LEGAL CLAIM,

AND SHALL BE PAID ONLY TO THE EXTENT THAT THERE ARE AVAILABLE

PROCEEDS FROM YOUR LEGAL CLAIM. YOU WILL NOT OWE (INSERT NAME OF

THE CONSUMER LITIGATION FUNDER) ANYTHING IF THERE ARE NO PROCEEDS

FROM YOUR LEGAL CLAIM, UNLESS YOU HAVE VIOLATED ANY MATERIAL TERM OF

THIS AGREEMENT OR YOU HAVE COMMITTED FRAUD AGAINST THE CONSUMER

LITIGATION FUNDER."

F. Immediately above the line for the consumer's signature, the

agreement shall contain the following disclosure in twelve-point

type: "Do not sign this agreement before you read it completely or

if it contains any blank spaces. You are entitled to a completed

copy of the agreement. Before you sign this agreement, you should

obtain the advice of an attorney. Depending on the circumstances,

you may want to consult a tax, public or private benefits planning,

or financial professional.
Okla. Stat. tit. 14A, § 14A-3-206 — OK Code / Title 14A / Section 14A-3-206
Loan finance charge on consolidation
Status: in_force

(1) If a debtor owes an unpaid balance to a lender with respect

to a consumer loan, refinancing, or consolidation, other than one

made under Section 3-508B of this title, and becomes obligated on

another consumer loan, refinancing, or consolidation with the same

lender, the parties may agree to a consolidation resulting in a

single schedule of payments. If the previous consumer loan,

refinancing, or consolidation was not precomputed, the parties may

agree to add the unpaid amount of principal and accrued charges on

the date of consolidation to the principal with respect to the

subsequent loan. If the previous consumer loan, refinancing, or

consolidation was precomputed, the parties may agree to refinance

the unpaid balance pursuant to the provisions on refinancing

(Section 3-205) and to consolidate the principal resulting from the

refinancing by adding it to the principal with respect to the

subsequent loan. In either case the lender may contract for and

receive a loan finance charge based on the aggregate principal

resulting from the consolidation at a rate not in excess of that

permitted by the provisions on loan finance charge for consumer

loans (Section 3-201) or the provisions on loan finance charge for

supervised loans (Section 3-508A), whichever is appropriate.

(2) The parties may agree to consolidate the unpaid balance of

a consumer loan, other than one made under Section 3-508B of this

title, with the unpaid balance of a consumer credit sale. The

parties may agree to refinance the previous unpaid balance pursuant

to the provisions on refinancing sales (Section 2-205) or the

provisions on refinancing loans (Section 3-205), whichever is

appropriate, and to consolidate the amount financed resulting from

the refinancing or the principal resulting from the refinancing by

adding it to the amount financed or principal with respect to the

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 91

subsequent sale or loan. The aggregate amount resulting from the

consolidation shall be deemed principal, and the creditor may

contract for and receive a loan finance charge based on the

principal at a rate not in excess of that permitted by the

provisions on loan finance charge for consumer loans (Section 3-201)

or the provisions on loan finance charge for supervised loans

(Section 3-508A), whichever is appropriate.
Okla. Stat. tit. 14A, § 14A-6-117 — OK Code / Title 14A / Section 14A-6-117
Designation as public records – Other records
Status: in_force

confidential.

A. The following records in the Oklahoma Department of Consumer

Credit are designated as public records:

1. All applications for licensure and supporting information

with the exception of personal financial records of individual

applicants, dates of birth, Social Security numbers, signatures and

fingerprints;

2. All records introduced at administrative hearings; and

3. All records related to licensed entities filed in the Office

of the Secretary of State.

B. All other records in the Department shall be confidential

and not subject to public inspection. However, the Commission on

Consumer Credit, Administrator of Consumer Credit or Deputy

Administrator may divulge such confidential information with the

written approval of the Administrator after receipt of a written

request which shall:

1. Specify the record or records to which access is requested;

and

2. Give the reasons for the request.

Such records may also be produced pursuant to a valid judicial

subpoena or other legal process requiring production, if the

Administrator determines that the records are relevant to the

hearing or proceeding and that production is in the best interests

of justice. The records may be disclosed only after a determination

by the Administrator that good cause exists for the disclosure.

Either prior to or at the time of any disclosure, the Administrator

shall impose such terms and conditions as the Administrator deems

necessary to protect the confidential nature of the record, the

financial integrity of any institution to which the record relates

and the legitimate privacy interests of any individual named in such

records.

C. All documents which the Department is required, by any

provision of any act administered by the Administrator or by any

other statute or regulation of this state, to retain or preserve in

its possession may be retained and preserved, in lieu of retention

of the original records or copies, in an electronic format and

stored by electronic imaging or otherwise so that the documents may

be later reproduced as necessary. Any such electronically stored or

imaged document or reproduction shall have the same force and effect

as the original thereof and shall be admitted in evidence equally

with the original.

D. With respect to records of the Department which are

considered public records, and which are subject to the Oklahoma

Open Records Act, the Department may charge a document copying fee

of twenty-five cents ($0.25) per page. With respect to records of

the Department which are not considered public records, the

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 220

Department may charge a document copying fee of One Dollar ($1.00)

per page, and if the Administrator, pursuant to the provisions of

subsection B of this section, permits the inspection or copying of

an examination report prepared by the Department, a minimum fee of

One Hundred Dollars ($100.00) shall be charged.
Okla. Stat. tit. 14A, § 14A-2-107 — OK Code / Title 14A / Section 14A-2-107
Definition: "Seller"
Status: in_force

Except as otherwise provided, "seller" includes an assignee of

the seller's right to payment but use of the term does not in itself

impose on an assignee any obligation of the seller with respect to

events occurring before the assignment.
Okla. Stat. tit. 14A, § 14A-2-404 — OK Code / Title 14A / Section 14A-2-404
When assignee not subject to defense
Status: in_force

(1) With respect to a consumer credit sale or consumer lease,

an agreement by the buyer or lessee not to assert against an

assignee a claim or defense arising out of the sale or lease is

enforceable only by an assignee not related to the seller or lessor

who acquires the buyer's or lessee's contract in good faith and for

value, who gives the buyer or lessee notice of the assignment as

provided in this section and who, within thirty (30) days after the

mailing of the notice of assignment, receives no written notice of

the facts giving rise to the buyer's or lessee's claim or defense.

This agreement is enforceable only with respect to claims or

defenses which have arisen before the end of the thirty-day period

after notice was mailed. The notice of assignment shall be in

writing and addressed to the buyer or lessee at his address as

stated in the contract, identify the contract, describe the goods or

services, state the names of the seller or lessor and buyer or

lessee, the name and address of the assignee, the amount payable by

the buyer or lessee and the number, amounts and due dates of the

installments, and contain a conspicuous notice to the buyer or

lessee that he has thirty (30) days within which to notify the

assignee in writing of any complaints, claims or defenses he may

have against the seller or lessor and that if written notification

of the complaints, claims or defenses is not received by the

assignee within the thirty-day period, the assignee will have the

right to enforce the contract free of any claims or defenses the

buyer or lessee may have against the seller or lessor which have

arisen before the end of the thirty-day period after notice was

mailed.

(2) An assignee does not acquire a buyer's or lessee's contract

in good faith within the meaning of subsection (1) if the assignee

has knowledge or, from his course of dealing with the seller or

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 70

lessor or his records, notice of substantial complaints by other

buyers or lessees of the seller's or lessor's failure or refusal to

perform his contracts with them and of the seller's or lessor's

failure to remedy his defaults within a reasonable time after the

assignee notifies him of the complaints.

(3) To the extent that under this section an assignee is

subject to claims or defenses of the buyer or lessee against the

seller or lessor, the assignee's liability under this section may

not exceed the amount owing to the assignee at the time the claim or

defense is asserted against the assignee and rights of the buyer or

lessee under this section can only be asserted as a matter of

defense to or setoff against a claim by the assignee.
Okla. Stat. tit. 14A, § 14A-6-509 — OK Code / Title 14A / Section 14A-6-509
Internal organization
Status: in_force

The internal administrative organization of the Department shall

be determined by the Commission in such manner as to promote the

efficient and effective enforcement of this act.
Okla. Stat. tit. 14A, § 14A-2-110 — OK Code / Title 14A / Section 14A-2-110
Definition: "Cash price"
Status: in_force

Except as the Administrator may otherwise prescribe by rule, the

"cash price" of goods, services, or an interest in land means the

price at which the goods, services, or interest in land are offered

for sale by the seller to cash buyers in the ordinary course of

business, and may include

(1) applicable sales, use, and excise and documentary stamp

taxes;

(2) the cash price of accessories or related services such as

delivery, installation, servicing, repairs, alterations, and

improvements; and

(3) amounts actually paid or to be paid by the seller for

registration, certificate of title, or license fees.

The cash price stated by the seller to the buyer pursuant to the

provisions on disclosure (Part 3) of this article is presumed to be

the cash price.
Okla. Stat. tit. 14A, § 14A-2-401 — OK Code / Title 14A / Section 14A-2-401
Scope
Status: in_force

This part applies to consumer credit sales and consumer leases.

In addition, Section 2-310.3 of Part 3 of this article contains

certain limitations upon the terms of extensions of credit under

revolving charge account plans which are subject to either a fixed

or a variable rate and are secured by a consumer's principal

dwelling.
Okla. Stat. tit. 14A, § 14A-3-502 — OK Code / Title 14A / Section 14A-3-502
Authority to make supervised loans - Administrative
Status: in_force

actions against unlicensed persons.

(1) Unless a person is a supervised financial organization or

has first obtained a license from the Administrator authorizing the

person to make supervised loans, a person shall not engage in the

business of:

(a) making supervised loans; or

(b) taking assignments and undertaking direct collection

of payments from or enforcement of rights against

debtors arising from supervised loans.

(2) In addition to civil and criminal penalties, the

Administrator may initiate administrative action against an

unlicensed person as if the person held a license if the person is

found to be engaging in the business of making supervised loans.Oklahoma Statutes - Title 14A. Consumer Credit Code Page 3
Okla. Stat. tit. 14A, § 14A-3-504 — OK Code / Title 14A / Section 14A-3-504
Issuance or denial of license to make supervised loans
Status: in_force

(1) On filing such application, bond, and payment of the

required fees, the Administrator of Consumer Credit shall

investigate the facts and if the Administrator shall find the

financial responsibility, experience, character and general fitness

of the applicant are such as to command the confidence of the public

and to warrant belief the business will be operated lawfully and

fairly, within the purposes of this title, and the applicant has

available for the operation of such business net assets of at least

Twenty-five Thousand Dollars ($25,000.00), the Administrator shall

grant such application and issue to the applicant a license which

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 148

shall be the applicant's license and authority to make supervised

loans under the provisions of this title.

(2) If the Administrator shall not so find, the Administrator

shall notify the applicant, who shall, on request within thirty (30)

days be entitled to a hearing on such application within sixty (60)

days after the date of the request. The investigation fee shall be

retained by the Administrator, but the annual fee shall be returned

to the applicant in the event of denial.

(3) Each application for a license shall be granted or denied

within ninety (90) days from its filing with the required fees, or,

from the hearing thereon, if any, unless the period is extended by

written agreement between the applicant and the Administrator or the

independent hearing examiner.

(4) Each license shall state the address of the office from

which the business is to be conducted and the name of the licensee.

The license shall be displayed at the place of business named in the

license. The license shall not be transferable or assignable except

upon approval by the Administrator.

(5) Each license shall remain in full force and effect until

relinquished, suspended, revoked or expired. Every licensee shall,

on or before each December 1, pay to the Administrator a fee for

each license held by the licensee, as the annual fee for the

succeeding calendar year. The license shall expire December 31 of

any year for which an annual fee has not been paid. There shall be

a late fee for a late application for renewal of a license received

after December 1. The fee for a duplicate or amended license shall

be prescribed by rule of the Commission on Consumer Credit.

(6) Every licensee shall maintain net assets of at least

Twenty-five Thousand Dollars ($25,000.00), either used or readily

available for use, in the conduct of the business of each licensed

office.

(7) A separate license shall be required for each office

operated under this title. The Administrator may issue more than

one license to any one person upon compliance with this part as to

each license. Nothing contained herein, however, shall be construed

to require a license for any place of business devoted to accounting

or other record keeping and where supervised loans are not made.

(8) When a licensee wishes to move an office to another

location, the licensee shall give thirty (30) days' written notice

to the Administrator, who shall amend the license accordingly.

(9) For purposes of this section, the term "office" shall mean

a location occupied by a licensee with the following

characteristics:

(a) a manager for the office who is not common to any

other supervised lender's office,

(b) a street and mailing address separate from any other

supervised lender's office,

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 149

(c) an entrance through which the public may access only

one supervised lender's office,

(d) separation from any other supervised lender's office

by walls or otherwise and through which neither

employees nor the public may pass, and

(e) any other characteristics required pursuant to rule

adopted by the Administrator.

(10) Any person holding a license under this title who shall

violate any provision hereof shall be subject to forfeiture of each

license held by the licensee and if a corporation, its charter shall

be subject to forfeiture, and it shall be the duty of the Attorney

General, when any such violation is called to the Attorney General's

attention, to file suit for such forfeiture of charter and

cancellation of the license in a district court in Oklahoma County.
Okla. Stat. tit. 14A, § 14A-3-209 — OK Code / Title 14A / Section 14A-3-209
Right to prepay
Status: in_force

Subject to the provisions on rebate upon prepayment (Section 3-

210), the debtor may prepay in full the unpaid balance of a consumer

loan, refinancing, or consolidation at any time without penalty.
Okla. Stat. tit. 14A, § 14A-4-107 — OK Code / Title 14A / Section 14A-4-107
Maximum charge by creditor for insurance
Status: in_force

(1) Except as provided in subsection (2), if a creditor

contracts for or receives a separate charge for insurance, the

amount charged to the debtor for the insurance may not exceed the

premium to be charged by the insurer, as computed at the time the

charge to the debtor is determined, conforming to any rate filings

required by law and made by the insurer with the Insurance

Department.

(2) A creditor who provides consumer credit insurance in

relation to a revolving charge account (Section 2-108) or revolving

loan account (Section 3-108) may calculate the charge to the debtor

in each billing cycle by applying the current premium rate to

(a) the average daily unpaid balance of the debt in the

cycle;

(b) the unpaid balance of the debt or a median amount

within a specified range of unpaid balances of debt on

approximately the same day of the cycle. The day of

the cycle need not be the day used in calculating the

credit service charge (Section 2-207) or loan finance

charge (Section 3-201 and Section 3-508A), but the

specified range shall be the range used for that

purpose; or

(c) the unpaid balances of principal calculated according

to the actuarial method.
Okla. Stat. tit. 14A, § 14A-5-301 — OK Code / Title 14A / Section 14A-5-301
Willful violations
Status: in_force

(1) A supervised lender who willfully makes charges in excess

of those permitted by the provisions of the article on loans

(Article 3) applying to supervised loans (Part 5) is guilty of a

misdemeanor and upon conviction may be sentenced to pay a fine not

exceeding Five Hundred Dollars ($500.00), or to imprisonment not

exceeding one (1) year, or both.

(2) A person, other than a supervised financial organization,

who willfully engages in the business of making supervised loans

without a license in violation of the provisions of this act

applying to authority to make supervised loans (Section 3-502) is

guilty of a misdemeanor and upon conviction may be sentenced to pay

a fine not exceeding Five Thousand Dollars ($5,000.00), or to

imprisonment not exceeding one (1) year, or both.

(3) A person who willfully engages in the business of making

consumer credit sale, consumer leases, or consumer loans, or of

taking assignments of rights against debtors arising therefrom and

undertakes direct collection of payments or enforcement of these

rights, without complying with the provisions of this act concerning

notification (Section 6-202) or payment of fees (Section 6-203), is

guilty of a misdemeanor and upon conviction may be sentenced to pay

a fine not exceeding Five Hundred Dollars ($500.000).
Okla. Stat. tit. 14A, § 14A-2-405 — OK Code / Title 14A / Section 14A-2-405
Balloon payments
Status: in_force

With respect to a consumer credit sale, other than one pursuant

to a revolving charge account, if any scheduled payment is more than

twice as large as the average of earlier scheduled payments, the

buyer has the right to refinance the amount of that payment at the

time it is due without penalty. The terms of the refinancing shall

be no less favorable to the buyer than the terms of the original

sale. These provisions do not apply to the extent that the payment

schedule is adjusted to the seasonal or irregular income of the

buyer.
Okla. Stat. tit. 14A, § 14A-1-110 — OK Code / Title 14A / Section 14A-1-110
Use of cash discounts
Status: in_force

With respect to a credit card which may be used for extensions

of credit in sales transactions in which the seller is a person

other than the card issuer, the card issuer may not, by contract or

otherwise, prohibit any such seller from offering a discount to a

cardholder to induce the cardholder to pay by cash, check or similar

means rather than use a credit card.
Okla. Stat. tit. 14A, § 14A-2-202 — OK Code / Title 14A / Section 14A-2-202
Additional charges
Status: in_force

(1) In addition to the credit service charge permitted by this

part, a seller may contract for and receive the following additional

charges in connection with a consumer credit sale:

(a) official fees that are itemized and disclosed in

accordance with rules of the Administrator, reasonable

closing costs, and taxes;

(b) charges for insurance as described in subsection (2);

(c) charges for other benefits, including insurance,

conferred on the buyer, if the benefits are of value

to him and if the charges are reasonable in relation

to the benefits, are of a type which is not for

credit, and are excluded as permissible additional

charges from the credit service charge by rule adopted

by the Administrator; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 27

(d) charges to recover the costs associated with

processing applications, including but not limited to

cost of services such as credit reports and credit

investigations.

(2) An additional charge may be made for insurance written in

connection with the sale, other than insurance protecting the seller

against the buyer's default or other credit loss,

(a) with respect to insurance against loss of or damage to

property, or against liability, if the seller

furnishes a clear and specific statement in writing to

the buyer, setting forth the cost of the insurance if

obtained from or through the seller, and stating that

the buyer may choose the person through whom the

insurance is to be obtained; and

(b) with respect to consumer credit insurance providing

life, accident or health coverage, if the insurance

coverage is not a factor in the approval by the seller

of the extension of credit and this fact is clearly

disclosed in writing to the buyer, and if, in order to

obtain the insurance in connection with the extension

of credit, the buyer gives specific affirmative

written indication of his desire to do so after

written disclosure to him of the cost thereof.
Okla. Stat. tit. 14A, § 14A-2-310.2 — OK Code / Title 14A / Section 14A-2-310.2
Disclosure requirements for revolving charge account
Status: in_force

plans secured by consumer's principal dwelling.

Disclosure requirements for revolving charge account plans

secured by consumer's principal dwelling.

(1) In the case of any revolving charge account plan which

provides for any extension of credit which is secured by the

consumer's principal dwelling, the creditor shall make the following

disclosures in accordance with subsection (9) of Section 2-302 of

this title:

(a) Each annual percentage rate imposed in connection with

extensions of credit under the plan and a statement

that such rate does not include costs other than

interest.

(b) In the case of a plan which provides for variable

rates of interest on credit extended under the plan:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 57

(i) a description of the manner in which such rate

will be computed and a statement that such rate

does not include costs other than interest;

(ii) a description of the manner in which any changes

in the annual percentage rate will be made,

including:

(aa) any negative amortization and interest rate

carryover;

(bb) the time of any such changes;

(cc) any index or margin to which such changes in

the rate are related; and

(dd) a source of information about any such

index;

(iii) if an initial annual percentage rate is offered

which is not based on an index:

(aa) a statement of such rate and the period of

time such initial rate will be in effect;

and

(bb) a statement that such rate does not include

costs other than interest;

(iv) a statement that the consumer should ask about

the current index value and interest rate;

(v) a statement of the maximum amount by which the

annual percentage rate may change in any one-year

period or a statement that no such limit exists;

(vi) a statement of the maximum annual percentage rate

that may be imposed at any time under the plan;

(vii) subject to subsection (9)(g) of Section 2-302 of

this title, a table, based on a Ten Thousand

Dollar ($10,000.00) extension of credit, showing

how the annual percentage rate and the minimum

periodic payment amount under each repayment

option of the plan would have been affected

during the preceding fifteen-year period by

changes in any index used to compute such rate;

(viii) a statement of:

(aa) the maximum annual percentage rate which may

be imposed under each repayment option of

the plan;

(bb) the minimum amount of any periodic payment

which may be required, based on a Ten

Thousand Dollar ($10,000.00) outstanding

balance, under each such option when such

maximum annual percentage rate is in effect;

and

(cc) the earliest date by which such maximum

annual interest rate may be imposed; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 58

(ix) a statement that interest rate information will

be provided on or with each periodic statement.

(c) An itemization of any fees imposed by the creditor in

connection with the availability or use of credit

under such plan, including annual fees, application

fees, transaction fees, and closing costs (including

costs commonly described as "points"), and the time

when such fees are payable.

(d) (i) An estimate, based on the creditor's experience

with such plans and stated as a single amount or

as a reasonable range, of the aggregate amount of

additional fees that may be imposed by third

parties including but not limited to governmental

authorities, appraisers, and attorneys in

connection with opening an account under the

plan.

(ii) A statement that the consumer may ask the

creditor for a good faith estimate by the

creditor of the fees that may be imposed by third

parties.

(e) A statement that:

(i) any extension of credit under the plan is secured

by the consumer's dwelling; and

(ii) in the event of any default, the consumer risks

the loss of the dwelling.

(f) (i) A clear and conspicuous statement:

(aa) of the time by which an application must be

submitted to obtain the terms disclosed; or

(bb) if applicable, that the terms are subject to

change.

(ii) A statement that:

(aa) the consumer may elect not to enter into an

agreement to open an account under the plan

if any term changes, other than a change

contemplated by a variable feature of the

plan, before any such agreement is final;

and

(bb) if the consumer makes an election described

in division (aa) of this subparagraph, the

consumer is entitled to a refund of all fees

paid in connection with the application.

(iii) A statement that the consumer should make or

otherwise retain a copy of information disclosed

under this subparagraph.

(g) A statement that:

(i) under certain conditions, the creditor may

terminate any account under the plan and require

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 59

immediate repayment of any outstanding balance,

prohibit any additional extension of credit to

the account, or reduce the credit limit

applicable to the account; and

(ii) the consumer may receive, upon request, more

specific information about the conditions under

which the creditor may take any action described

in subparagraph (i) of this paragraph.

(h) The repayment options under the plan, including:

(i) if applicable, any differences in repayment

options with regard to:

(aa) any period during which additional

extensions of credit may be obtained; and

(bb) any period during which repayment is

required to be made and no additional

extensions of credit may be obtained;

(ii) the length of any repayment period, including any

differences in the length of any repayment period

with regard to the periods described in divisions

(aa) and (bb) of subparagraph (i) of this

paragraph; and

(iii) an explanation of how the amount of any minimum

monthly or periodic payment will be determined

under each such option, including any differences

in the determination of any such amount with

regard to the periods described in divisions (aa)

and (bb) of subparagraph (i) of this paragraph.

(i) An example, based on a Ten Thousand Dollar

($10,000.00) outstanding balance and the interest

rate, other than a rate not based on the index under

the plan, which is, or was recently, in effect under

such plan, showing the minimum monthly or periodic

payment, and the time it would take to repay the

entire Ten Thousand Dollars ($10,000.00) if the

consumer paid only the minimum periodic payments and

obtained no additional extensions of credit.

(j) If, under any repayment option of the plan, the

payment of not more than the minimum periodic payments

required under such option over the length of the

repayment period:

(i) would not repay any of the principal balance; or

(ii) would repay less than the outstanding balance by

the end of such period,

as the case may be, a statement of such fact, including an

explicit statement that at the end of such repayment period

a balloon payment as defined in subsection (12) of Section

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 60

2-313 of this title would result which would be required to

be paid in full at that time.

(k) If applicable, a statement that:

(i) any limitation in the plan on the amount of any

increase in the minimum payments may result in

negative amortization;

(ii) negative amortization increases the outstanding

principal balance of the account; and

(iii) negative amortization reduces the consumer's

equity in the consumer's dwelling.

(l) (i) Any limitation contained in the plan on the

number of extensions of credit and the amount of

credit which may be obtained during any month or

other defined time period.

(ii) Any requirement which establishes a minimum

amount for:

(aa) the initial extension of credit to an

account under the plan;

(bb) any subsequent extension of credit to an

account under the plan; or

(cc) any outstanding balance of an account under

the plan.

(m) A statement that the consumer should consult a tax

advisor regarding the deductibility of interest and

charges under the plan.

(n) Any other term which the Administrator requires, in

rules to be disclosed.

(2) For purposes of this section and Sections 2-310.3 and 2-313

of this title, the term "principal dwelling" includes any second or

vacation home of the consumer.

(3) In addition to the disclosures required under subsection

(1) of this section with respect to an application to open an

account under any revolving charge account plan described in such

subsection, the creditor or other person providing such disclosures

to the consumer shall provide:

(a) a pamphlet published by the Board of Governors of the

Federal Reserve System pursuant to Section 4 of the

Home Equity Consumer Protection Act of 1988; or

(b) any pamphlet which provides substantially similar

information to the information described in such

section, as determined by the Administrator.
Okla. Stat. tit. 14A, § 14A-3-103 — OK Code / Title 14A / Section 14A-3-103
Definitions in artlcle
Status: in_force

The following definitions apply to this act and appear in this

article as follows:

"Annual percentage rate" - Section 3-304(2)

"Consumer loan" - Section 3-104

"Consumer related loan" - Section 3-602(1)

"Corresponding nominal annual percentage rate" - Section 3-

304(3).

"Lender" - Section 3-107(1)

"Loan" - Section 3-106

"Loan finance charge" - Section 3-109

"Loan primarily secured by an interest in land" - Section 3-105

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 79

"Precomputed" - Section 3-107(2)

"Principal" - Section 3-107(3)

"Revolving loan account" - Section 3-108

"Supervised lender" - Section 3-501(2)

"Supervised loan" - Section 3-501(1)
Okla. Stat. tit. 14A, § 14A-3-301 — OK Code / Title 14A / Section 14A-3-301
Applicability - Information required
Status: in_force

(1) For purposes of this part, this part covers and consumer

loan includes a loan secured primarily by an interest in land

without regard to the rate of the loan finance charge if the loan is

otherwise a consumer loan as defined by Section 3-104 of this title;

a loan in which the debt is secured by personal property in which a

security interest is or will be acquired which is used or expected

to be used as the principal dwelling of the consumer without regard

to the amount of the amount financed, if the loan is otherwise a

consumer loan; and loan transactions in which any card issuer

extends credit that is not subject to a finance charge and that is

not payable by written agreement in four or more installments.

(2) The lender shall disclose to the debtor to whom credit is

extended with respect to a consumer loan the information required by

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 97

either this part or the Federal Consumer Credit Protection Act and

compliance with either is sufficient.

(3) For the purposes of subsection (2) information which would

otherwise be required pursuant to the Federal Consumer Credit

Protection Act is sufficient even though the transaction is one of a

class of credit transactions exempted from that act pursuant to

regulation of the Board of Governors of the Federal Reserve System.

(4) A person who regularly arranges for the extension of

consumer loans which are payable in four or more installments or for

which the payment of a finance charge is or may be required from

persons who are not subject to disclosure duties shall make the

disclosures required of a lender under this part.

(5) In the case of an application to open an account under any

revolving loan account plan described in Section 3-309.2 of this

title which is provided to a consumer by any person other than the

creditor:

(a) such person shall provide such consumer with:

(i) the disclosures required under subsection (1) of

Section 3-309.2 of this title with respect to

such plan, in accordance with subsection (9) of

Section 3-302 of this title; and

(ii) the pamphlet required under subsection (3) of

Section 3-309.2 of this title; or

(b) if such person cannot provide specific terms about the

plan because specific information about the plan terms

is not available, no nonrefundable fee may be imposed

in connection with such application before the end of

the three-day period beginning on the date the

consumer receives the disclosures required under

subsection (1) of Section 3-309.2 of this title with

respect to the application.

(6) For purposes of this part, the terms "creditor", "card

issuer", "applicant", "card holder", "dwelling" and "consumer" have

the same meanings those terms have in the Federal Consumer Credit

Protection Act, as limited by the subject matter of this article.

(7) The fact a charge or fee or a practice is mentioned in this

part does not itself serve to authorize it or to remove any

limitation in this title applicable to it.
Okla. Stat. tit. 14A, § 14A-6-203 — OK Code / Title 14A / Section 14A-6-203
Fees
Status: in_force

(1) Any person required to file notification pursuant to the

provisions of Section 6-201 of this title, on or before January 31

of each year, shall pay to the Administrator of Consumer Credit an

annual fee as prescribed by rule, and an investigation fee of One

Hundred Dollars ($100.00) for each business location. A late fee

shall be charged for any notification filed after January 31. The

license shall expire thirty (30) days after January 31 of any year

for which the annual fee and investigation fee have not been paid.

Licensees shall also pay a fee of Twenty-five Dollars ($25.00) for

any returned check, address or license change or duplicate license

request.

(2) The term "licensee" or "license", as used in this title,

includes any entity or individual that has filed or is required to

file notification with the Administrator pursuant to the provisions

of Sections 6-201 through 6-203 of this title.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 223
Okla. Stat. tit. 14A, § 14A-3-102a — OK Code / Title 14A / Section 14A-3-102a
Restrictions on political subdivision orders, ordinances and regulations – Injunctive
Status: in_force

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 2ordinances and regulations – Injunctive relief.

A. No municipality or other political subdivision of this state

shall adopt or enforce any order, ordinance or regulation relating

to any business or occupation licensed, regulated and controlled

under the supervision of the Department of Consumer Credit as

outlined in Section 3-102 et seq. of Title 14A of the Oklahoma

Statutes that has the effect of any of the following:

1. The regulation of interest rates or fees charged by such

business; or

2. Through zoning or other measures, unduly restricts the

location or placement of any business outlined in subsection A of

this section.

B. No municipality or other political subdivision of this state

shall prevent any lender authorized and licensed to make loans under

Section 3-102 et seq. of Title 14A of the Oklahoma Statutes from

engaging in lending practices authorized by Section 3-102 et seq. of

Title 14A of the Oklahoma Statutes.

C. When a person's rights pursuant to the protections of the

provisions of this section have been violated, the person shall have

the right to bring an action in district court for injunctive

relief.

D. For purposes of this section, "unduly restricts" means an

act which entirely prevents those businesses outlined in subsection

A of this section from operating within municipal boundaries as a

matter of law.
Okla. Stat. tit. 14A, § 14A-3-202.1 — OK Code / Title 14A / Section 14A-3-202.1
Return of dishonored check, negotiable order of
Status: in_force

withdrawal or share draft - Fee.

The lender of a consumer loan may charge and collect from the

debtor a fee for each return by a bank or other depository

institution of a dishonored check, negotiable order of withdrawal or

share draft issued by the debtor in connection with the consumer

loan. The amount of the fee shall be limited to the amount which

the Oklahoma Tax Commission, Service Oklahoma, or a licensed

operator may charge and collect pursuant to the provisions of

Section 1121 of Title 47 of the Oklahoma Statutes. This fee shall

be in addition to all other loan finance charges, fees and

additional charges which the lender may charge and collect from the

debtor under this Code and shall not be subject to refund or rebate.
Okla. Stat. tit. 14A, § 14A-3-207 — OK Code / Title 14A / Section 14A-3-207
Conversion to revolving loan account
Status: in_force

The parties may agree to add to a revolving loan account the

unpaid balance of a consumer loan, not made pursuant to a revolving

loan account, or a refinancing, or consolidation thereof, or the

unpaid balance of a consumer credit sale, refinancing, or

consolidation. For the purpose of this section

(1) the unpaid balance of a consumer loan, refinancing, or

consolidation is an amount equal to the principal determined

according to the provisions on refinancing (Section 3-205); and

(2) the unpaid balance of a consumer credit sale, refinancing,

or consolidation is an amount equal to the amount financed

determined according to the provisions on refinancing (Section 2-

205).
Okla. Stat. tit. 14A, § 14A-5-201 — OK Code / Title 14A / Section 14A-5-201
Consumer credit sales and consumer loans
Status: in_force

For purposes of the provisions of this part on civil liability

for violation of disclosure provisions (Section 5-203) and on

debtor's right to rescind certain transactions (Section 5-204),

consumer credit sale and consumer loan include the transactions

covered in Sections 2-301 and 3-301.
Okla. Stat. tit. 14A, § 14A-4-106 — OK Code / Title 14A / Section 14A-4-106
Unconscionability
Status: in_force

(1) In applying the provisions of the act on unconscionability

(Sections 5-108 and 6-111) to a separate charge for insurance,

consideration shall be given, among other factors, to

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 180

(a) potential benefits to the debtor including the

satisfaction of his obligations;

(b) the creditor's need for the protection provided by the

insurance; and

(c) the relation between the amount and terms of credit

granted and the insurance benefits provided.

(2) If consumer credit insurance otherwise complies with this

article and other applicable law, neither the amount nor the term of

the insurance nor the amount of a charge therefor is in itself

unconscionable.
Okla. Stat. tit. 14A, § 14A-2-313 — OK Code / Title 14A / Section 14A-2-313
Advertising
Status: in_force

(1) No seller or lessor shall engage in this state in false or

misleading advertising concerning the terms or conditions of credit

with respect to a consumer credit sale or consumer lease.

(2) Without limiting the generality of subsection (1) of this

section and without requiring a statement of rate of credit service

charge if the credit service charge is not more than Five Dollars

($5.00) when the amount financed does not exceed Seventy-five

Dollars ($75.00), or Seven Dollars and fifty cents ($7.50) when the

amount financed exceeds Seventy-five Dollars ($75.00), an

advertisement with respect to a consumer credit sale made by the

posting of a public sign, or by catalog, magazine, newspaper, radio,

television or similar mass media, is misleading if:

(a) it states the rate of credit service charge and the

rate is not stated in the form required by the

provisions on calculation of rate to be disclosed

under Section 2-304 of this title; or

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 65

(b) it states the dollar amounts of the credit service

charge or installment payments, and does not also

state the rate of any credit service charge, the

downpayment, if any, and the terms of repayment.

(3) In this section a catalog or other multiple-page

advertisement is considered a single advertisement if it clearly and

conspicuously displays a credit terms table setting forth the

information required by this section.

(4) This section imposes no liability on the owner or

personnel, as such, of any medium in which an advertisement appears

or through which it is disseminated.

(5) Advertising which complies with the Federal Consumer Credit

Protection Act does not violate subsection (2) of this section.

(6) The provisions of this section do not apply to

advertisements of residential real estate except to the extent

required by Administrator's rule.

(7) If any advertisement to aid, promote, or assist, directly

or indirectly, the extension of consumer credit through a revolving

charge account plan under which extensions of credit are secured by

the consumer's principal dwelling states, affirmatively or

negatively, any of the specific terms of the plan, including any

periodic payment amount required under such plan, such advertisement

shall also clearly and conspicuously set forth the following

information, in such form and manner as the Administrator may

require:

(a) Any fee the amount of which is determined as a

percentage of the credit limit applicable to an

account under the plan and an estimate of the

aggregate amount of other fees for opening the

account, based on the creditor's experience with the

plan and stated as a single amount or as a reasonable

range;

(b) In any case in which periodic rates may be used to

compute the credit service charge, the periodic rates

expressed as an annual percentage rate;

(c) The highest annual percentage rate which may be

imposed under the plan; and

(d) Any other information the Administrator may by rule

require.

(8) If any advertisement described in subsection (7) of this

section contains a statement that any interest expense incurred with

respect to the plan is or may be tax deductible, the advertisement

shall not be misleading with respect to such deductibility.

(9) No advertisement described in subsection (7) of this

section with respect to any home equity account may refer to such

credit as "free money" or use other terms determined by the

Administrator by rule to be misleading.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 66

(10) (a) If any advertisement described in subsection (7) of

this section includes an initial annual percentage

rate that is not determined by the index or formula

used to make later interest rate adjustments, the

advertisement shall also state with equal prominence

the current annual percentage rate that would have

been applied using the index or formula if such

initial rate had not been offered;

(b) The annual percentage rate required to be disclosed

under the paragraph (a) rate of this subsection rate

must be current as of a reasonable time given the

media involved; and

(c) Any advertisement to which paragraph (a) of this

subsection applies shall also state the period of time

during which the initial annual percentage rate

referred to in such paragraph will be in effect.

(11) If any advertisement described in subsection (7) of this

section contains a statement regarding the minimum monthly payment

under the plan, the advertisement shall also disclose, if

applicable, the fact that the plan includes a balloon payment.

(12) For purposes of this section and Section 2-310.2 of this

title, the term "balloon payment" means, with respect to any

revolving charge account plan under which extensions of credit are

secured by the consumer's principal dwelling, any repayment option

under which:

(a) the account holder is required to repay the entire

amount of any outstanding balance as of a specified

date or at the end of a specified period of time, as

determined in accordance with the terms of the

agreement pursuant to which such credit is extended;

and

(b) the aggregate amount of the minimum periodic payments

required would not fully amortize such outstanding

balance by such date or at the end of such period.

(13) (a) If an advertisement for a consumer lease includes a

statement of the amount of any payment or a statement

that any or no initial payment is required, the

advertisement shall clearly and conspicuously state,

as applicable:

(i) the transaction advertised is a lease;

(ii) the total amount of any initial payments required

on or before consummation of the lease or

delivery of the property, whichever is later;

(iii) that a security deposit is required;

(iv) the number, amount, and timing of scheduled

payments; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 67

(v) with respect to a lease in which the liability of

the consumer at the end of the lease term is

based on the anticipated residual value of the

property, that an extra charge may be imposed at

the end of the lease term.

(b) No owner or employee of any entity that serves as a

medium in which an advertisement appears or through

which an advertisement is disseminated, shall be liable

under this subsection.

(c) (i) An advertisement by radio broadcast to aid,

promote, or assist, directly or indirectly, any

consumer lease shall be deemed to be in

compliance with the requirements of paragraph (a)

of this subsection if such advertisement clearly

and conspicuously:

(aa) states the information required by

subparagraphs (i) and (ii) of paragraph (a)

of this subsection;

(bb) states the number, amounts, due dates or

periods of scheduled payments, and the total

of such payments under the lease;

(cc) includes:

(I) a referral to:

(A) a toll-free telephone number

established in accordance with

subparagraph (ii) of this

paragraph that may be used by

consumers to obtain the

information required under

paragraph (a) of this subsection;

or

(B) a written advertisement that

appears in a publication in

general circulation in the

community served by the radio

station on which such

advertisement is broadcast during

the period beginning three (3)

days before any such broadcast and

ending ten (10) days after such

broadcast and includes the

information required to be

disclosed under paragraph (a) of

this subsection; and

(II) the name and dates of any publication

referred to in clause (B) of

subdivision (I) of this division; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 68

(dd) any other information which the

Administrator determines necessary.

(ii) In the case of a radio broadcast advertisement

described in subparagraph (i) of this paragraph

that includes a referral to a toll-free telephone

number, the lessor who offers the consumer lease

shall:

(aa) establish such a toll-free telephone number

not later than the date on which the

advertisement including the referral is

broadcast;

(bb) maintain such telephone number for a period

of not less than ten (10) days, beginning on

the date of any such broadcast; and

(cc) provide the information required under

paragraph (a) of this subsection with

respect to the lease to any person who calls

such number.

The information required to be provided in division (cc) of this

subparagraph shall be provided verbally or, if requested by the

consumer, in written form.

Nothing in this paragraph shall affect the requirements of law

as such requirements apply to advertisement by any medium other than

radio broadcast.
Okla. Stat. tit. 14A, § 14A-2-414 — OK Code / Title 14A / Section 14A-2-414
Limitation on default charges
Status: in_force

Except for reasonable expenses incurred in realizing on a

security interest, the agreement with respect to a consumer credit

sale may not provide for any charges as a result of default by the

buyer other than those authorized by this act. A provision in

violation of this section is unenforceable.
Okla. Stat. tit. 14A, § 14A-5-106 — OK Code / Title 14A / Section 14A-5-106
No discharge from employment for garnishment
Status: in_force

No employer shall discharge an employee for the reason that a

creditor of the employee has subjected or attempted to subject

unpaid earnings of the employee to garnishment or like proceedings

directed to the employer for the purpose of paying a judgment

arising from a consumer credit sale, consumer lease, or consumer

loan, unless the employer shall be served with garnishment or like

process issued to collect one or more judgments against the employee

on more than two occasions within one year.
Okla. Stat. tit. 14A, § 14A-6-502 — OK Code / Title 14A / Section 14A-6-502
Members of Commission
Status: in_force

A. The Commission on Consumer Credit shall consist of nine (9)

members to be appointed by the Governor by and with the advice and

consent of the Senate. The State Banking Commissioner shall be an

ex officio voting tenth member of the Commission.

B. It is unlawful for any member of the Commission, the

Administrator of Consumer Credit, or any other officer or employee

of the Department to use for personal benefit any information which

is filed with or obtained by the Administrator and which is not made

public. No provision of the Uniform Consumer Credit Code authorizes

any member of the Commission, the Administrator, or any other

officer or employee of the Department to disclose any information

except among themselves or when necessary or appropriate in a

proceeding or investigation according to the provisions of the

Uniform Consumer Credit Code. The provisions of the Uniform

Consumer Credit Code shall not be construed to create or derogate

any privilege that exists at common law or otherwise when

documentary or other evidence is sought under a subpoena directed to

any member of the Commission, the Administrator, or any other

officer or employee of the Department.

C. Except upon proof of corruption, no member of the Commission

shall be civilly liable to any applicant or other person for any

acts or omissions.

D. No member of the Commission shall participate in any

proceeding before the Commission involving any corporation,

partnership, or unincorporated association for which the member is

or was at any time in the preceding twelve (12) months a director,

officer, partner, employee, member, or stockholder. A member of the

Commission may disqualify himself or herself from participation in

any proceeding before the Commission for any cause deemed by him or

her to be sufficient.
Okla. Stat. tit. 14A, § 14A-3-312 — OK Code / Title 14A / Section 14A-3-312
Advertising
Status: in_force

(1) No lender shall engage in this state in false or misleading

advertising concerning the terms or conditions of credit with

respect to a consumer loan.

(2) Without limiting the generality of subsection (1), and

without requiring a statement of rate of loan finance charge if the

loan finance charge is not more than Five Dollars ($5.00) when the

principal does not exceed Seventy-five Dollars ($75.00), or Seven

Dollars and fifty cents ($7.50) when the principal exceeds Seventy-

five Dollars ($75.00), an advertisement with respect to a consumer

credit loan made by the posting of a public sign, or by catalog,

magazine, newspaper, radio, television, or similar mass media, is

misleading if:

(a) it states the rate of the loan finance charge and the

rate is not stated in the form required by the

provisions on calculation of rate to be disclosed

(Section 3-304), or

(b) it states the dollar amounts of the loan finance

charge or installment payments, and does not also

state the rate of any loan finance charge and the

terms of repayment.

(3) In this section a catalog or other multiple-page

advertisement is considered a single advertisement if it clearly and

conspicuously displays a credit terms table setting forth the

information required by this section.

(4) This section imposes no liability on the owner or

personnel, as such, of any medium in which an advertisement appears

or through which it is disseminated.

(5) Advertising which complies with the Federal Consumer Credit

Protection Act does not violate subsection (2).

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 137

(6) The provisions of this section shall not apply to

advertisements of residential real estate except to the extent

provided by rules of the Administrator.

(7) If any advertisement to aid, promote, or assist, directly

or indirectly, the extension of consumer credit through a revolving

loan account plan under which extensions of credit are secured by

the consumer's principal dwelling states, affirmatively or

negatively, any of the specific terms of the plan, including any

periodic payment amount required under such plan, such advertisement

shall also clearly and conspicuously set forth the following

information, in such form and manner as the Administrator may

require:

(a) Any loan fee the amount of which is determined as a

percentage of the credit limit applicable to an

account under the plan and an estimate of the

aggregate amount of other fees for opening the

account, based on the creditor's experience with the

plan and stated as a single amount or as a reasonable

range,

(b) In any case in which periodic rates may be used to

compute the loan finance charge, the periodic rates

expressed as an annual percentage rate,

(c) The highest annual percentage rate which may be

imposed under the plan, and

(d) Any other information the Administrator may by rule

require.

(8) If any advertisement described in subsection (7) of this

section contains a statement that any interest expense incurred with

respect to the plan is or may be tax deductible, the advertisement

shall not be misleading with respect to such deductibility.

(9) No advertisement described in subsection (7) of this

section with respect to any home equity account may refer to such

credit as "free money" or use other terms determined by the

Administrator by rule to be misleading.

(10) (a) If any advertisement described in subsection (7) of

this section includes an initial annual percentage

rate that is not determined by the index or formula

used to make later interest rate adjustments, the

advertisement shall also state with equal prominence

the current annual percentage rate that would have

been applied using the index or formula if such

initial rate had not been offered,

(b) The annual percentage rate required to be disclosed

under the paragraph (a) rate of this subsection rate

must be current as of a reasonable time given the

media involved, and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 138

(c) Any advertisement to which paragraph (a) of this

subsection applies shall also state the period of time

during which the initial annual percentage rate

referred to in such paragraph will be in effect.

(11) If any advertisement described in subsection (7) of this

section contains a statement regarding the minimum monthly payment

under the plan, the advertisement shall also disclose, if

applicable, the fact that the plan includes a balloon payment.

(12) For purposes of this section and Section 3-309.2 of this

title, the term "balloon payment" means, with respect to any

revolving charge account plan under which extensions of credit are

secured by the consumer's principal dwelling, any repayment option

under which:

(a) the account holder is required to repay the entire

amount of any outstanding balance as of a specified

date or at the end of a specified period of time, as

determined in accordance with the terms of the

agreement pursuant to which such credit is extended,

and

(b) the aggregate amount of the minimum periodic payments

required would not fully amortize such outstanding

balance by such date or at the end of such period.
Okla. Stat. tit. 14A, § 14A-2-502 — OK Code / Title 14A / Section 14A-2-502
Buyer's right to cancel
Status: in_force

(1) Except as provided in subsection (5), in addition to any

right otherwise to revoke an offer, the buyer has the right to

cancel a home solicitation sale until midnight of the third business

day after the day on which the buyer signs an agreement or offer to

purchase which complies with this part.

(2) Cancellation occurs when the buyer gives written notice of

cancellation to the seller at the address stated in the agreement or

offer to purchase.

(3) Notice of cancellation, if given by mail, is given when it

is deposited in a mailbox properly addressed and postage prepaid.

(4) Notice of cancellation given by the buyer need not take a

particular form and is sufficient if it indicates by any form of

written expression the intention of the buyer not to be bound by the

home solicitation sale.

(5) The buyer may not cancel a home solicitation sale if the

buyer requests the seller to provide goods or services without delay

because of an emergency; and

(a) the seller in good faith makes a substantial beginning

of performance of the contract before the buyer gives

notice of cancellation; and

(b) in the case of goods, the goods cannot be returned to

the seller in substantially as good condition as when

received by the buyer.

(6) If a home solicitation sale is also subject to the

provisions on debtor's right to rescind certain transactions

(Section 5-204), the buyer may proceed either under those provisions

or under this part.
Okla. Stat. tit. 14A, § 14A-6-111 — OK Code / Title 14A / Section 14A-6-111
Injunctions against unconscionable agreements and fraudulent or unconscionable
Status: in_force

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 5fraudulent or unconscionable conduct.

(1) The Administrator may bring a civil action to restrain a

creditor or a person acting in his behalf from engaging in a course

of

(a) making or enforcing unconscionable terms or provisions

of consumer credit sales, consumer leases, or consumer

loans;

(b) fraudulent or unconscionable conduct in inducing

debtors to enter into consumer credit sales, consumer

leases, or consumer loans; or

(c) fraudulent or unconscionable conduct in the collection

of debts arising from consumer credit sales, consumer

leases, or consumer loans.

(2) In an action brought pursuant to this section the court may

grant relief only if it finds

(a) that the respondent has made unconscionable agreements

or has engaged or is likely to engage in a course of

fraudulent or unconscionable conduct;

(b) that the agreements or conduct of the respondent has

caused or is likely to cause injury to consumers; and

(c) that the respondent has been able to cause or will be

able to cause the injury primarily because the

transactions involved are credit transactions.

(3) In applying this section, consideration shall be given to

each of the following factors, among other:

(a) belief by the creditor at the time consumer credit

sales, consumer leases, or consumer loans are made

that there was no reasonable probability of payment in

full of the obligation by the debtor;

(b) in the case of consumer credit sales or consumer

leases, knowledge by the seller or lessor at the time

of the sale or lease of the inability of the buyer or

lessee to receive substantial benefits from the

property or services sold or leased;

(c) in the case of consumer credit sales or consumer

leases, gross disparity between the price of the

property or services sold or leased and the value of

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 216

the property or services measured by the price at

which similar property or services are readily

obtainable in credit transactions by like buyers or

lessees;

(d) the fact that the creditor contracted for or received

separate charges for insurance with respect to

consumer credit sales or consumer loans with the

effect of making the sales or loans, considered as a

whole, unconscionable; and

(e) the fact that the respondent has knowingly taken

advantage of the inability of the debtor reasonably to

protect his interests by reason of physical or mental

infirmities, ignorance, illiteracy or inability to

understand the language of the agreement, or similar

factors.

(4) In an action brought pursuant to this section, a charge or

practice expressly permitted by this act is not in itself

unconscionable.
Okla. Stat. tit. 14, § 14-145 — OK Code / Title 14 / Section 14-145
Terms of office
Status: in_force

Oklahoma Statutes - Title 14. Congressional and Legislative Districts Page 1315

A. Members of the House of Representatives elected in November

2020 shall hold office until the fifteenth day succeeding the

General Election in November 2022, and thereafter, members of the

House of Representatives shall be elected for terms of office of two

(2) years.

B. The State House of Representatives districts described in

Section 3 of this act shall become effective on the fifteenth day

following the General Election in November 2022. The State Election

Board and appropriate county election boards shall conduct regular

or special elections for the State House of Representatives held

after April 5, 2022, in accordance with the provisions of the State

House of Representatives Redistricting Act of 2021.
Okla. Stat. tit. 14A, § 14A-6-116 — OK Code / Title 14A / Section 14A-6-116
Report on conclusion of examination – Preservation of
Status: in_force

examinations and reports.

A. Upon the conclusion of any examination conducted by the

Department of Consumer Credit pursuant to this or any other act

administered by the Administrator of Consumer Credit, the

Administrator may make and file in the Office of the Administrator a

report in detail disclosing the results of such examination or may,

on conditions prescribed by the Administrator, prepare a summary

memorandum regarding the results of such examination, and shall,

upon request by the examined party, mail a copy of such report or

memorandum to the examined party.

B. All examinations and reports received by the Administrator

shall be preserved in the Office of the Administrator for a period

of not less than five (5) years. Such examinations and reports and

all other records of licensed entities are to be kept confidential,

except as otherwise permitted by law. Copies of such examinations

and reports in the possession of an institution under the

Department's supervision are the property of the Department and are

not subject to disclosure to third parties, including disclosure or

production pursuant to subpoena or other request. However, an

institution in possession of a copy of such examinations and reports

may disclose the examinations and reports to its accountants,

advisors, consultants and legal counsel. An institution in

possession of a copy of examinations and reports may also disclose

such examinations and reports to other persons or entities with the

prior written approval of the Administrator or Deputy Administrator.

All requests for review of such examinations and reports, other than

an institution's accountants, advisors, consultants, legal counsel

or a third party that has obtained the written approval of the

Administrator or Deputy Administrator, shall be directed to the

Department and are subject to the requirements of Section 3 of this

act.
Okla. Stat. tit. 14A, § 14A-3-515 — OK Code / Title 14A / Section 14A-3-515
Restrictions on interest in motor vehicles as security
Status: in_force

Restrictions on interest in motor vehicles as security.

With respect to a supervised loan made under the provisions of

Section 3-508B of this title in which the principal is Three Hundred

Dollars ($300.00) or less, a lender may not contract for an interest

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 161

in motor vehicles as security. A security interest taken in

violation of this section is void.
Okla. Stat. tit. 14A, § 14A-2-207 — OK Code / Title 14A / Section 14A-2-207
Credit service charge for revolving charge accounts
Status: in_force

(1) With respect to a consumer credit sale made pursuant to a

revolving charge account, the parties to the sale may contract for

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 31

the payment by the buyer of a credit service charge not exceeding

that permitted in this section.

(2) A charge may be made in each billing cycle which is a

percentage of an amount no greater than

(a) the average daily balance of the account;

(b) the unpaid balance of the account on the same day of

the billing cycle; or

(c) the median amount within a specified range within

which the average daily balance of the account or the

unpaid balance of the account on the same day of the

billing cycle is included. A charge may be made

pursuant to this paragraph only if the seller, subject

to classifications and differentiations he may

reasonably establish, makes the same charge on all

balances within the specified range and if the

percentage when applied to the median amount within

the range does not produce a charge exceeding the

charge resulting from applying that percentage to the

lowest amount within the range by more than eight

percent (8%) of the charge on the median amount.

(3) If the billing cycle is monthly, the charge may not exceed

one and three-fourths percent (1 3/4%). If the billing cycle is not

monthly, the maximum charge is that percentage which bears the same

relation to the applicable monthly percentage as the number of days

in the billing cycle bears to thirty (30). For the purposes of this

section, a variation of not more than four (4) days from month to

month is "the same day of the billing cycle".

(4) Notwithstanding subsection (3), if there is an unpaid

balance on the date as of which the credit service charge is

applied, the seller may contract for and receive a charge not

exceeding fifty cents ($0.50), if the billing cycle is monthly or

longer, or the pro rata part of fifty cents ($0.50) which bears the

same relation to fifty cents ($0.50) as the number of days in the

billing cycle bears to thirty (30), if the billing cycle is shorter

than monthly.
Okla. Stat. tit. 14A, § 14A-5-102 — OK Code / Title 14A / Section 14A-5-102
Scope
Status: in_force

This part applies to actions or other proceedings to enforce

rights arising from consumer credit sales, consumer leases and

consumer loans; and, in addition, to extortionate extensions of

credit (Section 5-107).
Okla. Stat. tit. 14A, § 14A-2-402 — OK Code / Title 14A / Section 14A-2-402
Use of multiple agreements
Status: in_force

A seller may not use multiple agreements with intent to obtain a

higher credit service charge than would otherwise be permitted by

this article or to avoid disclosure of an annual percentage rate

pursuant to the provisions on disclosure and advertising (Part 3).

The excess amount of credit service charge provided for in

agreements in violation of this section is an excess charge for the

purposes of the provisions on the effect of violations on rights of

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 69

parties (Section 5-202) and the provisions on civil actions by

Administrator (Section 6-113).
Okla. Stat. tit. 14A, § 14A-2-104 — OK Code / Title 14A / Section 14A-2-104
Definition: "Consumer credit sale"
Status: in_force

(1) Except as provided in subsection (2), "consumer credit

sale" is a sale of goods, services or an interest in land in which

(a) credit is granted by a person who regularly engages as

a seller in credit transactions of the same kind;

(b) the buyer is a person other than an organization;

(c) the goods, services or interest in land are purchased

primarily for a personal, family or household purpose;

(d) either the debt is payable in installments or a credit

service charge is made; and

(e) with respect to a sale of goods or services, the

amount financed does not exceed Fifty Thousand Dollars

($50,000.00). The dollar amount in this paragraph

shall be adjusted annually as indicated by the

Consumer Financial Protection Bureau by the annual

percentage increase in the Consumer Price Index for

Urban Wage Earners and Clerical Workers, as published

by the Bureau of Labor Statistics, rounded to the

nearest multiple of One Hundred Dollars ($100.00) or

One Thousand Dollars ($1,000.00) as applicable.

(2) Unless the sale is made subject to the Uniform Consumer

Credit Code by agreement (Section 2-601), "consumer credit sale"

does not include

(a) a sale in which the seller allows the buyer to

purchase goods or services pursuant to a lender credit

card or similar arrangement; or

(b) except as provided with respect to disclosure (Section

2-301) and debtors' remedies (Section 5-201), a sale

of an interest in land if the credit service charge

does not exceed thirteen percent (13%) per year

calculated according to the actuarial method on the

unpaid balances of the amount financed on the

assumption that the debt will be paid according to the

agreed terms and will not be paid before the end of

the agreed term.
Okla. Stat. tit. 14A, § 14A-3-309.3 — OK Code / Title 14A / Section 14A-3-309.3
Index or rate of interest on revolving loan account plan subject to variable rate and
Status: in_force

secured by consumer's principal dwelling - Termination of account - Change of terms or conditionsplan subject to variable rate and secured by consumer's principal

dwelling - Termination of account - Change of terms or conditions -

Refunding of fees.

(1) In the case of extensions of credit under a revolving loan

account plan which are subject to a variable rate and are secured by

a consumer's principal dwelling, the index or other rate of interest

to which changes in the annual percentage rate are related shall be

based on an index or rate of interest which is publicly available

and is not under the control of the creditor.

(2) A creditor may not unilaterally terminate any account under

a revolving loan account plan under which extensions of credit are

secured by a consumer's principal dwelling and require the immediate

repayment of any outstanding balance at such time, except in the

case of:

(a) fraud or material misrepresentation on the part of the

consumer in connection with the account;

(b) failure by the consumer to meet the repayment terms of

the agreement for any outstanding balance; or

(c) any other action or failure to act by the consumer

which adversely affects the creditor's security for

the account or any right of the creditor in such

security.

This subsection does not apply to reverse mortgage transactions.

(3) (a) No revolving loan account plan under which extensions

of credit are secured by a consumer's principal

dwelling may contain a provision which permits a

creditor to change unilaterally any term required to

be disclosed under subsection (1) of Section 3-309.2

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 127

of this title or any other term, except a change in

insignificant terms such as the address of the

creditor for billing purposes.

(b) Notwithstanding the provisions of paragraph (a) of

this subsection, a creditor may make any of the

following changes:

(i) Change the index and margin applicable to

extensions of credit under such plan if the index

used by the creditor is no longer available and

the substitute index and margin would result in a

substantially similar interest rate,

(ii) Prohibit additional extensions of credit or

reduce the credit limit applicable to an account

under the plan during any period in which the

value of the consumer's principal dwelling which

secures any outstanding balance is significantly

less than the original appraisal value of the

dwelling,

(iii) Prohibit additional extensions of credit or

reduce the credit limit applicable to the account

during any period in which the creditor has

reason to believe that the consumer will be

unable to comply with the repayment requirements

of the account due to a material change in the

consumer's financial circumstances,

(iv) Prohibit additional extensions of credit or

reduce the credit limit applicable to the account

during any period in which the consumer is in

default with respect to any material obligation

of the consumer under the agreement,

(v) Prohibit additional extensions of credit or

reduce the credit limit applicable to the account

during any period in which:

(aa) the creditor is precluded by government

action from imposing the annual percentage

rate provided for in the account agreement,

or

(bb) any government action is in effect which

adversely affects the priority of the

creditor's security interest in the account

to the extent that the value of the

creditor's secured interest in the property

is less than one hundred twenty percent

(120%) of the amount of the credit limit

applicable to the account.

(vi) Any change that will benefit the consumer.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 128

(c) Upon the request of the consumer and at the time an

agreement is entered into by a consumer to open an

account under a revolving loan account plan under

which extensions of credit are secured by the

consumer's principal dwelling, the consumer shall be

given a list of the categories of contract obligations

which are deemed by the creditor to be material

obligations of the consumer under the agreement for

purposes of subparagraph (iv) of paragraph (b) of this

subsection.

(d) (i) For purposes of subparagraph (vi) of paragraph

(b) of this subsection, a change shall be deemed

to benefit the consumer if the change is

unequivocally beneficial to the consumer and the

change is beneficial through the entire term of

the agreement,

(ii) The Administrator may, by rule, determine

categories of changes that benefit the consumer.

(4) If any term or condition described in subsection (1) of

Section 3-309.2 of this title which is disclosed to a consumer in

connection with an application to open an account under a revolving

loan account plan described in such section, other than a variable

feature of the plan, changes before the account is opened, and if,

as a result of such change, the consumer elects not to enter into

the plan agreement, the creditor shall refund all fees paid by the

consumer in connection with such application.

(5) (a) No nonrefundable fee may be imposed by a creditor or

any other person in connection with any application by

a consumer to establish an account under any revolving

loan account plan which provides for extensions of

credit which are secured by a consumer's principal

dwelling before the end of the three-day period

beginning on the date such consumer receives the

disclosure required under subsection (1) of Section 2-

310.2 of this title and the pamphlet required under

subsection (3) of Section 2-310.2 of this title with

respect to such application.

(b) For purposes of determining when a nonrefundable fee

may be imposed in accordance with this subsection if

the disclosures and pamphlet referred to in paragraph

(a) of this subsection are mailed to the consumer, the

date of the receipt of the disclosures by such

consumer shall be deemed to be three (3) business days

after the date of mailing by the creditor.
Okla. Stat. tit. 14A, § 14A-3-404 — OK Code / Title 14A / Section 14A-3-404
Attorney's fees
Status: in_force

Except as provided by the provisions on limitations on

attorney's fees as to certain supervised loans (Section 3-514), with

respect to a consumer loan the agreement may provide for the payment

by the debtor of reasonable attorney's fees not in excess of fifteen

percent (15%) of the unpaid debt after default and referral to an

attorney not a salaried employee of the lender. A provision in

violation of this section is unenforceable.
Okla. Stat. tit. 14A, § 14A-4-113 — OK Code / Title 14A / Section 14A-4-113
Sale of insurance product in conjunction with
Status: in_force

subsection 10 mortgage – Conditions - Disclosure.

A creditor shall not sell any individual or group credit life,

accident and health or unemployment insurance product on a prepaid

single premium basis in conjunction with a subsection 10 mortgage

referred to in subsection (10) of Section 1-301 of Title 14A of the

Oklahoma Statutes unless the following conditions are met:

(a) if a creditor offers any individual or group credit

life, accident and health or unemployment insurance

product purchased on a prepaid single premium basis in

conjunction with a subsection 10 mortgage, the

creditor shall offer the obligor the option of

purchasing all such insurance on a monthly premium

basis, if such option is available;

(b) a creditor shall not sell credit life, accident and

health or unemployment insurance products in

conjunction with a subsection 10 mortgage other than

where the insurance premiums are calculated, earned

and paid on a monthly or other regular, periodic basis

without providing a separate disclosure with a copy

acknowledged by the obligor no later than the time of

closing in a form substantially similar to the

following:

"Insurance Notice To Obligor

You have elected to buy credit life, accident and

health and/or unemployment insurance in conjunction

with this mortgage loan. The cost of this insurance

is being prepaid, and it is being financed at the

interest rate provided for in the loan. This

insurance is not required as a condition of closing

this loan, and it has been included with the loan at

your request.

You have the right at any time to cancel any or all

such policies purchased in conjunction with this loan.

You may cancel your policy or policies by signing and

returning a copy of this notice to your creditor or

you may contact your creditor directly.

If you cancel your insurance within thirty (30) days

of the date of your loan, then you will receive either

a full refund or a credit against your loan account.

If you cancel your insurance at any other time, you

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 184

will receive either a refund or credit against your

loan account of any unearned premium. You must cancel

within thirty (30) days of the date of the loan to

receive a full refund.

Credit Insurance Cancellation

I (we) request that the creditor cancel the __________

insurance that I (we) purchased in conjunction with my

(our) mortgage loan dated _________________

_____________________________

Today’s Date

_____________________________

Borrower”

(c) this subsection shall not apply to credit life,

accident and health or unemployment insurance sold by

the creditor for which the obligor chooses the

beneficiary and it is someone other than the creditor.
Okla. Stat. tit. 14A, § 14A-9-101 — OK Code / Title 14A / Section 14A-9-101
Time of taking effect - Provisions for transition
Status: repealed

(1) Except as otherwise provided in this section, this act

takes effect at 12:01 a. m. on July 1, 1969.

(2) To the extent appropriate to permit the Administrator to

prepare for operation of this act when it takes effect and to act on

applications for licenses to make supervised loans under this act

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 229

(subsection (1) of Section 3-503), the part supervised loans (Part

5) of the article on loans (Article 3) and the article on

administration (Article 6) takes effect upon enactment.

(3) Transactions entered into before this act takes effect and

the rights, duties, and interests flowing from them thereafter may

be terminated, completed, consummated, or enforced as required or

permitted by any statute, rule of law, or other law amended,

repealed, or modified by this act as though the repeal, amendment or

modification had not occurred, but this act applies to

(a) refinancings, consolidations, and deferrals made after

this act takes effect of sales, leases, and loans

whenever made;

(b) sales or loans made after this Act takes effect

pursuant to revolving charge accounts (Section 2-108)

and revolving loan accounts (Section 3-108) entered

into, arranged, or contracted for before this act

takes effect; and

(c) all credit transactions made before this act takes

effect insofar as the article on remedies and

penalties (Article 5) limits the remedies of

creditors.

(4) With respect to revolving charge accounts (Section 2-108)

and revolving loan accounts (Section 3-108) entered into, arranged,

or contracted for before this Act takes effect, disclosure pursuant

to the provisions on disclosure (Section 2-310 and Section 3-309),

shall be made not later than thirty (30) days after this act takes

effect.
Okla. Stat. tit. 14A, § 14A-3-309.2 — OK Code / Title 14A / Section 14A-3-309.2
Disclosure requirements for revolving loan account
Status: in_force

plans secured by consumer's principal dwelling.

Disclosure requirements for revolving loan account plans secured

by consumer's principal dwelling.

(1) In the case of any revolving loan account plan which

provides for any extension of credit which is secured by the

consumer's principal dwelling, the creditor shall make the following

disclosures in accordance with subsection (9) of Section 3-302 of

this title:

(a) Each annual percentage rate imposed in connection with

extensions of credit under the plan and a statement

that such rate does not include costs other than

interest.

(b) In the case of a plan which provides for variable

rates of interest on credit extended under the plan:

(i) a description of the manner in which such rate

will be computed and a statement that such rate

does not include costs other than interest;

(ii) a description of the manner in which any changes

in the annual percentage rate will be made,

including:

(aa) any negative amortization and interest rate

carryover;

(bb) the time of any such changes;

(cc) any index or margin to which such changes in

the rate are related; and

(dd) a source of information about any such

index;

(iii) if an initial annual percentage rate is offered

which is not based on an index:

(aa) a statement of such rate and the period of

time such initial rate will be in effect;

and

(bb) a statement that such rate does not include

costs other than interest;

(iv) a statement that the consumer should ask about

the current index value and interest rate;

(v) a statement of the maximum amount by which the

annual percentage rate may change in any one-year

period or a statement that no such limit exists;

(vi) a statement of the maximum annual percentage rate

that may be imposed at any time under the plan;

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 123

(vii) subject to subsection (9)(g) of Section 3-302 of

this title, a table, based on a Ten Thousand

Dollar ($10,000.00) extension of credit, showing

how the annual percentage rate and the minimum

periodic payment amount under each repayment

option of the plan would have been affected

during the preceding fifteen-year period by

changes in any index used to compute such rate;

(viii) a statement of:

(aa) the maximum annual percentage rate which may

be imposed under each repayment option of

the plan;

(bb) the minimum amount of any periodic payment

which may be required, based on a Ten

Thousand Dollar ($10,000.00) outstanding

balance, under each such option when such

maximum annual percentage rate is in effect;

and

(cc) the earliest date by which such maximum

annual interest rate may be imposed; and

(ix) a statement that interest rate information will

be provided on or with each periodic statement.

(c) An itemization of any fees imposed by the creditor in

connection with the availability or use of credit

under such plan, including annual fees, application

fees, transaction fees, and closing costs (including

costs commonly described as "points"), and the time

when such fees are payable.

(d) (i) An estimate, based on the creditor's experience

with such plans and stated as a single amount or

as a reasonable range, of the aggregate amount of

additional fees that may be imposed by third

parties including but not limited to governmental

authorities, appraisers, and attorneys in

connection with opening an account under the

plan.

(ii) A statement that the consumer may ask the

creditor for a good faith estimate by the

creditor of the fees that may be imposed by third

parties.

(e) A statement that:

(i) any extension of credit under the plan is secured

by the consumer's dwelling; and

(ii) in the event of any default, the consumer risks

the loss of the dwelling.

(f) (i) A clear and conspicuous statement:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 124

(aa) of the time by which an application must be

submitted to obtain the terms disclosed; or

(bb) if applicable, that the terms are subject to

change.

(ii) A statement that:

(aa) the consumer may elect not to enter into an

agreement to open an account under the plan

if any term changes, other than a change

contemplated by a variable feature of the

plan, before any such agreement is final;

and

(bb) if the consumer makes an election described

in division (aa) of this subparagraph, the

consumer is entitled to a refund of all fees

paid in connection with the application.

(iii) A statement that the consumer should make or

otherwise retain a copy of information disclosed

under this subparagraph.

(g) A statement that:

(i) under certain conditions, the creditor may

terminate any account under the plan and require

immediate repayment of any outstanding balance,

prohibit any additional extension of credit to

the account, or reduce the credit limit

applicable to the account; and

(ii) the consumer may receive, upon request, more

specific information about the conditions under

which the creditor may take any action described

in subparagraph (i) of this paragraph.

(h) The repayment options under the plan, including:

(i) if applicable, any differences in repayment

options with regard to:

(aa) any period during which additional

extensions of credit may be obtained; and

(bb) any period during which repayment is

required to be made and no additional

extensions of credit may be obtained;

(ii) the length of any repayment period, including any

differences in the length of any repayment period

with regard to the periods described in divisions

(aa) and (bb) of subparagraph (i) of this

paragraph; and

(iii) an explanation of how the amount of any minimum

monthly or periodic payment will be determined

under each such option, including any differences

in the determination of any such amount with

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 125

regard to the periods described in divisions (aa)

and (bb) of subparagraph (i) of this paragraph.

(i) An example, based on a Ten Thousand Dollar

($10,000.00) outstanding balance and the interest

rate, other than a rate not based on the index under

the plan, which is, or was recently, in effect under

such plan, showing the minimum monthly or periodic

payment, and the time it would take to repay the

entire Ten Thousand Dollars ($10,000.00) if the

consumer paid only the minimum periodic payments and

obtained no additional extensions of credit.

(j) If, under any repayment option of the plan, the

payment of not more than the minimum periodic payments

required under such option over the length of the

repayment period:

(i) would not repay any of the principal balance; or

(ii) would repay less than the outstanding balance by

the end of such period,

as the case may be, a statement of such fact, including an

explicit statement that at the end of such repayment period

a balloon payment as defined in subsection (12) of Section

3-312 of this title would result which would be required to

be paid in full at that time.

(k) If applicable, a statement that:

(i) any limitation in the plan on the amount of any

increase in the minimum payments may result in

negative amortization;

(ii) negative amortization increases the outstanding

principal balance of the account; and

(iii) negative amortization reduces the consumer's

equity in the consumer's dwelling.

(l) (i) Any limitation contained in the plan on the

number of extensions of credit and the amount of

credit which may be obtained during any month or

other defined time period.

(ii) Any requirement which establishes a minimum

amount for:

(aa) the initial extension of credit to an

account under the plan;

(bb) any subsequent extension of credit to an

account under the plan; or

(cc) any outstanding balance of an account under

the plan.

(m) A statement that the consumer should consult a tax

advisor regarding the deductibility of interest and

charges under the plan.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 126

(n) Any other term which the Administrator requires, in

rules to be disclosed.

(2) For purposes of this section and Sections 3-309.3 and 3-312

of this title, the term "principal dwelling" includes any second or

vacation home of the consumer.

(3) In addition to the disclosures required under subsection

(1) of this section with respect to an application to open an

account under any revolving loan account plan described in such

subsection, the creditor or other person providing such disclosures

to the consumer shall provide:

(a) a pamphlet published by the Board of Governors of the

Federal Reserve System pursuant to Section 4 of the

Home Equity Consumer Protection Act of 1988; or

(b) any pamphlet which provides substantially similar

information to the information described in such

section, as determined by the Administrator.
Okla. Stat. tit. 14A, § 14A-5-105 — OK Code / Title 14A / Section 14A-5-105
Limitation on garnishment
Status: in_force

(1) For the purpose of this part

(a) "disposable earnings" means that part of the earnings

of an individual remaining after the deduction from

those earnings of amounts required by law to be

withheld; and

(b) "garnishment" means any legal or equitable procedure

through which the earnings of an individual are

required to be withheld for payment of a debt.

(2) The maximum part of the aggregate disposable earnings of an

individual for any workweek which is subjected to garnishment to

enforce payment of a judgment arising from a consumer credit sale,

consumer lease, or consumer loan may not exceed the lesser of

(a) twenty-five percent (25%) of his disposable earnings

for that week; or

(b) the amount by which his disposable earnings for that

week exceed thirty times the federal minimum hourly

wage prescribed by Section 6(a) (1) of the Fair Labor

Standards Act of 1938, U.S.C. Title 29, Section 206(a)

(1), in effect at the time the earnings are payable.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 189

(c) in the case of earnings for a pay period other than a

week, the Administrator shall by rule prescribe a

multiple of the federal minimum hourly wage equivalent

in effect to that set forth in paragraph (b).

(3) No court may make, execute, or enforce an order or process

in violation of this section.
Okla. Stat. tit. 14, § 14-7.3 — OK Code / Title 14 / Section 14-7.3
Application of act
Status: in_force

The Oklahoma Congressional Redistricting Act of 2021 shall not

affect the operation of any board, commission or other entity whose

membership is based upon Congressional Districts previously created

by law.
Okla. Stat. tit. 14A, § 14A-4-101 — OK Code / Title 14A / Section 14A-4-101
Short title
Status: in_force

This article shall be known and may be cited as Uniform Consumer

Credit Code - Insurance.
Okla. Stat. tit. 14A, § 14A-5-101 — OK Code / Title 14A / Section 14A-5-101
Short title
Status: in_force

This article shall be known and may be cited as Uniform Consumer

Credit Code - Remedies and Penalties.
Okla. Stat. tit. 14A, § 14A-3-105 — OK Code / Title 14A / Section 14A-3-105
Definition: "Loan primarily secured by an interest in
Status: in_force

land".

Unless the loan is made subject to this act by agreement

(Section 3-601), and except as provided with respect to disclosure

(Section 3-301) and debtors' remedies (Section 5-201), "consumer

loan" does not include a "loan primarily secured by an interest in

land", if at the time the loan is made the value of this collateral

is substantial in relation to the amount of the loan, and the loan

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 80

finance charge does not exceed thirteen percent (13%) per year

calculated according to the actuarial method on the unpaid balances

of the principal on the assumption that the debt will be paid

according to the agreed terms and will not be paid before the end of

the agreed term.
Okla. Stat. tit. 14A, § 14A-2-406 — OK Code / Title 14A / Section 14A-2-406
Restriction on liability in consumer lease
Status: in_force

The obligation of a lessee upon expiration of a consumer lease

may not exceed twice the average payment allocable to a monthly

period under the lease. This limitation does not apply to charges

for damages to the leased property or for other default.
Okla. Stat. tit. 14A, § 14A-2-410 — OK Code / Title 14A / Section 14A-2-410
No assignment of earnings
Status: in_force

A seller or lessor may not take an assignment of earnings of the

buyer or lessee for payment or as security for payment of a debt

arising out of a consumer credit sale or a consumer lease. An

assignment of earnings in violation of this section is unenforceable

by the assignee of the earnings and revocable by the buyer or

lessee. This section does not prohibit an employee from authorizing

deductions from his earnings if the authorization is revocable.
Okla. Stat. tit. 14A, § 14A-3-106 — OK Code / Title 14A / Section 14A-3-106
Definition: "Loan"
Status: in_force

(1) "Loan" includes

(a) the creation of debt by the lender's payment of or

agreement to pay money to the debtor or to a third

party for the account of the debtor;

(b) the creation of debt by a credit to an account with

the lender upon which the debtor is entitled to draw

immediately;

(c) the creation of debt pursuant to a lender credit card

or similar arrangement, except that the creation of

debt or the forbearance of debt arising from a sale or

lease of goods or services pursuant to a lender credit

card shall be a "loan" only as to the issuer of such

card and not as to a seller nor a lessor nor any

assignee of a seller's right to payment or lessor's

right to payment; and

(d) the forbearance of debt arising from a loan.

(2) "Loan" does not include the creation of debt nor the

forbearance of debt in connection with a sale or lease of goods or

services arising pursuant to a seller credit card as to the issuer

of such card, nor a seller, a lessor or any assignee of a seller's

or lessor's right to payment, nor otherwise.
Okla. Stat. tit. 14A, § 14A-3-309.5 — OK Code / Title 14A / Section 14A-3-309.5
Additional disclosures for reverse mortgages
Status: in_force

(1) In addition to the disclosures required under Title 14A of

the Oklahoma Statutes, for each reverse mortgage, the creditor

shall, not less than three (3) days prior to consummation of the

transaction, disclose to the consumer in conspicuous type a good

faith estimate of the projected total cost of the mortgage to the

consumer expressed as a table of annual interest rates. Each annual

interest rate shall be based on a projected total future credit

extension balance under a projected appreciation rate for the

dwelling and a term for the mortgage. The disclosure shall include:

(a) statements of the annual interest rates for not less

than three projected appreciation rates and not less

than three credit transaction periods, as determined

by the Administrator, including:

(i) a short-term reverse mortgage;

(ii) a term equaling the actuarial life expectancy of

the consumer; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 134

(iii) such longer term as the Administrator deems

appropriate; and

(b) a statement that the consumer is not obligated to

complete the reverse mortgage transaction merely

because the consumer has received the disclosure

required under this section or has signed an

application for the reverse mortgage.

(2) In determining the projected total cost of the mortgage to

be disclosed to the consumer under subsection (1) of this section,

the creditor shall take into account:

(a) any shared appreciation or equity that the lender

will, by contract, be entitled to receive;

(b) all costs and charges to the consumer, including the

costs of any associated annuity that the consumer

elects or is required to purchase as part of the

reverse mortgage transaction;

(c) all payments to and for the benefit of the consumer,

including, in the case in which an associated annuity

is purchased, whether or not required by the lender as

a condition of making the reverse mortgage, the

annuity payments received by the consumer and financed

from the proceeds of the loan, instead of the proceeds

used to finance the annuity; and

(d) any limitation on the liability of the consumer under

reverse mortgage transactions, such as nonrecourse

limits and equity conservation agreements.
Okla. Stat. tit. 14A, § 14A-3-805 — OK Code / Title 14A / Section 14A-3-805
Form of agreement - Requirement of existing legal
Status: in_force

claim.

FORM OF AGREEMENT; REQUIREMENT OF EXISTING LEGAL CLAIM.

A. A consumer litigation funding agreement shall:

1. Be in writing;

2. Contain the initials of the consumer on each page; and

3. Be otherwise complete when presented to the consumer for

signature.

B. A consumer litigation funding agreement may be entered into

only if the agreement relates to:

1. An existing legal claim that has been made by or on behalf

of the consumer against another person, including the other person's

insurer or the consumer's own insurer; or

2. An existing proceeding in which the consumer's legal claim

is intended to be resolved and with regard to which the consumer is

represented by an attorney.
Okla. Stat. tit. 14A, § 14A-3-501 — OK Code / Title 14A / Section 14A-3-501
Definitions: "Supervised loan"; "Supervised lender"
Status: in_force

(1) "Supervised loan" means a consumer loan in which the rate

of the loan finance charge exceeds ten percent (10%) per year as

determined according to the provisions on loan finance charge for

consumer loans (Section 3-201).

(2) "Supervised lender" means a person authorized to make or

take assignments of supervised loans.
Okla. Stat. tit. 14A, § 14A-4-201 — OK Code / Title 14A / Section 14A-4-201
Term of insurance
Status: in_force

(1) Consumer credit insurance provided by a creditor may be

subject to the furnishing of evidence of insurability satisfactory

to the insurer. Whether or not such evidence is required, the term

of the insurance shall commence no later than when the debtor

becomes obligated to the creditor or when the debtor applies for the

insurance, whichever is later, except as follows:

(a) if any required evidence of insurability is not

furnished until more than thirty (30) days after the

term would otherwise commence, the term may commence

on the date when the insurer determines the evidence

to be satisfactory; or

(b) if the creditor provides insurance not previously

provided covering debts previously created, the term

may commence on the effective date of the policy.

(2) The originally scheduled term of the insurance shall extend

at least until the due date of the last scheduled payment of the

debt except as follows:

(a) if the insurance relates to a revolving charge account

or revolving loan account, the term need extend only

until the payment of the debt under the account and

may be sooner terminated after at least thirty (30)

days' notice to the debtor; or

(b) if the debtor is advised in writing that the insurance

will be written for a specified shorter time, the term

need extend only until the end of the specified time.

(3) The term of the insurance shall not extend more than

fifteen (15) days after the originally scheduled due date of the

last scheduled payment of the debt unless it is extended without

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 185

additional cost to the debtor or as an incident to a deferral,

refinancing, or consolidation.
Okla. Stat. tit. 14A, § 14A-2-102 — OK Code / Title 14A / Section 14A-2-102
Scope
Status: in_force

This article applies to consumer credit sales, including home

solicitation sales, and consumer leases.
Okla. Stat. tit. 14A, § 14A-3-203.1 — OK Code / Title 14A / Section 14A-3-203.1
Credit to finance medical goods and services -
Status: in_force

Contract for delinquency charges.

With respect to a revolving loan account or other similar

arrangement which may be used by the debtor exclusively for the

purpose of obtaining credit to finance medical goods and services,

the parties may contract for a delinquency charge on any installment

not paid in full within ten (10) days after its scheduled due date

in an amount, not exceeding the greater of: Five Dollars ($5.00) or

five percent (5%) of the unpaid amount of the installment. For

purposes of this section, the term "installment" shall mean, with

respect to a revolving loan account, the minimum periodic payment

required to be made by the debtor under the terms of the account

agreement between the lender and the debtor.
Okla. Stat. tit. 14A, § 14A-4-105 — OK Code / Title 14A / Section 14A-4-105
Conditions applying to insurance to be provided by
Status: in_force

creditor.

If a creditor agrees with a debtor to provide insurance

(1) the insurance shall be evidenced by an individual policy or

certificate of insurance delivered to the debtor, or sent to him at

his address as stated by him, within thirty (30) days after the term

of the insurance commences under the agreement between the creditor

and debtor; or

(2) the creditor shall promptly notify the debtor of any

failure or delay in providing the insurance.
Okla. Stat. tit. 14A, § 14A-3-506 — OK Code / Title 14A / Section 14A-3-506
Examination of licensees - Access to records -
Status: in_force

Investigations.

(1) At such times as the Administrator of Consumer Credit shall

deem necessary, the Administrator or a duly authorized

representative shall make an examination of the place or places of

business of each licensee and shall inquire into and examine the

loans, transactions, books, accounts, papers, correspondence, and

records of such licensee insofar as they pertain to the business

regulated by this title. In the course of such examination, the

Administrator or the duly authorized representative shall have free

access to the office, place of business, files, safes and vaults of

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 151

such licensee, and shall have the right to make copies of such

books, accounts, papers, correspondence and records. The

Administrator or the duly authorized representative may, during the

course of such examination, administer oaths and examine any person

under oath upon any subject pertinent to any matter about which the

Administrator is authorized or required by this title to consider,

investigate, or secure information. Any licensee who shall fail or

refuse to let the Administrator or the duly authorized

representative examine or make copies of such books, or other

relevant documents shall thereby be deemed in violation of this

title and such failure or refusal shall constitute grounds for the

administrative action against such license. The information

obtained in the course of such examination shall be confidential.

Each licensee shall pay to the Administrator an examination fee.

The Administrator may require payment of an examination fee either

at the time of initial application, renewal of the license, or after

an examination has been conducted.

(2) For the purpose of discovering violations of this title or

of securing information required hereunder, the Administrator or a

duly authorized representative may investigate the books, accounts,

papers, correspondence and records of any licensee or other person

whom the Administrator has reasonable cause to believe is violating

any provision of this title whether or not such person shall claim

to be within the authority or scope of this part. For the purpose

of this part, any person who advertises for, solicits or otherwise

communicates a willingness to make loans on which the loan finance

charge exceeds ten percent (10%) per year as determined according to

the provisions on loan finance charges for consumer loans, Section

3-201 of this title, shall be presumed to be engaged in the business

of making supervised loans.

(3) Each licensee shall keep or make available in this state

such books and records relating to loans made under this title as

are necessary to enable the Administrator to determine whether the

licensee is complying with this title. Such books and records shall

be consistent with accepted accounting practices.

(4) Each licensee shall preserve or make available such books

and records in this state relating to each of its loans for four (4)

years from the date of the loan, or two (2) years from the date of

the final entry made thereon, whichever is later. Each licensee's

system of records shall be accepted if it discloses such information

as may be reasonably required under this title. All obligations

signed by borrowers shall be kept at an office in this state

designated by the licensee, except when transferred under an

agreement which gives the Administrator access thereto.

(5) Each licensee shall, annually on or before the first day of

May, file a report with the Administrator setting forth such

relevant information as the Administrator may reasonably require

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 152

concerning the business and operations during the preceding calendar

year for each licensed place of business conducted by such licensee

within the state. Such report shall be made under oath and shall be

in the form prescribed by the Administrator, who shall make and

publish annually a consolidated analysis and recapitulation of such

reports, but the individual reports shall be held confidential.

There shall be a late fee for any annual report received after May

1.

(6) The Administrator may promulgate rules necessary for the

enforcement of this title and consistent with all of its provisions.

Before adopting a rule the Administrator shall give every licensee

at least twenty (20) days' written notice of a public hearing,

stating the time and place thereof and the terms or substance of the

proposed rule. At the hearing, any licensee or other person may be

heard and introduce evidence, data, or arguments or place the same

on file. The Administrator shall adopt and promulgate every rule in

written form stating the date of adoption and the date of

promulgation. A copy of every rule shall be mailed to each licensee

prior to the effective date.

(7) On application of any person and payment of the costs

therefor, the Administrator shall furnish under the Administrator’s

seal and signed by the Administrator or an assistant, a certificate

of good standing or a certified copy of any license, rule or order.

(8) Any transcript of any hearing held by the Administrator or

the independent hearing examiner under this title shall be a public

record and open to inspection at all reasonable times.

(9) Upon failure without lawful excuse to obey a subpoena or to

give testimony and upon reasonable notice to all persons affected

thereby, the Administrator or a representative may apply to a court

for an order compelling compliance, as provided by the

Administrative Procedures Act.

(10) There shall be assessed, in addition to any other

penalties provided for by law, an administrative service fee for

each check returned to the Department of Consumer Credit or any

agent thereof by reason of the refusal of the bank upon which such

check was drawn to honor the same. However, the fee provided in

this subsection shall not be assessed for any check returned because

of "insufficient funds" unless the check has been presented to the

bank two times and payment declined by the bank.
Okla. Stat. tit. 14A, § 14A-1-108 — OK Code / Title 14A / Section 14A-1-108
Effect of act on powers of organizations
Status: in_force

(1) This act prescribes maximum charges for all creditors,

except lessors and those excluded (Section 1-202), extending

consumer credit including consumer credit sales (Section 2-104),

consumer loans (Section 3-104), and consumer related sales and loans

(Section 2-602 and Section 3-602), and displaces existing

limitations on the powers of those creditors based on maximum

charges.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 9

(2) With respect to sellers of goods or services, small loan

companies, licensed lenders, consumer and sales finance companies,

industrial banks and loan companies, and commercial banks and trust

companies, this act displaces existing limitations on their powers

based solely on amount or duration of credit.

(3) Except as provided in subsection (1) and in the article on

effective date and repealer (Article 9), this act does not displace

limitations on powers of credit unions, savings banks, savings and

loan associations, or other thrift institutions whether organized

for the profit of shareholders or as mutual organization.

(4) Except as provided in subsections (1) and (2) and in the

article on effective date and repealer (Article 9), this act does

not displace

(a) limitations on powers of supervised financial

organizations (subsection (17) of Section 1-301) with

respect to the amount of a loan to a single borrower,

the ratio of a loan to the value of collateral, the

duration of a loan secured by an interest in land, or

other similar restrictions designed to protect

deposits, or

(b) limitations on powers an organization is authorized to

exercise under the laws of this state or the United

States.
Okla. Stat. tit. 14A, § 14A-6-110 — OK Code / Title 14A / Section 14A-6-110
Injunctions against violations of act
Status: in_force

The Administrator may bring a civil action to restrain a person

from violating this act and for other appropriate relief.
Okla. Stat. tit. 14A, § 14A-2-204 — OK Code / Title 14A / Section 14A-2-204
Deferral charges
Status: in_force

(1) With respect to any consumer credit sale, refinancing or

consolidation, the parties before or after default may agree in

writing to a deferral of all or part of one or more unpaid

installments.

(2) With respect to a consumer credit sale, refinancing, or

consolidation, which is not precomputed, at the time of deferral the

buyer may agree in writing to a deferral charge that the seller may

make and collect.

(3) With respect to a precomputed consumer credit sale,

refinancing, or consolidation, the seller may make and collect a

charge not exceeding the rate previously stated to the buyer

pursuant to the provisions on disclosure (Part 3) applied to the

amount or amounts deferred for the period of deferral calculated

without regard to differences in lengths of months, but

proportionally for a part of a month, counting each day as one-

thirtieth (1/30) of a month.

(4) A deferral charge may be collected at the time it is

assessed or at any time thereafter.

(5) The seller may, in addition to the deferral charge, make

appropriate additional charges (Section 2-202). The amount of these

additional charges which is not paid in cash may be added to the

amount financed. With respect to a precomputed consumer credit

sale, refinancing, or consolidation, these additional charges not

paid in cash may be considered part of the amount deferred for the

purpose of calculating the deferral charge.

(6) The parties may agree in writing at the time of a

precomputed consumer credit sale, refinancing, or consolidation that

if an installment is not paid within ten (10) days after its due

date, the seller may unilaterally grant a deferral and make charges

as provided in subsection (3) of this section.

(7) No deferral charge may be made for a period after the date

that the seller elects to accelerate the maturity of the agreement,

except in circumstances where the seller waives the acceleration and

the parties then mutually agree to a deferral.

(8) With respect to a precomputed consumer credit sale,

refinancing, or consolidation, a delinquency charge made by the

seller on an installment may not be retained if a deferral charge is

made pursuant to this section with respect to the period of

delinquency.
Okla. Stat. tit. 14, § 14-80.30 — OK Code / Title 14 / Section 14-80.30
Short title
Status: in_force

This act shall be known and may be cited as the “State Senate

Redistricting Act of 2001”.
Okla. Stat. tit. 14A, § 14A-4-302 — OK Code / Title 14A / Section 14A-4-302
Insurance on creditor's interest only
Status: in_force

If a creditor contracts for or receives a separate charge for

insurance against loss of or damage to property, the risk of loss or

damage not willfully caused by the debtor is on the debtor only to

the extent of any deficiency in the effective coverage of the

insurance, even though the insurance covers only the interest of the

creditor.
Okla. Stat. tit. 14A, § 14A-1-106 — OK Code / Title 14A / Section 14A-1-106
Change in dollar amount used in certain sections
Status: in_force

(1) From time to time the dollar amounts in paragraphs (a), (b)

and (c) of subsection (2) of Section 2-201, paragraph (a) of

subsection (1) of Section 2-203, subsection (1) of Section 2-407,

Section 2-413, paragraph (b) of subsection (1) of Section 3-203,

Section 3-203.1, subsection (4) of Section 3-508A, subsection (1) of

Section 3-510, paragraphs (a) and (b) of Section 3-511, Section 3-

514, and subsections (2) and (3) of Section 5-103 of the Uniform

Consumer Credit Code, are hereby designated as subject to change and

shall change, as provided in this section and the rules of the

Administrator, according to and to the extent of changes in the

Consumer Price Index for Urban Wage Earners and Clerical Workers:

U.S. City Average, All Items, 1967=100, compiled by the Bureau of

Labor Statistics, United States Department of Labor, and hereafter

referred to as the Index. The Index for December of the year 1973

shall be deemed the Reference Base Index. The dollar amounts

established by rule of the Administrator in paragraph (e) of

subsection (1) of Section 2-104, paragraph (b) of subsection (1) of

Section 2-106 and paragraph (d) of Section 3-104 of the Uniform

Consumer Credit Code in effect on January 1, 1982, shall remain in

full force and effect.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 7

(2) From time to time, the dollar amounts in subsection (1) of

Section 3-508B of the Uniform Consumer Credit Code are hereby

designated as subject to change and shall change, as provided in

this section and the rules of the Administrator, according to and to

the extent of changes in the Consumer Price Index for Urban Wage

Earners and Clerical Workers: U.S. City Average, All Items, 1982-

84=100, compiled by the Bureau of Labor Statistics, United States

Department of Labor, and hereafter referred to as the Index. The

Index for December 2020 shall be deemed the Reference Base Index.

(3) The designated dollar amounts referenced in subsection (1)

of this section shall change on July 1 of each year if the

percentage of change, calculated to the nearest whole percentage

point, between the Index at the end of the preceding year and the

Reference Base Index is ten percent (10%) or more, but:

(a) the portion of the percentage change in the Index in

excess of a multiple of ten percent (10%) shall be

disregarded and the dollar amounts shall change only

in multiples of ten percent (10%) of the amounts

appearing in the Uniform Consumer Credit Code; and

(b) the dollar amounts shall not change if the amounts

required by this section are those currently in effect

pursuant to the Uniform Consumer Credit Code as a

result of earlier application of this section.

(4) The designated dollar amounts referenced in subsection (2)

of this section shall change on July 1 of each year if the

percentage of change, calculated to the nearest whole percentage

point, between the Index at the end of the preceding year and the

Reference Base Index is one percent (1%) or more, but:

(a) the portion of the percentage change shall change only

in multiples of one percent (1%); and

(b) the dollar amounts shall not change if the amounts

required by this section are those currently in effect

pursuant to the Uniform Consumer Credit Code as a

result of earlier application of this section.

(5) If the Index is revised, the percentage of change pursuant

to this section shall be calculated on the basis of the revised

Index. If a revision of the Index changes the Reference Base Index,

a revised Reference Base Index shall be determined by multiplying

the Reference Base Index then applicable by the rebasing factor

furnished by the United States Bureau of Labor Statistics. If the

Index is superseded, the Index referred to in this section shall be

the one represented by the United States Bureau of Labor Statistics

as reflecting most accurately changes in the purchasing power of the

dollar for consumers.

(6) The rules of the Administrator shall provide for

appropriate notice to licensees and other interested persons of any

changes in the dollar amounts which result from changes required by

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 8

this section no later than April 30 of each year. Each dollar

amount subject to change as provided in this section shall be listed

in an appendix to the rules of the Administrator and shall be

published in the Oklahoma Administrative Code. Changes to the

appendix shall be submitted to the Secretary of State prior to the

annual deadline for submitting material for publication in the Code.

Changes in the appendix shall not be construed as rulemaking.

(7) A person does not violate the Uniform Consumer Credit Code

with respect to a transaction otherwise complying with the Uniform

Consumer Credit Code if he or she relies on dollar amounts either

determined according to this section or appearing in the last rule

of the Administrator announcing the then current dollar amounts.
Okla. Stat. tit. 14A, § 14A-4-108 — OK Code / Title 14A / Section 14A-4-108
Refund or credit required - Amount
Status: in_force

(1) Upon prepayment in full of a consumer credit sale or

consumer loan by the proceeds of consumer credit insurance, the

debtor or his estate is entitled to a refund of any portion of a

separate charge for insurance which by reason of prepayment is

retained by the creditor or returned to him by the insurer unless

the charge was computed from time to time on the basis of the

balances of the debtor's account. Payment by the insurer of the

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 181

coverage in force at the time the death claim arises includes

premiums charged for the coverage.

(2) This article does not require a creditor to grant a refund

or credit to the debtor if all refunds and credits due to the debtor

under this article amount to less than One Dollar ($1.00), and

except as provided in subsection (1) does not require the creditor

to account to the debtor for any portion of a separate charge for

insurance because

(a) the insurance is terminated by performance of the

insurer's obligation;

(b) the creditor pays or accounts for premiums to the

insurer in amounts and at times determined by the

agreement between them;

(c) the creditor receives directly or indirectly under any

policy of insurance a gain or advantage not prohibited

by law; or

(d) the debtor has voluntarily signed an authorization to

continue his coverage in force.

(3) Except as provided in subsection (2), the creditor shall

promptly make or cause to be made an appropriate refund or credit to

the debtor with respect to any separate charge made to him for

insurance if

(a) the insurance is not provided or is provided for a

shorter term than that for which the charge to the

debtor for insurance was computed; or

(b) the insurance terminates prior to the end of the term

for which it was written because of prepayment in full

or otherwise.

(4) A refund or credit required by subsection (3) is

appropriate as to amount if it is computed according to a method

prescribed or approved by the Insurance Department or a formula

filed by the insurer with the Insurance Department at least thirty

(30) days before the debtor's right to a refund or credit becomes

determinable, unless the method or formula is employed after the

Insurance Department notifies the insurer that it is disapproved.
Okla. Stat. tit. 14A, § 14A-2-103 — OK Code / Title 14A / Section 14A-2-103
Definitions in article
Status: in_force

The following definitions apply to this act and appear in this

article as follows:

"Amount financed" - Section 2-111

"Annual percentage rate" - Section 2-304(2)

"Cash price" - Section 2-110

"Consumer credit sale" - Section 2-104

"Consumer lease" - Section 2-106

"Corresponding nominal annual percentage rate" - Section 2-

304(3) "Credit service charge" - Section 2-109

"Goods" - Section 2-105(1)

"Home solicitation sale" - Section 2-501

"Merchandise certificate" - Section 2-105(2)

"Precomputed" - Section 2-105(7)

"Revolving charge account" - Section 2-108

"Sale of goods" - Section 2-105(4)

"Sale of an interest in land" - Section 2-105(6)

"Sale of services" - Section 2-105(5)

"Seller" - Section 2-107

"Services" - Section 2-105(3)
Okla. Stat. tit. 14A, § 14A-2-409 — OK Code / Title 14A / Section 14A-2-409
Debt secured by cross-collateral
Status: in_force

(1) If debts arising from two or more consumer credit sales,

other than sales pursuant to a revolving charge account, are secured

by cross-collateral (Section 2-408) or consolidated into one debt

payable on a single schedule of payments, and the debt is secured by

security interests taken with respect to one or more of the sales,

payments received by the seller after the taking of the cross-

collateral or the consolidation are deemed, for the purpose of

determining the amount of the debt secured by the various security

interests, to have been first applied to the payment of the debts

arising from the sales first made. To the extent debts are paid

according to this section, security interests in items of property

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 72

terminate as the debts originally incurred with respect to each item

is paid.

(2) Payments received by the seller upon a revolving charge

account are deemed, for the purpose of determining the amount of the

debt secured by the various security interests, to have been applied

first to the payment of credit service charges in the order of their

entry to the account and then to the payment of debts in the order

in which the entries to the account showing the debts were made.

(3) If the debts consolidated arose from two or more sales made

on the same day, payments received by the seller are deemed, for the

purpose of determining the amount of the debt secured by the various

security interests, to have been applied first to the payment of the

smallest debt.
Okla. Stat. tit. 14A, § 14A-1-111 — OK Code / Title 14A / Section 14A-1-111
Location of amendments
Status: in_force

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 10

Amendments to this title for purposes of complying with the

Federal Consumer Credit Protection Act shall be located in Article 3

of this title.
Okla. Stat. tit. 14A, § 14A-3-811 — OK Code / Title 14A / Section 14A-3-811
Issuance of license
Status: in_force

ISSUANCE OF LICENSE.

The Administrator may not issue a license under this act unless

the Administrator, following an investigation, determines that the

character and fitness of the applicant or of the applicant funder's

officers and directors warrant belief that the business will be

operated honestly and fairly in accordance with this act.
Okla. Stat. tit. 14, § 14-108 — OK Code / Title 14 / Section 14-108
Qualifications of candidates
Status: in_force

To file as a candidate for the House of Representatives in any

House district, a person must have been a registered voter in such

district and a resident residing within such district for the six-

month period immediately preceding the first day of the filing

period prescribed by law. Except, however, to file as a candidate

Oklahoma Statutes - Title 14. Congressional and Legislative Districts Page 478

for the House of Representatives in any House district in 2022, a

person must have been a registered voter and a resident residing in

such district no later than December 31, 2021. Any member of the

House of Representatives whose district has been changed by

redistricting may change residence with the intent of becoming

qualified to seek reelection in such district in the first election

applicable to such district following redistricting without thereby

being deemed to have vacated his or her existing office.
Okla. Stat. tit. 14A, § 14A-3-512 — OK Code / Title 14A / Section 14A-3-512
Conduct of business other than making loans
Status: in_force

A. 1. Except as provided in subsection B of this section, a

licensee who is authorized to make supervised loans under this Part

shall not engage in the business of making sales of goods at any

location where supervised loans are made; provided, however, a

licensee may make sales of goods through vending machines at the

location where supervised loans are made and may sell other goods

approved by the Administrator of the Department of Consumer Credit

which are paid for by a consumer in cash and not with the proceeds

of a loan by the licensee also making the sale. The word "location"

as used in this section means the entire space in which supervised

loans are made and said location must be separated from any location

in which merchandise is sold or displayed by walls which may be

broken only by a passageway to which the public is not admitted.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 160

2. A sale of goods or services pursuant to a lender credit card

or similar arrangement made at a place of business other than that

of a licensee does not violate this section.

3. An occasional sale of property used in the ordinary course

of the business of the licensee does not violate this section.

4. A sale of items repossessed by the licensee does not violate

this section.

5. No licensee shall conduct the business of making loans under

the Consumer Credit Code under any name, or at any place of business

within this state, other than that stated in the license.

B. A licensee who is authorized to make supervised loans under

this Part may sell goods at any location where supervised loans are

made upon meeting the following conditions:

1. The Administrator of the Department of Consumer Credit shall

be notified in writing of the type and nature of goods to be sold at

the location of the licensee;

2. Any sale of goods authorized pursuant to this subsection

shall be purchased through a loan with the licensee; and

3. All goods sold by the licensee pursuant to this subsection

shall be restricted to purchase loans made only at A-lender rates

and terms.

The Administrator shall promulgate rules to ensure lenders

comply with the requirements of this subsection.
Okla. Stat. tit. 14A, § 14A-3-208 — OK Code / Title 14A / Section 14A-3-208
Advances to perform covenants of debtor
Status: in_force

(1) If the agreement with respect to a consumer loan,

refinancing, or consolidation contains covenants by the debtor to

perform certain duties pertaining to insuring or preserving

collateral and if the lender pursuant to the agreement pays for

performance of the duties on behalf of the debtor the lender may add

the amounts paid to the debt. In the case of covenants as to duties

other than the payment of taxes and insuring the collateral, the

lender shall give written notice to the debtor setting forth the

duties to be performed and a statement of the amount to be charged

for the performance of said duties. Said written notice shall be by

certified mail to the last-known address of the debtor, at least

thirty (30) days prior to the commencement of the performance of the

specified duties, unless otherwise agreed in writing by the lender

and debtor. The debtor, prior to commencement of performance, shall

have the option to make alternative arrangements for compliance with

the covenants. Within a reasonable time after advancing any sums,

he shall state to the debtor in writing the amount of the sums

advanced, any charges with respect to this amount, and any revised

payment schedule, and, if the duties of the debtor performed by the

lender pertain to insurance, a brief description of the insurance

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 92

paid for by the lender including the type and amount of coverages.

No further information need be given.

(2) A loan finance charge may be made for sums advanced

pursuant to subsection (1) at a rate not exceeding the rate stated

to the debtor pursuant to the provisions on disclosure (Part 3) with

respect to the loan, refinancing, or consolidation, except that with

respect to a revolving loan account the amount of the advance may be

added to the unpaid balance of the debt and the lender may make a

loan finance charge not exceeding that permitted by the provisions

on loan finance charge for consumer loans (Section 3-201) or for

supervised loans (Section 3-508A), whichever is appropriate.
Okla. Stat. tit. 14A, § 14A-3-303 — OK Code / Title 14A / Section 14A-3-303
Overstatement
Status: in_force

The disclosure of an amount or percentage which is greater than

the amount or percentage required to be disclosed under this part

does not in itself constitute a violation of this part if the

overstatement is not materially misleading and is not used to avoid

meaningful disclosure.
Okla. Stat. tit. 14A, § 14A-2-501 — OK Code / Title 14A / Section 14A-2-501
Definition: "Home solicitation sale"
Status: in_force

"Home solicitation sale" means a consumer credit sale of goods,

other than farm equipment, or services in which the seller or a

person acting for him engages in a personal solicitation of the sale

at a residence of the buyer and the buyer's agreement or offer to

purchase is there given to the seller or a person acting for him.

It does not include a sale made pursuant to a preexisting revolving

charge account, or a sale made pursuant to prior negotiations

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 75

between the parties at a business establishment at a fixed location

where goods or services are offered or exhibited for sale.
Okla. Stat. tit. 14A, § 14A-3-510 — OK Code / Title 14A / Section 14A-3-510
Restrictions on interest in land as security
Status: in_force

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 159

(1) With respect to a supervised loan in which the principal is

One Thousand Dollars ($1,000.00) or less, and the loan finance

charge calculated according to the actuarial method exceeds twenty-

one percent (21%) per year on the unpaid balances of principal, a

lender may not contract for an interest in land as security. A

security interest taken in violation of this section is void.

(2) This section shall not apply with respect to an open-end

credit plan under which a lender makes advances and takes or retains

a security interest in the principal dwelling of the debtor where

the advances are made in accordance with an established credit limit

of at least One Thousand Dollars ($1,000.00) for the plan.
Okla. Stat. tit. 14A, § 14A-2-209 — OK Code / Title 14A / Section 14A-2-209
Right to prepay
Status: in_force

Subject to the provisions on rebate upon prepayment (Section 2-

210), the buyer may prepay in full the unpaid balance of a consumer

credit sale, refinancing, or consolidation at any time without

penalty.
Okla. Stat. tit. 14A, § 14A-3-702 — OK Code / Title 14A / Section 14A-3-702
Definitions
Status: in_force

(1) The term "covered educational institution" means any

educational institution that offers a postsecondary educational

degree, certificate, or program of study (including any institution

of higher education) and includes an agent, officer, or employee of

the educational institution.

(2) (a) The term "gift" means any gratuity, favor, discount,

entertainment, hospitality, loan, or other item having

more than a de minimis monetary value, including

services, transportation, lodging, or meals, whether

provided in kind, by purchase of a ticket, payment in

advance, or reimbursement after the expense has been

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 162

incurred. Gift includes an item described in this

paragraph provided to a family member of an officer,

employee, or agent of a covered educational

institution, or to any other individual based on that

individual's relationship with the officer, employee,

or agent, if the item is provided with the knowledge

and acquiescence of the officer, employee, or agent;

and the officer, employee, or agent has reason to

believe the item was provided because of the official

position of the officer, employee, or agent.

(b) Gift does not include:

(i) standard informational material related to a

loan, default aversion, default prevention, or

financial literacy;

(ii) food, refreshments, training, or informational

material furnished to an officer, employee, or

agent of a covered educational institution, as an

integral part of a training session or through

participation in an advisory council that is

designed to improve the service of the private

educational lender to the covered educational

institution, if such training or participation

contributes to the professional development of

the officer, employee, or agent of the covered

educational institution;

(iii) favorable terms, conditions, and borrower on a

private education loan provided to a student

employed by the covered educational institution,

if such terms, conditions, or benefits are not

provided because of the student's employment with

the covered educational institution;

(iv) the provision of financial literacy counseling or

services, including counseling or services

provided in coordination with a covered

educational institution, to the extent that such

counseling or services are not undertaken to

secure:

(aa) applications for private education loans or

private education loan volume;

(bb) applications or loan volume for any loan

made, insured, or guaranteed under Title IV

of the Higher Education Act of 1965 (20

U.S.C. 1070 et seq.);

(cc) the purchase of a product or service of a

specific private educational lender;

(dd) philanthropic contributions to a covered

educational institution from a private

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 163

educational lender that are unrelated to

private education loans and are not made in

exchange for any advantage related to

private education loans; or

(ee) state education grants, scholarships, or

financial aid funds administered by or on

behalf of a state.

(3) The term "institution of higher education" has the same

meaning as in 20 U.S.C. 1002.

(4) The term "postsecondary educational expenses" means any of

the expenses that are included as part of the cost of attendance of

a student, as defined in 20 U.S.C. 1087.

(5) The term "preferred lender arrangement" has the same

meaning as in Section 151 of the Higher Education Act of 1965.

(6) The term "private educational lender" means:

(a) a financial institution, as defined in 12 U.S.C. 1813

that solicits, makes, or extends private education

loans;

(b) a Federal credit union, as defined in 12 U.S.C. 1752

that solicits, makes, or extends private education

loans; and

(c) any other person engaged in the business of

soliciting, making, or extending private education

loans.

(7) The term "private education loan" means a loan provided by

a private educational lender that:

(a) is not made, insured, or guaranteed under 20 U.S.C.

1070 et seq.;

(b) is issued expressly for postsecondary educational

expenses to a borrower, regardless of whether the loan

is provided through the educational institution that

the subject student attends or directly to the

borrower from the private educational lender; and

(c) does not include an extension of credit under an open-

end consumer credit plan, a reverse mortgage

transaction, a residential mortgage transaction, or

any other loan that is secured by real property or a

dwelling.

(8) The term "revenue sharing" means an arrangement between a

covered educational institution and a private educational lender

under which:

(a) a private educational lender provides or issues

private education loans with respect to students

attending the covered educational institution;

(b) the covered educational institution recommends to

students or others the private educational lender or

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 164

the private education loans of the private educational

lender; and

(c) the private educational lender pays a fee or provides

other material benefits, including profit sharing, to

the covered educational institution in connection with

the private education loans provided to students

attending the covered educational institution or a

borrower acting on behalf of a student.
Okla. Stat. tit. 14A, § 14A-3-203.2 — OK Code / Title 14A / Section 14A-3-203.2
Revolving loan credit card accounts - Additional
Status: in_force

charges.

With respect to a consumer revolving loan account accessed by a

lender credit card or similar arrangement, the lender may contract

for and receive the following charges, in addition to those set

forth in Section 3-202 of this title:

(a) A delinquency charge with respect to any payment due

in connection with a billing cycle under the account,

to be payable if the payment is not made within ten

(10) days after its due date. No more than one

delinquency charge may be imposed in each billing

cycle and it may be collected at any time after it

accrues either independently of any payment made on

the account or from a payment made if the lender

discloses delinquency charges to the debtor as they

are imposed and informs the debtor of the full amount

that the debtor must pay for the applicable period in

order to remain current on the account;

(b) An over-limit charge for each time the debtor exceeds

the designated credit limit on the account; and

(c) A returned item charge for each return by a bank or

other depository institution of a dishonored check,

negotiable order of withdrawal or share draft issued

by the debtor in connection with the account.