Okla. Stat. tit. 14A, § 14A-3-310 — OK Code / Title 14A / Section 14A-3-310
Estimates of disclosures
Status: in_force

(1) In the case of any extension of credit that is secured by

the dwelling of a consumer, which is also subject to the Real Estate

Settlement Procedures Act, 12 U.S.C. Sections 2601 et seq., good-

faith estimates of the disclosures required by this part shall be

made in accordance with the rules of the Administrator of Consumer

Credit and shall be delivered or placed in the mail not later than

three (3) business days after the creditor receives the consumer’s

written application, which shall be at least seven (7) business days

before consummation of the transaction.

(2) In the case of an extension of credit that is secured by

the dwelling of a consumer, the disclosures provided for in

subsection (1) of this section shall be in addition to the other

disclosures required by this part and shall:

(a) state in conspicuous type size and format, the

following: “You are not required to complete this

agreement merely because you have received these

disclosures or signed a loan application”, and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 135

(b) be provided in the form of final disclosures at the

time of consummation of the transaction, in the form

and manner prescribed by this section.

(3) In the case of an extension of credit that is secured by

the dwelling of a consumer, under which the annual rate of interest

is variable, or with respect to which the regular payments may

otherwise be variable, in addition to the other disclosures required

by this part, the disclosures provided under this section shall do

the following:

(a) label the payment schedule as follows: “Payment

Schedule: Payments will vary based on Interest Rate

Changes”, and

(b) state in conspicuous type size and format examples of

adjustments to the regular required payment on the

extension of credit based on the change in interest

rates specified by the contract for such extension of

credit. Among the examples required to be provided is

an example that reflects the maximum payment amount of

the regular required payments on the extension of

credit, based on the maximum interest rate allowed

under the contract, in accordance with rules of the

Administrator.

(4) In any case in which the disclosure statement under

subsection (1) of this section contains an annual percentage rate of

interest that is no longer accurate, the creditor shall furnish an

additional corrected statement to the consumer, not later than three

(3) business days before the date of consummation of the

transaction.

(5) The consumer shall receive the required disclosures before

paying any fee to the creditor or other person in connection with

the consumer’s application for an extension of credit that is

secured by the dwelling of a consumer. If the disclosures are

mailed to the consumer, the consumer is considered to have received

them three (3) business days after they are mailed. A creditor or

other person may impose a fee for obtaining the consumer’s credit

report before the consumer has received the disclosures under this

section, provided the fee is bona fide and reasonable in amount.

(6) To expedite the consummation of a transaction, if the

consumer determines that the extension of credit is needed to meet a

bona fide personal financial emergency, the consumer may waive or

modify the timing requirements for disclosures under subsection (1)

of this section, provided that:

(a) the term “bona fide personal emergency” may be further

defined by rules of the Administrator,

(b) the consumer provides to the creditor a dated, written

statement describing the emergency and specifically

waiving or modifying those timing requirements, which

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 136

statement shall bear the signature of all consumers

entitled to receive disclosures required by this

section, and

(c) the creditor provides to the consumers at or before

the time of such waiver or modification, the final

disclosures required by this part.

(7) The requirements set forth in subsections (1) through (5)

of this section shall not apply in the case of an extension of

credit relating to a plan described in 11 U.S.C. Section 101(53D).
Okla. Stat. tit. 14A, § 14A-2-202.1 — OK Code / Title 14A / Section 14A-2-202.1
Return of dishonored check, negotiable order of
Status: in_force

withdrawal or share draft - fee.

The seller may charge and collect from the buyer 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

buyer in connection with a consumer credit sale. 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

credit service charges, fees or additional charges which the seller

may charge and collect from the buyer under this Code.
Okla. Stat. tit. 14A, § 14A-3-302.1 — OK Code / Title 14A / Section 14A-3-302.1
Disclosure of fee for dishonored check, negotiable
Status: in_force

order of withdrawal or share draft.

The seller or lender shall disclose to the buyer or debtor the

fact that such a fee will be charged and collected for dishonored

checks, negotiable orders of withdrawal or share drafts issued by

the buyer or debtor.
Okla. Stat. tit. 14A, § 14A-3-309.4 — OK Code / Title 14A / Section 14A-3-309.4
Additional disclosures for subsection 10 mortgages
Status: in_force

(1) In addition to other disclosures required under this title,

for each subsection 10 mortgage referred to in subsection (10) of

Section 1-301 of this title, the creditor shall provide the

following disclosures in conspicuous type size:

(a) "You are not required to complete this agreement

merely because you have received these disclosures or

have signed a loan application";

(b) "If you obtain this loan, the lender will have a

mortgage on your home. You could lose your home, and

any money you have put into it, if you do not meet

your obligations under the loan”;

(c) in the case of a credit transaction with a fixed rate

of interest, the annual percentage rate and the amount

of the regular monthly payment;

(d) in the case of any other credit transaction, the

annual percentage rate of the loan, the amount of the

regular monthly payment, the amount of any balloon

payment, a statement that the interest rate and

monthly payment may increase, and the amount of the

maximum monthly payment, based on the maximum interest

rate allowed pursuant to Section 1204 of the

Competitive Equality Banking Act of 1987. The regular

payment disclosed under this paragraph shall be

treated as accurate if it is based on an amount

borrowed that is deemed accurate and is disclosed

under subparagraph (e) of this section;

(e) for a mortgage refinancing, the total amount the

consumer will borrow, as reflected by the face amount

of the note; and where the amount borrowed includes

premiums or other charges for optional credit

insurance or debt-cancellation coverage, that fact

shall be stated, grouped together with the disclosure

of the amount borrowed. The disclosure of the amount

borrowed shall be treated as accurate if it is not

more than One Hundred Dollars ($100.00) above or below

the amount required to be disclosed; and

(f) “mortgage loan rates, closing costs and fees vary

based on many factors. These include your credit

history and financial circumstances, your employment

history, the loan-to-value that is represented by your

home and the amount of the loan you have requested,

and the type of property that will secure your loan.

The loan rate and fees could also vary based on which

creditor or broker you select. As a borrower, you

should shop around and compare loan rates and fees.

You should also consider talking to a qualified,

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 130

independent credit counselor or other experienced

financial advisor regarding the rate, fees and

provisions of this mortgage loan before you proceed.

A list of qualified, independent counselors is

available by calling the Oklahoma Department of

Consumer Credit or the Oklahoma State Banking

Department. Remember: property taxes and homeowner’s

insurance are your responsibility, and not all

creditors provide escrow services that enable them to

make those payments on your behalf. You should ask

your creditor about these services. Your payments on

existing debts contribute to your credit ratings. You

should not accept any advice to ignore your regular

payments to your existing creditors."

(2) (a) The disclosures required by this section shall be

given not less than three (3) business days prior to

consummation of the transaction.

(b) (i) After providing the disclosures required by this

section, a creditor may not change the terms of

the extension of credit if such changes make the

disclosures inaccurate, unless new disclosures

are provided that meet the requirements of this

section.

(ii) A creditor may provide new disclosures pursuant

to subparagraph (i) of this paragraph by

telephone, if:

(aa) the change is initiated by the consumer; and

(bb) at the consummation of the transaction under

which the credit is extended:

(I) the creditor provides to the consumer

the new disclosures, in writing; and

(II) the creditor and consumer certify in

writing that the new disclosures were

provided by telephone, by not later than

three (3) days prior to the date of

consummation of the transaction.

(c) The Administrator may, if the Administrator finds that

such action is necessary to permit homeowners to meet

bona fide personal financial emergencies, prescribe

regulations authorizing the modification or waiver of

rights created under this subsection, to the extent and

under the circumstances set forth in the regulations.

(3) (a) (i) A subsection 10 mortgage referred to in

subsection (10) of Section 1-301 of this title

may not contain terms under which a consumer must

pay a prepayment penalty for paying all or part

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 131

of the principal before the date on which the

principal is due.

(ii) For purposes of this subsection, any method of

computing a refund of unearned scheduled interest

is a prepayment penalty if it is less favorable

to the consumer than the actuarial method, as

that term is defined in Section 933(d) of the

Housing and Community Development Act of 1992.

(b) Notwithstanding the provisions of subparagraph (a) of

this paragraph, a subsection 10 mortgage referred to

in subsection (10) of Section 1-301 of this title may

contain a prepayment penalty, including terms

calculating a refund by a method that is not

prohibited under Section 933(d) of the Housing and

Community Development Act of 1992 for the transaction

in question if:

(i) at the time the subsection 10 mortgage is

consummated:

(aa) the consumer is not liable for an amount of

monthly indebtedness payments, including the

amount of credit extended or to be extended

under the transaction, that is greater than

fifty percent (50%) of the monthly gross

income of the consumer; and

(bb) the income and expenses of the consumer are

verified by a financial statement signed by

the consumer, by a credit report, and in the

case of employment income, by payment

records or by verification from the employer

of the consumer, which verification may be

in the form of a copy of a pay stub or other

payment record supplied by the consumer;

(ii) the penalty applies only to a prepayment made

with amounts obtained by the consumer by means

other than a refinancing by the creditor under

the subsection 10 mortgage, or an affiliate of

that creditor;

(iii) the penalty does not exceed in the aggregate more

than:

(aa) two percent (2%) of the loan amount prepaid

in the first twelve (12) months after the

subsection 10 mortgage is consummated, or

(bb) one percent (1%) of the loan amount prepaid

in the second twelve (12) months after the

subsection 10 mortgage is consummated;

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 132

(iv) the penalty does not apply after the end of the

two-year period beginning on the date on which

the subsection 10 mortgage is consummated; and

(v) the penalty is not prohibited under other

applicable law.

(c) Notwithstanding the provisions of subparagraph (a) or

(b) of this paragraph, a subsection 10 mortgage

referred to in subsection (10) of Section 1-301 of

this title consummated with funds advanced directly or

indirectly from a Federal Home Loan Bank may contain a

prepayment penalty.

(4) A subsection 10 mortgage referred to in subsection (10) of

Section 1-301 of this title may not provide for an interest rate

applicable after default that is higher than the interest rate that

applies before default. If the date of maturity of a subsection 10

mortgage referred to in subsection (10) of Section 1-301 of this

title is accelerated due to default and the consumer is entitled to

a rebate of interest, that rebate shall be computed by any method

that is not less favorable than the actuarial method, as that term

is defined in Section 933(d) of the Housing and Community

Development Act of 1992.

(5) A subsection 10 mortgage referred to in subsection (10) of

Section 1-301 of this title having a term of less than five (5)

years may not include terms under which the aggregate amount of the

regular periodic payments would not fully amortize the outstanding

principal balance.

(6) A subsection 10 mortgage referred to in subsection (10) of

Section 1-301 of this title may not include terms under which the

outstanding principal balance will increase at any time over the

course of the loan because the regular periodic payments do not

cover the full amount of interest due.

(7) A subsection 10 mortgage referred to in subsection (10) of

Section 1-301 of this title may not include terms under which more

than two periodic payments required under the loan are consolidated

and paid in advance from the loan proceeds provided to the consumer.

(8) A creditor shall not make a payment to a contractor under a

home improvement contract from amounts extended as credit under a

subsection 10 mortgage referred to in subsection (10) of Section 1-

301 of this title, other than:

(a) in the form of an instrument that is payable to the

consumer or jointly to the consumer and the

contractor; or

(b) at the election of the consumer, by a third party

escrow agent in accordance with terms established in a

written agreement signed by the consumer, the

creditor, and the contractor before the date of

payment.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 133

(9) Any subsection 10 mortgage that contains a provision

prohibited by this section shall be deemed a failure to deliver the

material disclosures required under this title, for the purpose of

Section 5-204 of this title.

(10) For purposes of this section, the term "affiliate" has the

same meaning as in Section 2(k) of the Bank Holding Company Act of

1956.

(11) (a) The Administrator may, by regulation or order, exempt

specific subsection 10 mortgage products or categories

of subsection 10 mortgages from any or all of the

prohibitions specified in subsections (3) through (8)

of this section, if the Administrator finds that the

exemption:

(i) is in the interest of the borrowing public; and

(ii) will apply only to products that maintain and

strengthen home ownership and equity protection.

(b) The Administrator, by regulation or order, shall

prohibit acts or practices in connection with:

(i) subsection 10 mortgage loans that the Board of

Governors of the Federal Reserve System has found

to be unfair, deceptive, or designed to evade the

provisions of this section; and

(ii) refinancing of subsection 10 mortgage loans that

the Board of Governors of the Federal Reserve

System has found to be associated with abusive

lending practices, or that are otherwise not in

the interest of the borrower.
Okla. Stat. tit. 14A, § 14A-3-601 — OK Code / Title 14A / Section 14A-3-601
Loans subject to act by agreement of parties
Status: in_force

The parties to a loan other than a consumer loan may agree in

writing signed by the parties that the loan is subject to the

provisions of this act applying to consumer loans. If the parties

so agree, the loan is a consumer loan for the purposes of this act.
Okla. Stat. tit. 14A, § 14A-5-205 — OK Code / Title 14A / Section 14A-5-205
Refunds and penalties as set-off to obligation
Status: in_force

Refunds or penalties to which the debtor is entitled pursuant to

this part may be set off against the debtor's obligation, and may be

raised as a defense to a suit on the obligation without regard to

the time limitations prescribed by this part.
Okla. Stat. tit. 14A, § 14A-4-304 — OK Code / Title 14A / Section 14A-4-304
Cancellation by creditor
Status: in_force

A creditor shall not request cancellation of a policy of

property or liability insurance except after the debtor's default or

in accordance with a written authorization by the debtor, and in

either case the cancellation does not take effect until written

notice is delivered to the debtor or mailed to him at his address as

stated by him. The notice shall state that the policy may be

cancelled in accordance with the terms and conditions of the policy.
Okla. Stat. tit. 14A, § 14A-1-109 — OK Code / Title 14A / Section 14A-1-109
Discrimination in extension of credit on basis of sex
Status: in_force

or marital status prohibited.

(1) With respect to a "Consumer Credit Sale", "Consumer Lease",

or "Consumer Loan", no creditor shall limit or refuse to extend

credit solely on the basis of the sex or marital status of the

consumer.

(2) The provisions of this section shall be enforced by the

Administrator of the Department of Consumer Credit in accordance

with his statutory powers and duties.
Okla. Stat. tit. 14A, § 14A-3-309.1 — OK Code / Title 14A / Section 14A-3-309.1
Disclosure in credit and charge card applications and
Status: in_force

solicitation.

Disclosure in credit and charge card applications and

solicitation:

(1) Any application to open a credit card account for any

person under a revolving loan account plan, or a solicitation to

open such an account without requiring an application that is mailed

to consumers shall disclose the following information, subject to

subsection (8) of this section and subsections (5) through (8) of

Section 3-302 of this title.

(a) Each annual percentage rate applicable to extensions

of credit under such credit plan.

(b) Where an extension of credit is subject to a variable

rate, the fact that the rate is variable, the annual

percentage rate in effect at the time of the mailing,

and how the rate is determined.

(c) Where more than one rate applies, the range of

balances to which each rate applies.

(d) Any annual fee, other periodic fee, or membership fee

imposed for the issuance or availability of a credit

card, including any account maintenance fee or other

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 111

charge imposed based on activity or inactivity for the

account during the billing cycle.

(e) Any minimum finance charge imposed for each period

during which any extension of credit which is subject

to a finance charge is outstanding.

(f) Any transaction charge imposed in connection with use

of the card to purchase goods or services.

(g) The date by which or the period within which any

credit extended under such credit plan for purchases

of goods or services must be repaid to avoid incurring

a loan finance charge, and, if no such period is

offered, such fact shall be clearly stated.

(h) If the length of such "grace period" varies, the card

issuer may disclose the range of days in the grace

period, the minimum number of days in the grace

period, or the average number of days in the grace

period, if the disclosure is identified as such.

(i) The name of the balance calculation method used in

determining the balance on which the loan finance

charge is computed if the method used has been defined

by the Administrator, or a detailed explanation of the

balance calculation method used if the method has not

been so defined.

(j) In prescribing rules to carry out the requirements of

paragraph (i) of this subsection, the Administrator

shall define and name not more than the five balance

calculation methods determined by the Administrator to

be the most commonly used methods.

(2) In addition to the information required to be disclosed

under subsection (1) of this section each application or

solicitation to which such subsection applies shall disclose clearly

and conspicuously the following information, subject to subsections

(8) and (9) of this section:

(a) Any fee imposed for an extension of credit in the form

of cash.

(b) Any fee imposed for a late payment.

(c) Any fee imposed in connection with an extension of

credit in excess of the amount of credit authorized to

be extended with respect to such account.

(3) (a) In any telephone solicitation to open a credit card

account for any person under a revolving loan account

plan, the person making the solicitation shall orally

disclose the information described in subsection (1)

of this section.

(b) Paragraph (a) of this subsection shall not apply to

any telephone solicitation if:

(i) the credit card issuer:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 112

(aa) does not impose any fee described in

paragraph (d) of subsection (1) of this

section, or

(bb) does not impose any fee in connection with

telephone solicitations unless the consumer

signifies acceptance by using the card;

(ii) the card issuer discloses clearly and

conspicuously in writing the information

described in subsections (1) and (2) of this

section within thirty (30) days after the

consumer requests the card, but in no event later

than the date of delivery of the card; and

(iii) the card issuer discloses clearly and

conspicuously that the consumer is not obligated

to accept the card or account and the consumer

will not be obligated to pay any of the fees or

charges disclosed unless the consumer elects to

accept the card or account by using the card.

(4) (a) Any application to open a credit card account for any

person under a revolving loan account plan, and any

solicitation to open an account without requiring an

application, that is made available to the public or

contained in catalogs, magazines or other publications

shall meet the disclosure requirements of paragraph

(b), (c), or (d) of this subsection.

(b) An application or solicitation described in paragraph

(a) of this subsection meets the requirement of this

paragraph if such application or solicitation

contains:

(i) the information:

(aa) described in subsection (1) of this section

in the form required under subsections (5)

through (8) of Section 3-302 of this title

subject to subsection (8) of this section;

and

(bb) described in subsection (2) of this section

in a clear and conspicuous form, subject to

subsections (8) and (9) of this section;

(ii) a statement, in a conspicuous and prominent

location on the application or solicitation,

that:

(aa) the information is accurate as of the date

the application or solicitation was printed;

(bb) the information contained in the application

or solicitation is subject to change after

such date; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 113

(cc) the applicant should contact the creditor

for information on any change in the

information contained in the application or

solicitation since it was printed;

(iii) a clear and conspicuous disclosure of the date

the application or solicitation was printed; and

(iv) a disclosure, in a conspicuous and prominent

location on the application or solicitation, of a

toll free telephone number or a mailing address

at which the applicant may contact the creditor

to obtain any change in the information provided

in the application or solicitation since it was

printed.

(c) An application or solicitation described in paragraph

(a) of this subsection meets the requirement of this

paragraph if such application or solicitation:

(i) contains a statement, in a conspicuous and

prominent location on the application or

solicitation, that:

(aa) there are costs associated with the use of

credit cards; and

(bb) the applicant may contact the creditor to

request disclosure of specific information

of such costs by calling a toll free

telephone number or by writing to an address

specified in the application;

(ii) contains a disclosure, in a conspicuous and

prominent location on the application or

solicitation, of a toll free telephone number and

a mailing address at which the applicant may

contact the creditor to obtain such information;

and

(iii) does not contain any of the items described in

subsections (1) and (2) of this section.

(d) An application or solicitation meets the requirements

of this subsection if it contains, or is accompanied

by:

(i) the disclosures required by paragraphs (a)

through (f) of subsection (l) of Section 3-309 of

this title;

(ii) the disclosures required by subsections (1) and

(2) of this section included clearly and

conspicuously, except that the provisions of

subsections (5) through (8) of Section 3-302 of

this title shall not apply; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 114

(iii) a toll free telephone number or a mailing address

at which the applicant may contact the creditor

to obtain any change in the information provided.

(e) Upon receipt of a request for any of the information

referred to in paragraph (b), (c) or (d) of this

subsection, the card issuer or the agent of such

issuer shall promptly disclose all of the information

described in subsections (1) and (2) of this section.

(5) (a) Any application or solicitation to open a charge card

account shall disclose clearly and conspicuously the

following information in the form required by

subsections (5) through (8) of Section 3-302 of this

title subject to subsection (8) of this section:

(i) Any annual fee, other periodic fee, or membership

fee imposed for the issuance or availability of

the charge card, including any account

maintenance fee or other charge imposed based on

activity or inactivity for the account during the

billing cycle.

(ii) Any transaction charge imposed in connection with

use of the card to purchase goods or services.

(iii) A statement that charges incurred by use of the

charge card are due and payable upon receipt of a

periodic statement rendered for such charge card

account.

(b) In addition to the information required to be

disclosed under paragraph (a) of this subsection each

written application or solicitation to which such

paragraph applies shall disclose clearly and

conspicuously the following information, subject to

subsections (8) and (9) of this section:

(i) Any fee imposed for an extension of credit in the

form of cash.

(ii) Any fee imposed for a late payment.

(iii) Any fee imposed in connection with an extension

of credit in excess of the amount of credit

authorized to be extended with respect to such

account.

(c) Any application to open a charge card account, and any

solicitation to open such an account without requiring

an application, that is made available to the public

or contained in catalogs, magazines, or other

publications shall contain:

(i) the information:

(aa) described in paragraph (a) of this

subsection in the form required under

subsections (5) through (8) of Section 3-302

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 115

of this title subject to subsection (8) of

this section; and

(bb) described in paragraph (b) of this

subsection in a clear and conspicuous form,

subject to subsections (8) and (9) of this

section;

(ii) a statement, in a conspicuous and prominent

location on the application or solicitation,

that:

(aa) the information is accurate as of the date

the application or solicitation was printed;

(bb) the information contained in the application

or solicitation is subject to change after

such date; and

(cc) the applicant should contact the creditor

for information on any change in the

information contained in the application or

solicitation since it was printed;

(iii) a clear and conspicuous disclosure of the date

the application or solicitation was printed; and

(iv) a disclosure, in a conspicuous and prominent

location on the application or solicitation, of a

toll free telephone number or a mailing address

at which the applicant may contact the creditor

to obtain any change in the information provided

in the application or solicitation since it was

printed.

(d) If a charge card permits the card holder to receive an

extension of credit under a revolving loan account

plan which is not maintained by the charge card issuer

the charge card issuer may provide the information

described in paragraphs (a) and (b) of this subsection

in the form required by such paragraphs in lieu of the

information required to be provided under subsection

(1), (2), (3) or (4) of this section with respect to

any credit extended under such plan, if the charge

card issuer discloses clearly and conspicuously to the

consumer in the application or solicitation that:

(i) the charge card issuer will make an independent

decision as to whether to issue the card;

(ii) the charge card may arrive before the decision is

made with respect to an extension of credit under

a revolving loan account plan; and

(iii) approval by the charge card issuer does not

constitute approval by the issuer of the

extension of credit.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 116

(e) The information required to be disclosed under

subsections (1) and (2) of this section shall be

provided to the charge card holder by the creditor

which maintains such revolving loan account plan

before the first extension of credit under such plan.

(f) For the purposes of this subsection, the term "charge

card" means a card, plate, or other single credit

device that may be used from time to time to obtain

credit which is not subject to a finance charge.

(6) The Administrator may, by rule, require the disclosure of

information in addition to that otherwise required by subsections

(1) through (7) of this section, and modify any disclosure of

information required by subsections (1) through (7) of this section,

in any application to open a credit card account for any person

under a revolving loan account plan or any application to open a

charge card account for any person, or a solicitation to open any

such account without requiring an application, if the Administrator

determines that such action is necessary to carry out the purposes

of, or prevent evasions of, any subsection of this section.

(7) (a) A card issuer that imposes any fee described in

paragraph (d) of subsection (1) or subparagraph (i) of

paragraph (a) of subsection (5) of this section shall

transmit to a consumer at least thirty (30) days prior

to the scheduled renewal date of the consumer's credit

or charge card account a clear and conspicuous

disclosure of:

(i) the date by which, the month by which, or the

billing period at the close of which, the account

will expire if not renewed;

(ii) the information described in subsection (1) or

paragraph (a) of subsection (5) of this section

that would apply if the account were renewed,

subject to subsection (8) of this section; and

(iii) the method by which the consumer may terminate

continued credit availability under the account.

(b) (i) The disclosures required by this subsection may

be provided:

(aa) prior to posting a fee described in

paragraph (d) of subsection (1) or

subparagraph (i) of paragraph (a) of

subsection (5) of this section to the

account; or

(bb) with the periodic billing statement first

disclosing that the fee has been posted to

the account.

(ii) disclosures may be provided under subparagraph

(i) of this paragraph only if:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 117

(aa) the consumer is given a thirty-day period to

avoid payment of the fee or to have the fee

recredited to the account in any case where

the consumer does not wish to continue the

availability of the credit; and

(bb) the consumer is permitted to use the card

during such period without incurring an

obligation to pay such fee.

(c) The Administrator may, by rule, provide for fewer

disclosures than are required by paragraph (a) of this

subsection in the case of an account which is

renewable for a period of less than six (6) months.

(8) (a) If the amount of any fee required to be disclosed

under the previous subsections of this section is

determined on the basis of a percentage of another

amount, the percentage used in making such

determination and the identification of the amount

against which such percentage is applied shall be

disclosed in lieu of the amount of such fee.

(b) If a credit or charge card issuer does not impose any

fee required to be disclosed under any provision of

the previous subsections of this section, such

provision shall not apply with respect to such issuer.

(9) If the amount of any fee required to be disclosed by a

credit or charge card issuer under subsection (2), division (bb) of

subparagraph (i) of paragraph (b) of subsection (4), paragraph (b)

of subsection (5) or division (bb) of subparagraph (i) of paragraph

(c) of subsection (5) of this section varies from state to state,

the card issuer may disclose the range of such fees for purposes of

subsections (1) through (5) of this section in lieu of the amount

for each applicable state, if such disclosure includes a statement

that the amount of such fee varies from state to state.

(10) (a) Whenever a card issuer that offers any guarantee or

insurance for repayment of all or part of the

outstanding balance of a revolving loan account plan

proposes to change the person providing that guarantee

or insurance, the card issuer shall send each insured

consumer written notice of the proposed change not

less than thirty (30) days prior to the change,

including notice of any increase in the rate or

substantial decrease in coverage or service which will

result from such change. Such notice may be included

on or with the monthly statement provided to the

consumer prior to the month in which the proposed

change would take effect.

(b) In any case in which a proposed change described in

paragraph (a) of this subsection occurs, the insured

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 118

consumer shall be given the name and address of the

new guarantor or insurer and a copy of the policy or

group certificate containing the basic terms and

conditions, including the premium rate to be charged.

(c) The notices required under paragraphs (a) and (b) of

this subsection shall each include a statement that

the consumer has the option to discontinue the

insurance or guarantee.

(d) No provision of this subsection shall be construed as

superseding any provision of Oklahoma law which is

applicable to the regulation of insurance.

(e) The Administrator shall define, in rules, what

constitutes a "substantial decrease in coverage or

service" for purposes of paragraph (a) of this

subsection.

(11) (a) In the case of any credit card account under an open-

end consumer credit plan, a creditor shall provide a

written notice of an increase in an annual percentage

rate (except in the case of an increase described in

paragraph (1), (2) or (3) of 15 U.S.C. Section 1661i-

1(b)) not later than forty-five (45) days prior to the

effective date of the increase.

(b) In the case of any credit card account under an open-

end consumer credit plan, a creditor shall provide a

written notice of any significant change, as

determined by rule of the Administrator, in the terms

(including an increase in any fee or finance charge,

other than as provided in paragraph (a) of this

subsection) of the cardholder agreement between the

creditor and the obligor not later than forty-five

(45) days prior to the effective date of the change.

(c) Each notice required by paragraph (a) or (b) of this

subsection shall be made in a clear and conspicuous

manner, and shall contain a brief statement of the

right of the obligor to cancel the account pursuant to

rules established by the Administrator, before the

effective date of the subject rate increase or other

change.

(d) Closure or cancellation of an account by the obligor

shall not constitute a default under an existing

cardholder agreement, and shall not trigger an

obligation to immediately repay the obligation in full

or through a method that is less beneficial to the

obligor than one of the methods described in 15 U.S.C.

Section 1661i-1(c)(2), or the imposition of any other

penalty or fee.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 119

(12) (a) Except as provided in subsection (2) of this section,

a creditor may not impose any finance charge on a

credit card account under an open-end consumer credit

plan as a result of the loss of any time period

provided by the creditor within which the obligor may

repay any portion of the credit extended without

incurring a finance charge, with respect to:

(i) any balances for days in billing cycles that

precede the most recent billing cycle; or

(ii) any balances or portions thereof in the current

billing cycle that were repaid within such time

period.

(b) This subsection shall not apply to:

(i) any adjustment to a finance charge as a result of

the resolution of a dispute; or

(ii) any adjustment to a finance charge as a result of

the return of a payment for insufficient funds.

(13) (a) In the case of any credit card account under an open-

end consumer credit plan under which an over-the-limit

fee may be imposed by the creditor for any extension

of credit in excess of the amount of credit authorized

to be extended under such account, no such fee shall

be charged, unless the consumer has expressly elected

to permit the creditor, with respect to such account,

to complete transactions involving the extension of

credit under such account in excess of the amount of

credit authorized.

(b) No election by a consumer under paragraph (a) of this

subsection shall take effect unless the consumer,

before making such election, received a notice from

the creditor of any over-the-limit fee in the form and

manner, and at the time, determined by the

Administrator. If the consumer makes the election

referred to in paragraph (a) of this subsection, the

creditor shall provide notice to the consumer of the

right to revoke the election, in the form prescribed

by the Administrator, in any periodic statement that

includes notice of the imposition of an over-the-limit

fee during the period covered by the statement.

(c) A consumer may make or revoke the election referred to

in paragraph (a) of this subsection orally,

electronically, or in writing, pursuant to regulations

prescribed by the Administrator. The Administrator

shall prescribe regulations to ensure that the same

options are available for both making and revoking

such election.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 120

(d) A consumer may make the election referred to in

paragraph (a) of this subsection at any time, and such

election shall be effective until the election is

revoked in the manner prescribed under paragraph (c)

of this subsection.

(e) The Administrator shall prescribe regulations:

(i) governing disclosures under this subsection; and

(ii) that prevent unfair or deceptive acts or

practices in connection with the manipulation of

credit limits designed to increase over-the-limit

fees or other penalty fees.

(f) Nothing in this subsection shall be construed to

prohibit a creditor from completing an over-the-limit

transaction; provided, that a consumer who has not

made a valid election under paragraph (a) of this

subsection is not charged an over-the-limit fee for

such transaction.

(g) With respect to a credit card account under an open-

end consumer credit plan, an over-the-limit fee may be

imposed only once during a billing cycle if the credit

limit on the account is exceeded, and an over-the-

limit fee, with respect to such excess credit, may be

imposed only once in each of the two subsequent

billing cycles, unless the consumer has obtained an

additional extension of credit in excess of such

credit limit during any such subsequent cycle or the

consumer reduces the outstanding balance below the

credit limit as of the end of such billing cycle.

(14) With respect to a credit card account under an open-end

consumer credit plan, the creditor may not impose a separate fee to

allow the obligor to repay an extension of credit or finance charge,

whether such repayment is made by mail, electronic transfer,

telephone authorization, or other means, unless such payment

involves an expedited service by a service representative of the

creditor.

(15) With respect to the terms of any credit card account under

an open-end consumer credit plan, the term "fixed", when appearing

in conjunction with a reference to the annual percentage rate or

interest rate applicable with respect to such account, may only be

used to refer to an annual percentage rate or interest rate that

will not change or vary for any reason over the period specified

clearly and conspicuously in the terms of the account.

(16) If the terms of a credit card account under an open-end

consumer credit plan require the payment of any fees (other than any

late fee, over-the-limit fee, or fee for a payment returned for

insufficient funds) by the consumer in the first year during which

the account is opened in an aggregate amount in excess of twenty-

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 121

five percent (25%) of the total amount of credit authorized under

the account when the account is opened, no payment of any fees

(other than any late fee, over-the-limit fee, or fee for a payment

returned for insufficient funds) may be made from the credit made

available under the terms of the account. No provision of this

paragraph may be construed as authorizing any imposition or payment

of advance fees otherwise prohibited by any provision of law.

(17) The payment due date for a credit card account under an

open-end consumer credit plan shall be the same day each month. If

the payment due date for a credit card account under an open-end

consumer credit plan is a day on which the creditor does not receive

or accept payments by mail (including weekends and holidays), the

creditor may not treat a payment received on the next business day

as late for any purpose.

(18) No credit card may be issued to, or open-end consumer

credit plan established by or on behalf of, a consumer who has not

attained the age of twenty-one (21), unless the consumer has

submitted a written application to the card issuer that meets the

requirements of paragraph (a) of this subsection.

(a) An application to open a credit card account by a

consumer who has not attained the age of twenty-one

(21) as of the date of submission of the application

shall require:

(i) the signature of a cosigner, including the

parent, legal guardian, spouse, or any other

individual who has attained the age of twenty-one

(21) having a means to repay debts incurred by

the consumer in connection with the account,

indicating joint liability for debts incurred by

the consumer in connection with the account

before the consumer has attained the age of

twenty-one (21); or

(ii) submission by the consumer of financial

information, including through an application,

indicating an independent means of repaying any

obligation arising from the proposed extension of

credit in connection with the account.

(b) The Administrator shall promulgate regulations

providing standards that, if met, would satisfy the

requirements of subparagraph (ii) of paragraph (a) of

this subsection.

(19) No increase may be made in the amount of credit authorized

to be extended under a credit card account for which a parent, legal

guardian, or spouse of the consumer, or any other individual has

assumed joint liability for debts incurred by the consumer in

connection with the account before the consumer attains the age of

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 122

twenty-one (21), unless that parent, guardian, or spouse approves in

writing, and assumes joint liability for, such increase.
Okla. Stat. tit. 14A, § 14A-3-804 — OK Code / Title 14A / Section 14A-3-804
Duty of attorney
Status: in_force

DUTY OF ATTORNEY.

An attorney representing a consumer in the legal claim is not

under a duty to assign any portion of payments from a settlement,

judgment, award, or verdict to the consumer litigation funder unless

the attorney has agreed to do so in writing.
Okla. Stat. tit. 14A, § 14A-5-203 — OK Code / Title 14A / Section 14A-5-203
Civil liability for violation of disclosure provisions
Status: in_force

(1) Except as otherwise provided in this section, any creditor

who fails to comply with any requirement imposed by the provisions

on disclosure (Part 3), other than the provisions on advertising

pursuant to Sections 2-313 of Article 2 of this title and 3-312 of

Article 3 of this title, or with any requirement imposed by the

provision on the right to rescind pursuant to Section 5-204 of this

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

amount equal to the sum of:

(a) any actual damage sustained by that person as a result

of the failure;

(b) (i) (aa) in the case of an individual action twice

the amount of the credit service or loan

finance charge in connection with the

transaction,

(bb) in the case of an individual action relating

to a consumer lease twenty-five percent

(25%) of the total amount of monthly

payments under the lease but the liability

pursuant to this division shall be not less

than One Hundred Dollars ($100.00) nor more

than One Thousand Dollars ($1,000.00),

(cc) in the case of an individual action relating

to a credit transaction not under an open-

end credit plan that is secured by real

property or a dwelling, not less than Four

Hundred Dollars ($400.00) or greater than

Four Thousand Dollars ($4,000.00), or

(dd) in the case of an individual action relating

to an open-end consumer credit plan that is

not secured by real property or a dwelling,

twice the amount of any finance charge in

connection with the transaction, with a

minimum of Five Hundred Dollars ($500.00)

and a maximum of Five Thousand Dollars

($5,000.00), or such higher amount as may be

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 193

appropriate in the case of an established

pattern or practice of such failures; or

(ii) in the case of a class action, an amount the

court may allow, except that as to each member of

the class no minimum recovery shall be applicable

and the total recovery other than for actual

damages in any class action or series of class

actions arising out of the same failure to comply

by the same creditor shall not be more than the

lesser of Five Hundred Thousand Dollars

($500,000.00) or one percent (1%) of the net

worth of the creditor;

(c) in the case of a successful action to enforce the

liability under paragraph (b) of this subsection or in

any action in which a person is determined to have a

right of rescission under Section 11 of this act and

Section 5-204 of this title, the costs of the action

together with reasonable attorney fees as determined

by the court. In determining the amount of award in

any class action, the court shall consider among other

relevant factors the amount of any actual damages

awarded, the frequency and persistence of failures of

compliance by the creditor, the resources of the

creditor, the number of persons adversely affected,

and the extent to which the creditor's failure of

compliance was intentional. In connection with the

disclosures required by Sections 2-310 and 3-309 of

this title, a creditor shall have a liability

determined under paragraph (b) of this subsection only

for failing to comply with the requirements of Section

5-204 of this title, subsection (1) of Section 2-310

and subsection (1) of Section 3-309 of this title,

paragraphs (d) through (k) of subsection (2) of

Section 2-310 of this title, and paragraphs (d)

through (m) of subsection (2) and subsections (3) and

(4) of Section 3-309 of this title. In connection

with the disclosures referred to in subsections (1)

through (7) of Sections 2-310.1 and 3-309.1 of this

title, a card issuer shall have a liability under this

section only to a cardholder who pays a fee described

in paragraph (d) of subsection (1) or subparagraph (i)

of paragraph (a) of subsection (5) of Section 2-310.1,

or paragraph (d) of subsection (1) or subparagraph (i)

of paragraph (a) of subsection (5) of Section 3-309.1

of this title or who uses the credit card or charge

card. In connection with disclosures for closed-end

credit, a creditor shall have a liability determined

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 194

under paragraph (b) of this subsection only for

failing to comply with the requirements of Section 5-

204 of this title, paragraphs (b) insofar as it

requires a disclosure of the amount financed, through

(f) and paragraph (j) of subsection (2) of Section 2-

306 of this title, and paragraphs (b) insofar as it

requires a disclosure of the amount financed, through

(f) and paragraph (h) of subsection (2) of Section 3-

306 of this title, subsections (2) and (3) of Section

3-310 of this title, and paragraph (a), (b), (d), (f),

or (j) of subsection (2) of Section 11 of this act

(for purposes of subsection (2) or (4), paragraph (c)

of subsection (4) and subsection (6), (7), or (8) of

Section 11 of this act). With respect to any failure

to make disclosure, liability shall be imposed only

upon the creditor required to make disclosure, except

as provided in subsection (3) of Section 2-302 of this

title, subsection (3) of Section 3-302 of this title

and otherwise in this section; and

(d) in the case of a failure to comply with any

requirement under Section 3-309.4 of this title, 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.

(2) A creditor or assignee has no liability under this section,

Section 5-302 of this title or Article 6 of this title in relation

to disclosure if within sixty (60) days after discovering an error

whether pursuant to a final written examination report or notice

issued under subsection (4) of Section 6-105 of this title or

through the creditor's or assignee's own procedures, and prior to

the institution of an action under this section or the receipt of

written notice of the error from the obligor, the creditor or

assignee notifies the person concerned of the error and makes

whatever adjustments in the appropriate account are necessary to

assure that the person will not be required to pay a credit service

charge or loan finance charge in excess of the amount actually

disclosed or the dollar equivalent of the percentage rate actually

disclosed, whichever is lower.

(3) A creditor or assignee may not be held liable in any action

brought under this section or Section 5-204 of this title for a

violation of this title if the creditor or assignee shows by a

preponderance of evidence that the violation was not intentional and

resulted from a bona fide error notwithstanding the maintenance of

procedures reasonably adapted to avoid the error. A bona fide error

includes, but is not limited to, a clerical, calculation, computer

malfunction and programming, and printing error, but not an error of

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 195

legal judgment with respect to a person's disclosure obligations

under this title.

(4) (a) Except as otherwise specifically provided in this

section, any civil action for a violation of this

section or administrative proceeding for restitution

which may be brought against the original creditor in

any transaction may be maintained against any

subsequent assignee of the original creditor in any

transaction where the violation from which the alleged

liability arose is apparent on the face of the

disclosure statement unless the assignment was

involuntary. For the purpose of this section, a

violation apparent on the face of the disclosure

statement includes, but is not limited to, a

disclosure which can be determined to be incomplete or

inaccurate from the face of the disclosure statement

or other documents assigned or a disclosure which does

not use the terms required to be used by this title.

(b) (i) Except as otherwise specifically provided in this

title, any civil action against a creditor for a

violation of this title, and any administrative

proceeding against a creditor, with respect to a

consumer credit transaction secured by real

property may be maintained against any assignee

of such creditor only if:

(aa) the violation for which such action or

proceeding is brought is apparent on the

face of the disclosure statement provided in

connection with such transaction pursuant to

this title; and

(bb) the assignment to the assignee was

voluntary.

(ii) For the purpose of this section, a violation is

apparent on the face of the disclosure statement

if:

(aa) the disclosure can be determined to be

incomplete or inaccurate by a comparison

among the disclosure statement, any

itemization of the amount financed, the

note, or any other disclosure of

disbursement; or

(bb) the disclosure statement does not use the

terms or format required to be used by this

title.

(5) Any person who has the right to rescind a transaction under

Section 5-204 of this title may rescind the transaction as against

any assignee of the obligation.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 196

(6) No action pursuant to this section may be brought more than

one (1) year after the date of the occurrence of the violation or in

the case of a private education loan, as the term is defined in

Section 8 of this act, one (1) year from the date on which the first

regular payment of principal is due under the loan.

(7) (a) In this section, "creditor" includes sellers, lessors,

lenders, persons who regularly offer to lease or

arrange to lease under consumer leases and any other

person required to make disclosures under Part 3 of

either Article 2 or Article 3 of this title.

(b) (i) A servicer of a consumer obligation arising from

a consumer credit transaction shall not be

treated as an assignee of such obligation for

purposes of this section unless the servicer is

or was the owner of the obligation.

(ii) A servicer of a consumer obligation arising from

a consumer credit transaction shall not be

treated as the owner of the obligation for

purposes of this section on the basis of an

assignment of the obligation from the creditor or

another assignee to the servicer solely for the

administrative convenience of the servicer in

servicing the obligation. Upon written request

by the obligor, the servicer shall provide the

obligor, to the best knowledge of the servicer,

with the name, address, and telephone number of

the owner of the obligation or the master

servicer of the obligation.

(iii) For purposes of this subsection, the term

"servicer" has the same meaning as in Section

6(i)(2) of the Real Estate Settlement Procedures

Act of 1974.

(iv) This subsection shall apply to all consumer

credit transactions in existence or consummated

on or after September 30, 1995.

(8) Where there are multiple obligors in a consumer credit

transaction or consumer lease, there shall be no more than one

recovery under paragraph (b) of subsection (1) of this section for a

violation of this title.

(9) The multiple failure to disclose to any person any

information required under this title to be disclosed in connection

with a single account under an open-end consumer credit plan, other

single consumer credit sale, consumer loan, consumer lease, or other

extension of consumer credit shall entitle the person to a single

recovery under this section but continued failure to disclose after

a recovery has been granted shall give rise to rights to additional

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 197

recoveries. This subsection does not bar any remedy permitted by

Section 5-204 of this title.

(10) A person may not take any action to offset any amount for

which a creditor or assignee is potentially liable to that person

under paragraph b of subsection (1) of this section against any

amount owed by that person unless the amount of the creditor's or

assignee's liability has been determined by judgment of a court of

competent jurisdiction in an action to which the person was a party.

This subsection does not bar a person then in default on the

obligation from asserting a violation of disclosure requirements as

an original action or as a defense or counterclaim to an action to

collect amounts owed by the person brought by another person liable

under this title if the claim is not time barred, or as a setoff or

defense in accordance with Section 5-205 of this title.

(11) (a) Any person who purchases or is otherwise assigned a

mortgage referred to in subsection (10) of Section 1-

301 of this title shall be subject to all claims and

defenses with respect to that mortgage that the

consumer could assert against the creditor of the

mortgage, unless the purchaser or assignee

demonstrates, by a preponderance of the evidence, that

a reasonable person exercising ordinary due diligence,

could not determine, based on the documentation

required by this title, the itemization of the amount

financed, and other disclosure of disbursements that

the mortgage was a mortgage referred to in subsection

(10) of Section 1-301 of this title. The preceding

sentence does not affect rights of a consumer under

paragraph (a) of subsection (4) or subsection (5) of

this section or any other provision of this title.

(b) Notwithstanding any other provision of law, relief

provided as a result of any action made permissible by

paragraph (a) of this subsection may not exceed:

(i) with respect to actions based upon a violation of

this title, the amount specified in subsection

(1) of this section; and

(ii) with respect to all other causes of action, the

sum of:

(aa) the amount of all remaining indebtedness;

and

(bb) the total amount paid by the consumer in

connection with the transaction.

(c) The amount of damages that may be awarded under

subparagraph (ii) of paragraph (b) of this subsection

shall be reduced by the amount of any damages awarded

under subparagraph (i) of paragraph (b) of this

subsection.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 198

(d) Any person who sells or otherwise assigns a mortgage

referred to in subsection (10) of Section 1-301 of

this title shall include a prominent notice of the

potential liability under this subsection as

determined by the Administrator.

(12) A private educational lender, as the term is defined in

Section 8 of this act, has no liability under this section for

failure to comply with subsection (3) of Section 11 of this act.
Okla. Stat. tit. 14A, § 14A-2-308 — OK Code / Title 14A / Section 14A-2-308
Assumption
Status: in_force

If a seller expressly agrees in writing with a subsequent buyer

to accept that buyer as a primary obligor on an existing transaction

in which a mortgage, deed of trust, purchase money security interest

arising under an installment sales contract, or equivalent

consensual security interest was created or retained in the original

buyer's principal dwelling to finance the acquisition or initial

construction of it, before the assumption occurs the seller shall

make new disclosures to the subsequent buyer based on the remaining

obligation. If the finance charge originally imposed on the

existing obligation was an add-on or discount finance charge, the

seller need only disclose the unpaid balance of the obligation

assumed; the total charges imposed by the seller in connection with

the assumption; the information required in the case of new

disclosures concerning prepayment, late payment, security interests

and to exclude premiums for consumer credit and property and

liability insurance from the finance charge; the annual percentage

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 45

rate originally imposed on the obligation; and the payment schedule

and total of payments based on the remaining obligation.
Okla. Stat. tit. 14A, § 14A-2-505 — OK Code / Title 14A / Section 14A-2-505
Duty of buyer - No compensation for services prior to
Status: in_force

cancellation.

(1) Except as provided by the provisions on retention of goods

by the buyer (subsection (4) of Section 2-504), within a reasonable

time after a home solicitation sale has been canceled or an offer to

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 77

purchase revoked, the buyer upon demand must tender to the seller

any goods delivered by the seller pursuant to the sale but he is not

obligated to tender at any place other than his residence. If the

seller fails to demand possession of goods within a reasonable time

after cancellation or revocation, the goods become the property of

the buyer without obligation to pay for them. For the purpose of

this section, forty (40) days is presumed to be a reasonable time.

(2) The buyer has a duty to take reasonable care of the goods

in his possession before cancellation or revocation and for a

reasonable time thereafter, during which time the goods are

otherwise at the seller's risk.

(3) If the seller has performed any services pursuant to a home

solicitation sale prior to its cancellation, the seller is entitled

to no compensation except the cancellation fee provided in this

part.
Okla. Stat. tit. 14A, § 14A-6-508 — OK Code / Title 14A / Section 14A-6-508
Bond
Status: in_force

Before assuming office, the Administrator shall give a bond in

the sum of Fifty Thousand Dollars ($50,000.00) payable to the State

of Oklahoma, to be approved by the Attorney General of the State of

Oklahoma, conditioned that he will faithfully execute the duties of

his office. The Administrator may by rule or order require any

employee of the Department to be bonded on the same condition and in

the same or such lesser amount as he determines. The expense of all

such bonds shall be paid from funds available to the Department.
Okla. Stat. tit. 14, § 14-80.35.18 — OK Code / Title 14 / Section 14-80.35.18
Redistricting – Composition
Status: in_force

For purposes of the State Senate Redistricting Act of 2021:

1. The total state population based on the 2020 Federal

Decennial Census is three million nine hundred fifty-nine thousand

three hundred fifty-three (3,959,353) persons; and

2. The ideal State Senate district contains eighty-two thousand

four hundred eighty-seven (82,487) persons.

Oklahoma Statutes - Title 14. Congressional and Legislative Districts Page 93
Okla. Stat. tit. 14A, § 14A-4-111 — OK Code / Title 14A / Section 14A-4-111
Cooperation between Administrator and Insurance
Status: in_force

Department.

The Administrator and the Insurance Department are authorized

and directed to consult and assist one another in maintaining

compliance with this article. They may jointly pursue

investigations, prosecute suits, and take other official action, as

may seem to them appropriate, if either of them is otherwise

empowered to take the action. If the Administrator is informed of a

violation or suspected violation by an insurer of this article, or

of the insurance laws, rules, and regulations of this state, he

shall advise the Insurance Department of the circumstances.
Okla. Stat. tit. 14, § 14-80.35.14 — OK Code / Title 14 / Section 14-80.35.14
Term of office – District numerical designation
Status: in_force

A. Senators elected in 2022 from even-numbered districts

provided hereinafter shall hold office until the fifteenth day

succeeding the General Election in November 2026, and thereafter

shall be elected for terms of four (4) years. Senators elected from

odd-numbered districts in November 2020, shall hold office until the

fifteenth day succeeding the General Election in November 2024, and

thereafter shall be elected for terms of four (4) years.

B. From and after the fifteenth day succeeding the General

Election in November 2022, the Senate districts shall bear the

numerical designations hereinafter described and set forth.
Okla. Stat. tit. 14, § 14-7.1 — OK Code / Title 14 / Section 14-7.1
Short title - Oklahoma Congressional Redistricting Act of
Status: in_force

2021.

This act shall be known and may be cited as the "Oklahoma

Congressional Redistricting Act of 2021".
Okla. Stat. tit. 14A, § 14A-3-405 — OK Code / Title 14A / Section 14A-3-405
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 loan may

not provide for charges as a result of default by the debtor other

than those authorized by this act. A provision in violation of this

section is unenforceable.
Okla. Stat. tit. 14A, § 14A-4-203 — OK Code / Title 14A / Section 14A-4-203
Filing and approval of rates and forms
Status: in_force

(1) A creditor may not use a form, or a schedule of premium

rates or charges for consumer credit insurance, the filing of which

is required by this section, if the Insurance Department has

disapproved the form or schedule and has notified the insurer of its

disapproval. A creditor may not use a form or schedule unless

(a) the form or schedule has been on file with the

Insurance Department for thirty (30) days, or has

earlier been approved by it; and

(b) the insurer has complied with this section with

respect to the insurance.

(2) Except as provided in subsection (3), all policies,

certificates of insurance, notices of proposed insurance,

applications for insurance, endorsements and riders relating to

consumer credit insurance delivered or issued for delivery in this

State, and the schedules of premium rates or charges pertaining

thereto, shall be filed by the insurer with the Insurance

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 186

Department. It shall, within thirty (30) days after the filing of

any form or schedule, disapprove it if the premium rates or charges

are unreasonable in relation to the benefits provided under the

form, or if the form contains provisions which are unjust, unfair,

inequitable, or deceptive or encourage misrepresentation of the

coverage or are contrary to any provision of the Oklahoma Insurance

Code or of any rule or regulation promulgated thereunder.

(3) If a group policy has been delivered in another state, the

forms to be filed by the insurer with the Insurance Department are

the group certificates and notices of proposed insurance. It shall

approve them if

(a) they provide the information that would be required if

the group policy were delivered in this state; and

(b) the applicable premium rates or charges do not exceed

those established by its rules or regulations.
Okla. Stat. tit. 14A, § 14A-2-203 — OK Code / Title 14A / Section 14A-2-203
Delinquency charges
Status: in_force

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

consolidation, including a revolving charge account, the parties may

contract for a delinquency charge on any installment not paid in

full within ten (10) days after its scheduled due date as follows:

(a) an amount, not exceeding the greater of five percent

(5%) of the unpaid portion of the scheduled

installment or Five Dollars ($5.00), subject to

adjustment pursuant to Section 1-106 of this title; or

(b) the deferral charge, as set forth in subsection (1) of

Section 2-204 of this title, that would be permitted

to defer the unpaid amount of the installment for the

period that it is delinquent.

However, a minimum late fee of Five Dollars ($5.00) may

be contracted for by the parties under either paragraph

(a) or (b) of this subsection.

(2) A delinquency charge under paragraph (a) of subsection (1)

of this section may be collected only once on an installment however

long it remains in default. No delinquency charge may be collected

if the installment has been deferred and a deferral charge, Section

2-204 of this title, has been paid or incurred. A delinquency

charge may be collected at the time it accrues or at any time

thereafter.

(3) No delinquency charge may be collected on an installment

which is paid in full within ten (10) days after its scheduled

installment due date even though an earlier maturing installment or

a delinquency charge on an earlier installment may not have been

paid in full. For purposes of this subsection payments are applied

first to current installments and then to delinquent installments.

(4) With regard to a revolving account, 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 seller

discloses delinquency charges to the buyer on the billing statement.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 29
Okla. Stat. tit. 14A, § 14A-6-109 — OK Code / Title 14A / Section 14A-6-109
Assurance of discontinuance
Status: in_force

If it is claimed that a person has engaged in conduct subject to

an order by the Administrator (Section 6-108) or by a court

(Sections 6-110 through 6-112), the Administrator may accept an

assurance in writing that the person will not engage in the conduct

in the future. If a person giving an assurance of discontinuance

fails to comply with its terms, the assurance is evidence that prior

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 215

to the assurance he engaged in the conduct described in the

assurance.
Okla. Stat. tit. 14A, § 14A-2-601 — OK Code / Title 14A / Section 14A-2-601
Sales subject to act by agreement of parties
Status: in_force

The parties to a sale other than a consumer credit sale may

agree in writing signed by the parties that the sale is subject to

the provisions of this act applying to consumer credit sales. If

the parties so agree the sale is a consumer credit sale for the

purposes of this act.
Okla. Stat. tit. 14A, § 14A-2-310.3 — OK Code / Title 14A / Section 14A-2-310.3
Index or rate of interest on revolving loan account
Status: in_force

plan subject to variable rate and secured by consumer's principal

dwelling - Termination of account - Change of terms or conditions -

Refunding of fees.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 61

(1) In the case of extensions of credit under a revolving

charge 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 charge 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.

(3) (a) No revolving charge 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 2-310.2 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

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 62

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.secured by consumer's principal dwelling - Termination of account - Change of terms or conditionsthe 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.

(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 charge 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 paragraph (b)(iv) of this subsection.

(d) (i) For purposes of paragraph (b)(vi) 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 2-310.2 of this title which is disclosed to a consumer in

connection with an application to open an account under a revolving

charge 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

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 63

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

charge 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-2-210 — OK Code / Title 14A / Section 14A-2-210
Rebate upon prepayment
Status: in_force

(1) Except as provided in subsection (2), upon prepayment in

full of the unpaid balance of a precomputed consumer credit sale,

refinancing, or consolidation, an amount not less than the unearned

portion of the credit service charge calculated according to this

section shall be rebated to the buyer. If the rebate otherwise

required is less than One Dollar ($1.00), no rebate need be made.

(2) Upon prepayment in full of a consumer credit sale,

refinancing, or consolidation, other than one pursuant to a

revolving charge account, if the credit service charge then earned

is less than any permitted minimum credit service charge (subsection

(6) of Section 2-201) contracted for, whether or not the sale,

refinancing, or consolidation is precomputed, the seller may collect

or retain the minimum charge, as if earned, not exceeding the credit

service charge contracted for.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 33

(3) Except as otherwise provided in this subsection with

respect to a sale of an interest in land or a consumer credit sale

secured by an interest in land, the unearned portion of the credit

service charge

(a) in a consumer credit sale payable according to its

original terms in more than sixty-one (61) months

shall be determined (i) by applying, according to the

actuarial method, the disclosed annual percentage rate

to the actual unpaid balances of the amount financed

for the actual time that the unpaid balances were

outstanding as of the date of prepayment, giving

effect to each payment, to determine the earned

portion of the credit service charge, and (ii)

subtracting that earned portion from the credit

service charge to determine the unearned portion of

the credit service charge, or

(b) in a consumer credit sale payable according to its

original terms in sixty-one (61) months or less, is a

fraction of the credit service charge of which the

numerator is the sum of the periodic balances

scheduled to follow the computational period in which

prepayment occurs, and the denominator is the sum of

all periodic balances under either the sale agreement

or, if the balance owing resulted from a refinancing

(Section 2-205) or a consolidation (Section 2-206),

under the refinancing agreement or consolidation

agreement. In the case of a sale of an interest in

land or a consumer credit sale secured by an interest

in land, reasonable sums actually paid or payable to

persons not related to the seller for customary

closing costs included in the credit service charge

are deducted from the credit service charge before the

calculation prescribed by this subsection is made.

(4) In this section:

(a) "periodic balance" means the amount scheduled to be

outstanding on the last day of a computational period

before deducting the payment, if any, scheduled to be

made on that day;

(b) "computational period" means one (1) month if one-half

(1/2) or more of the intervals between scheduled

payments under the agreement is one (1) month or more,

and otherwise means one (1) week;

(c) the "interval" to the due date of the first scheduled

installment or the final scheduled payment date is

measured from the date of a sale, refinancing, or

consolidation, or any later date prescribed for

calculating maximum credit service charges (subsection

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 34

(4) of Section 2-201), and includes either the first

or last day of the interval; and

(d) if the interval to the due date of the first scheduled

installment does not exceed one (1) month by more than

fifteen (15) days when the computational period is one

(1) month, or eleven (11) days when the computational

period is one (1) week, the interval shall be

considered as one computational period.

(5) This subsection applies only if the schedule of payments is

not regular.

(a) If the computational period is one (1) month and

(i) if the number of days in the interval to the due

date of the first scheduled installment is less

than one (1) month by more than five (5) days, or

more than one (1) month by more than five (5) but

not more than fifteen (15) days, the unearned

credit service charge shall be increased by an

adjustment for each day by which the interval is

less than one (1) month and, at the option of the

seller, may be reduced by an adjustment for each

day by which the interval is more than one (1)

month; the adjustment for each day shall be one-

thirtieth (1/30) of that part of the credit

service charge earned in the computational period

prior to the due date of the first scheduled

installment assuming that period to be one (1)

month; and

(ii) if the interval to the final scheduled payment

date is a number of computational periods plus an

additional number of days less than a full month,

the additional number of days shall be considered

a computational period only if sixteen (16) days

or more. This subparagraph applies whether or

not subparagraph (i) applies.

(b) Notwithstanding paragraph (a), if the computational

period is one (1) month, the number of days in the

interval to the due date of the first installment

exceeds one (1) month by not more than fifteen (15)

days, and the schedule of payments is otherwise

regular, the seller may, at his option, exclude the

extra days and the charge for the extra days in

computing the unearned credit service charge; but if

he does so and a rebate is required before the due

date of the first scheduled installment, he shall

compute the earned charge for each elapsed day as one-

thirtieth (1/30) of the amount the earned charge would

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 35

have been if the first interval had been one (1)

month.

(c) If the computational period is one (1) week and

(i) if the number of days in the interval to the due

date of the first scheduled installment is less

than five (5) days, or more than nine (9) but not

more than eleven (11) days, the unearned credit

service charge shall be increased by an

adjustment for each day by which the interval is

less than seven (7) days and, at the option of

the seller may be reduced by an adjustment for

each day by which the interval is more than seven

(7) days; the adjustment for each day shall be

one-seventh (1/7) of that part of the credit

service charge earned in the computational period

prior to the due date of the first scheduled

installment assuming that period to be one (1)

week; and

(ii) if the interval to the final scheduled payment

date is a number of computational periods plus an

additional number of days less than a full week,

the additional number of days shall be considered

a computational period only if four (4) days or

more. This subparagraph applies whether or not

subparagraph (i) applies.

(6) If a deferral (Section 2-204) has been agreed to, the

unearned portion of the credit service charge shall be computed

without regard to the deferral. The amount of deferral charge

earned at the date of prepayment shall also be calculated. If the

deferral charge earned is less than the deferral charge paid, the

difference shall be added to the unearned portion of the credit

service charge. If any part of a deferral charge has been earned

but has not been paid, that part shall be subtracted from the

unearned portion of the credit service charge, or shall be added to

the unpaid balance.

(7) This section does not preclude the collection or retention

by the seller of delinquency charges (Section 2-203).

(8) If the maturity is accelerated for any reason and judgment

is obtained, the buyer is entitled to the same rebate as if payment

had been made on the date judgment is entered.

(9) Upon prepayment in full of a consumer credit sale by the

proceeds of consumer credit insurance (Section 4-103), the buyer or

his estate is entitled to the same rebate as though the buyer had

prepaid the agreement on the date the proceeds of the insurance are

paid to the seller.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 36
Okla. Stat. tit. 14A, § 14A-6-117.1 — OK Code / Title 14A / Section 14A-6-117.1
Availability of data to agencies with direct
Status: in_force

supervisory authority.

A. A supervisory agency shall make available to a requesting

agency any data obtained or generated by, and in the possession of,

the supervisory agency and that the requesting agency deems

necessary for review in connection with the supervision of any

person over which the requesting agency has direct supervisory

authority. However, the requested data must relate to the person,

or an affiliate of the person, over which the requesting agency has

direct supervisory authority. An agency has direct supervisory

authority over a person if such authority is specifically provided

by statute, or the agency granted the charter, license or

registration of the person, or otherwise granted permission for the

person to conduct its business in this state.

B. When a requesting agency and a federal regulatory agency or

self-regulatory association have concurrent jurisdiction over a

person, a requesting agency may share with such agency or

association data received from a supervisory agency. However, the

federal regulatory agency or self-regulatory association shall

return such shared data to the requesting agency unless the federal

regulatory agency or self-regulatory association has obtained

approval from the supervisory agency to retain the data. The term

"federal regulatory agency" shall not include law enforcement

agencies.

C. 1. All data received by a requesting agency from a

supervisory agency shall be and shall remain confidential and not

open to public inspection, subpoena or any other form of disclosure

while in the possession of the requesting agency. Any request for

inspection, subpoena or other form of disclosure shall be directed

to the supervisory agency from which the data originated and

disclosure thereof shall be subject to the laws, rules and policies

governing or relating to records of the supervisory agency.

2. The providing of data by a supervisory agency to a

requesting agency under this section shall not constitute a waiver

of or otherwise affect any privilege or claim of confidentiality

that a supervisory agency may claim with respect to such data under

any federal laws or laws of this state.

D. A supervisory agency shall not be required to share original

documents with a requesting agency. A requesting agency shall

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 221

reimburse the supervisory agency for costs associated with providing

copies of data to the requesting agency.

E. As used in this section:

1. "Affiliate" means any person that controls, is controlled by

or is under common control with another person. A person shall be

deemed to have "control" over any person if the person:

a. directly or indirectly or acting through one or more

other persons owns, controls or has power to vote ten

percent (10%) or more of any class of voting

securities of the other person, or

b. controls in any manner the election, appointment or

designation of a majority of the directors, trustees

or other managing officers of the person;

2. "Data" means copies of any documents, reports, examination

reports, letters, correspondence, orders, stipulations, memorandums

of understanding, agreements or any other records not open for

public inspection generated by a supervisory agency or obtained by a

supervisory agency from the person it supervises, whether in paper

or electronic format. However, data shall not include records that

a requesting agency receives from a supervisory agency pursuant to

this section;

3. "Requesting agency" means, as applicable, the Oklahoma

Department of Consumer Credit, the Oklahoma State Banking

Department, the Oklahoma Insurance Department or the Oklahoma

Department of Securities that requests from a supervisory agency

data relating to a person over which the requesting agency does not

have direct supervisory authority;

4. "Supervision" means any examination, assessment, order,

stipulation, agreement, report, memorandum of understanding or other

regulatory matter or process that a requesting agency is authorized

to perform in relation to a person; and

5. "Supervisory agency" means, as applicable, the Oklahoma

Department of Consumer Credit, the Oklahoma State Banking

Department, the Oklahoma Insurance Department or the Oklahoma

Department of Securities that maintains data relating to a person

over which the agency has direct supervisory authority.
Okla. Stat. tit. 14A, § 14A-2-408 — OK Code / Title 14A / Section 14A-2-408
Cross-collateral
Status: in_force

(1) In addition to contracting for a security interest pursuant

to the provisions on security in sales or leases (Section 2-407), a

seller in a consumer credit sale may secure the debt arising from

the sale by contracting for a security interest in other property if

as a result of a prior sale the seller has an existing security

interest in the other property. The seller may also contract for a

security interest in the property sold in the subsequent sale as

security for the previous debt.

(2) If the seller contracts for a security interest in other

property pursuant to this section, the rate of credit service charge

thereafter on the aggregate unpaid balances so secured may not

exceed that permitted if the balances so secured were consolidated

pursuant to the provisions on consolidation involving a refinancing

(subsection (1) of Section 2-206). The seller has a reasonable time

after so contracting to make any adjustments required by this

section. "Seller" in this section does not include an assignee not

related to the original seller.
Okla. Stat. tit. 14A, § 14A-1-303 — OK Code / Title 14A / Section 14A-1-303
Index of definitions in act
Status: in_force

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 19

Definitions in this title and the sections in which they appear

are:

“Actuarial method” - Section 1-301(1)

“Administrator” - Section 1-301(2)

“Administrator” - Section 6-103

“Agreement” - Section 1-301(3)

“Agricultural purpose” - Section 1-301(4)

“Amount financed” - Section 2-111

“Annual percentage rate” (sale) - Section 2-304(2)

“Annual percentage rate” (loan) - Section 3-304(2)

“Cash price” - Section 2-110

“Closing costs” - Section 1-301(5)

“Conspicuous” - Section 1-301(6)

“Consumer credit insurance” - Section 4-103

“Consumer credit sale” - Section 2-104

“Consumer lease” - Section 2-106

“Consumer loan” - Section 3-104

“Corresponding nominal annual percentage rate” (sale) - Section

2-304(3)

“Corresponding nominal annual percentage rate” (loan) - Section

3-304(3)

“Credit” - Section 1-301(7)

“Credit service charge” - Section 2-109

“Earnings” - Section 1-301(8)

“Federal Consumer Credit Protection Act” - Section 1-302

“Goods” - Section 2-105(1)

“Home solicitation sale” - Section 2-501

“Lender” - Section 3-107(1)

“Lender credit card or similar arrangement” - Section 1-301(9)

“License” - Section 3-503

“Loan” - Section 3-106

“Loan finance charge” - Section 3-109

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

“Merchandise certificate” - Section 2-105(2)

“Official fees” - Section 1-301(11)

“Organization” - Section 1-301(12)

“Payable in installments” - Section 1-301(13)

“Person” - Section 1-301(14)

“Person related to” - Section 1-301(15)

“Precomputed (loan)” - Section 3-107(2)

“Precomputed (sale)” - Section 2-105(7)

“Presumed” or “presumption” - Section 1-301(16)

“Principal” - Section 3-107(3)

“Residential mortgage transaction” – Section 1-301(17)

“Reverse mortgage transaction” – Section 1-301(18)

“Revolving charge account” - Section 2-108

“Revolving loan account” - Section 3-108

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 20

“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

“Seller credit card” - Section 1-301(19)

“Services” - Section 2-105(3)

“Subsection 10 mortgage” – Section 1-301(10)

“Supervised financial organization” - Section 1-301(20)

“Supervised lender” - Section 3-501(2)

“Supervised loan” - Section 3-501(1)
Okla. Stat. tit. 14A, § 14A-6-113 — OK Code / Title 14A / Section 14A-6-113
Civil actions by Administrator
Status: in_force

(1) After demand, the Administrator of Consumer Credit may

bring a civil action against a creditor for making or collecting

charges in excess of those permitted by the Uniform Consumer Credit

Code. An action may relate to transactions with more than one

debtor. If it is found that an excess charge has been made, the

court shall order the respondent to refund to the debtor or debtors

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

charge in deliberate violation of or in reckless disregard for the

Uniform Consumer Credit Code, or if a creditor has refused to refund

an excess charge within a reasonable time after demand by the debtor

or the Administrator the court may also order the respondent to pay

to the debtor or debtors a civil penalty in an amount determined by

the court not in excess of the greater of either the amount of the

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

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 217

excess charge. Refunds and penalties to which the debtor is

entitled pursuant to this subsection may be set off against the

debtor's obligation. If a debtor brings an action against a

creditor to recover an excess charge or civil penalty an action by

the Administrator to recover for the same excess charge or civil

penalty shall be stayed while the debtor's action is pending and

shall be dismissed if the debtor's action is dismissed with

prejudice or results in a final judgment granting or denying the

debtor's claim. 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. If the creditor establishes by a

preponderance of evidence that a violation is unintentional or the

result of a bona fide error, no liability to pay a penalty shall be

imposed under this subsection.

(2) The Administrator may bring a civil action against a

creditor or a person acting in his behalf to recover a civil penalty

for willfully violating the Uniform Consumer Credit Code, and if the

court finds that the defendant has engaged in a course of repeated

and willful violations of the Uniform Consumer Credit Code, it may

assess a civil penalty of no more than Five Thousand Dollars

($5,000.00). No civil penalty pursuant to this subsection may be

imposed for violations of the Uniform Consumer Credit Code occurring

more than two (2) years before the action is brought or for making

unconscionable agreements or engaging in a course of fraudulent or

unconscionable conduct.

(3) Any entity or individual offering to engage or engaged in

making consumer credit sales, consumer leases, consumer loans or

supervised loans in this state without a license or notification

filing required by this title shall be subject to a civil penalty

not to exceed Five Thousand Dollars ($5,000.00).

(4) The Administrator may impose a civil penalty as prescribed

in subsection (3) of this section, after notice and hearing as

provided in Section 3-505 of this title and in accordance with

Article II of the Administrative Procedures Act. Any administrative

order or settlement agreement imposing a civil penalty pursuant to

this section may be enforced in the same manner as civil judgments

in this state. The Administrator may file an application to enforce

an administrative order or settlement agreement imposing a civil

penalty in the district court of Oklahoma County.
Okla. Stat. tit. 14A, § 14A-2-111 — OK Code / Title 14A / Section 14A-2-111
Definition: "Amount financed"
Status: in_force

"Amount financed" means the total of the following items to the

extent that payment is deferred:

(1) the cash price of the goods, services, or interest in land,

less the amount of any down payment whether made in cash or in

property traded in;

(2) the amount actually paid or to be paid by the seller

pursuant to an agreement with the buyer to discharge a security

interest in or a lien on property traded in; and

(3) if not included in the cash price

(a) any applicable sales, use, or excise and documentary

stamp taxes;

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

registration, certificate of title, or license fees;

and

(c) additional charges permitted by this article (Section

2-202).
Okla. Stat. tit. 14A, § 14A-2-211 — OK Code / Title 14A / Section 14A-2-211
Discounts inducing payment by cash, check or similar
Status: in_force

means.

A. With respect to all sales, service, and lease transactions

including, but not limited to, any consumer credit sales

transaction, a discount which a seller offers, allows, or otherwise

makes available for the purpose of inducing payment by cash, check,

debit card, or similar means rather than by use of a credit card

shall not constitute a credit service charge as determined under

Section 2-109 of this title if the discount is offered to all

prospective buyers clearly and conspicuously in accordance with

regulations of the Administrator of Consumer Credit. There shall be

no limit on the discount that may be offered by the seller.

Pursuant to the regulations of the Administrator, a seller who

provides a discount not in accordance with regulations shall

disclose such information to the Administrator.

B. No seller may impose a surcharge on a cardholder who elects

to pay using a credit card instead of paying by cash, check, debit

card, or similar means unless the seller complies with the following

requirements:

1. Notice displaying the amount of the surcharge applicable

shall be clearly and conspicuously posted at the point of entry and

the point of sale for in-person transactions and the home page and

the point-of-sale webpage for online transactions. Notice,

including all required information, shall be verbally disclosed to

the customer for transactions processed over the phone; and

2. No surcharge shall exceed two percent (2%) of the total

transaction or the actual amount to be charged to the person or

retailer to process the credit card transaction, whichever is less.

A customer shall not be considered to have chosen to use a credit

card as a method of payment under this section if, at the time of

the transaction, the person or retailer accepts only credit cards as

payment.

C. A seller who is registered with the United States Department

of the Treasury as a money transmitter pursuant to 31 C.F.R.,

Section 103.41, and who provides an electronic funds transmission

service, including service by telephone and the Internet, may charge

a different price for a funds transmission service based on the mode

of transmission used in the transaction without violating this

section so long as the price charged for a service paid for with an

open-end credit card or debit card account is not greater than the

price charged for such service if paid for with currency or other

similar means accepted within the same mode of transmission.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 37

D. Any seller subject to the provisions of subsection C of this

section shall either conduct business at a location in this state or

comply with the provisions of Section 1022 of Title 18 of the

Oklahoma Statutes.

E. As used in this section:

1. “Credit card” means any instrument or device, whether known

as a credit card, credit plate, charge card, or by any other name,

issued with or without fee by an issuer for the use of the

cardholder in money, goods or services, or anything of value on

credit;

2. “Seller” means any person, entity, or retailer doing

business in this state in any sales, service, or lease transaction

including, but not limited to, any consumer credit sales

transaction; and

3. “Surcharge” means any additional amount imposed by a person,

entity, or retailer at the time of a credit card transaction that

increases the amount of the transaction for the use of a credit card

as payment.

F. For purposes of this section, a private educational

institution as defined in paragraph (e) of Section 3102 of Title 70

of the Oklahoma Statutes, a private school defined as a nonpublic

entity conducting an educational program for at least one grade

between prekindergarten through twelve, a municipality as defined in

paragraph 5 of Section 1-102 of Title 11 of the Oklahoma Statutes or

a public trust with a municipality as its beneficiary may charge a

service fee. The service fee shall be limited to bank processing

fees and financial transaction fees, the cost of providing for

secure transaction, portal fees, and fees necessary to compensate

for increased bandwidth incurred as a result of providing the

transaction.
Okla. Stat. tit. 14A, § 14A-3-203 — OK Code / Title 14A / Section 14A-3-203
Delinquency charges
Status: in_force

(1) With respect to a precomputed consumer loan, refinancing,

or consolidation, 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 less than Five Dollars ($5.00)

nor more than any of the following, whichever is greater:

(a) five percent (5%) of the unpaid amount of the

installment,

(b) the dollar amount provided by rule of the

Administrator for this section pursuant to Section 1-

106 of this title, or

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 87

(c) the deferral charge (subsection (1) of Section 3-204)

that would be permitted to defer the unpaid amount of

the installment for the period that it is delinquent.

(2) A delinquency charge under paragraph (a) of subsection (1)

may be collected only once on an installment however long it remains

in default. No delinquency charge may be collected if the

installment has been deferred and a deferral charge (Section 3-204)

has been paid or incurred. A delinquency charge may be collected at

the time it accrues or at any time thereafter.

(3) No delinquency charge may be collected on an installment

which is paid in full within ten (10) days after its scheduled

installment due date even though an earlier maturing installment or

a delinquency charge on an earlier installment may not have been

paid in full. For purposes of this subsection payments are applied

first to current installments and then to delinquent installments.

(4) If two installments or parts thereof of a precomputed loan

are in default for ten (10) days or more, the lender may elect to

convert the loan from a precomputed loan to one in which the loan

finance charge is based on unpaid balances. In this event he shall

make a rebate pursuant to the provisions on rebate upon prepayment

(Section 3-210) as of the maturity date of the first delinquent

installment, and thereafter may make a loan finance charge as

authorized 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. The

amount of the rebate shall not be reduced by the amount of any

permitted minimum charge (Section 3-210). If the lender proceeds

under this subsection, any delinquency or deferral charges made with

respect to installments due at or after the maturity date of the

first delinquent installment shall be rebated, and no further

delinquency or deferral charges shall be made.

(5) With respect to a consumer loan, refinancing or

consolidation, which is not precomputed, including a revolving loan

account accessed by lender credit card or similar arrangement, 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 less than Five Dollars ($5.00) nor more than the greater

of five percent (5%) of the unpaid amount of the payment or the

dollar amount provided by the rule of the Administrator in effect

for this section pursuant to Section 1-106 of this title. 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.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 88
Okla. Stat. tit. 14, § 14-143 — OK Code / Title 14 / Section 14-143
Errors – Unassigned land
Status: in_force

A. The Legislature declares that careful and diligent efforts

have been put forth in the preparation of the State House of

Representatives districts described in this act; provided, however,

if by some scrivener's error any census block has been inadvertently

and unintentionally placed as to be noncontiguous with the remainder

of the district to which it has been assigned, then it shall be the

duty of the Legislature in 2022 to correct such scrivener's error to

preserve the contiguity in such district.

B. Any unassigned land within a district not specifically

provided for in this act shall be construed to be a part of the

district in which it is located.

C. If the State House of Representatives Redistricting Act of

2021 or the State Senate Redistricting Act of 2021 requires any

county election board to create precincts pursuant to Section 3-116

of Title 26 of the Oklahoma Statutes where no persons reside, it

shall be the duty of the Speaker of the House of Representatives and

the President Pro Tempore of the Senate to adjust House or Senate

district lines to prevent the creation of precincts where no persons

reside. Any adjustment shall not affect the total population of any

House or Senate district.
Okla. Stat. tit. 14A, § 14A-6-115 — OK Code / Title 14A / Section 14A-6-115
Debtors' remedies not affected
Status: in_force

The grant of powers to the Administrator in this article does

not affect remedies available to debtors under this act or under

other principles of law or equity.
Okla. Stat. tit. 14A, § 14A-3-102 — OK Code / Title 14A / Section 14A-3-102
Scope
Status: in_force

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 78

This article applies to consumer loans, including supervised

loans, unless otherwise provided by a section of this article.
Okla. Stat. tit. 14A, § 14A-3-505 — OK Code / Title 14A / Section 14A-3-505
Hearing examiner - Powers - Reinstatement - Certain
Status: in_force

disclosures required of licensee.

(1) The Administrator of Consumer Credit shall appoint an

independent hearing examiner to conduct all administrative hearings

involving alleged violations of this title. The independent hearing

examiner shall have authority to exercise all powers granted by

Article II of the Administrative Procedures Act in conducting

hearings. The independent hearing examiner shall recommend

penalties authorized by this title and issue proposed orders, with

proposed findings of fact and proposed conclusions of law, to the

Administrator pursuant to Article II of the Administrative

Procedures Act. The Administrator shall review the proposed order

and issue a final agency order in accordance with Article II of the

Administrative Procedures Act. The costs of the hearing examiner

may be assessed by the hearing examiner against the respondent,

unless the respondent is the prevailing party. Any person aggrieved

by a final agency order of the Administrator may obtain judicial

review in accordance with the Administrative Procedures Act. The

jurisdiction and venue of any such action shall be in the district

court of Oklahoma County.

(2) The Administrator may, after notice and hearing, censure,

probate, suspend, revoke or refuse to renew any license, or in

addition to or in lieu of censure, probation, suspension or

revocation, order refunds for unlawful charges if the Administrator

finds that:

(a) The licensee has failed to pay the annual license fee

imposed by this title, or an examination fee,

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 150

investigation fee or other fee or charge imposed by

the Administrator under the authority of this title,

(b) The licensee, either knowingly or without the exercise

of due care to prevent the same, has violated any

provision of this title or any regulation or order

lawfully made pursuant to and within the authority of

this title, or

(c) Any fact or condition exists which, if it had existed

or had been known to exist at the time of the original

application for such license, clearly would have

justified the Administrator in refusing to issue such

license.

(3) Any licensee may surrender any license by delivering it to

the Administrator with written notice of its surrender, but such

surrender shall not affect the administrative, civil or criminal

liability for acts committed prior thereto.

(4) No revocation, suspension, or surrender of any license

shall impair or affect the obligation of any preexisting lawful

contract between the licensee and any borrower.

(5) The Administrator may reinstate suspended licenses or issue

new licenses to a person whose license or licenses have been revoked

if no fact or condition then exists which clearly would have

justified the Administrator or the independent hearing examiner in

refusing originally to issue such license under this part.

(6) Every licensee shall notify the Administrator of the

conviction of or plea of guilty or nolo contendere to any felony

within thirty (30) days after the plea is taken and also within

thirty (30) days of the entering of an order of judgment and

sentencing and shall notify the Administrator of any administrative

action resulting in revocation, suspension, or amendment of a

license taken against the licensee in another state within thirty

(30) days of the entering of the administrative order in that state.
Okla. Stat. tit. 14A, § 14A-2-301 — OK Code / Title 14A / Section 14A-2-301
Applicability - Information required
Status: in_force

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

credit sale includes the sale of an interest in land without regard

to the rate of the credit service charge if the sale is otherwise a

consumer credit sale as defined by Section 2-104 of this title; a

sale of 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 sale is otherwise a consumer credit sale; and credit

transactions in which any card issuer extends credit that is not

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 38

subject to a finance charge and that is not payable by written

agreement in four or more installments.

(2) The seller or lessor shall disclose to the buyer to whom

credit is extended or lessee with respect to a consumer credit sale

or consumer lease the information required by 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 sales credit which is 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 seller under this part.

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

revolving charge account plan described in Section 2-310.2 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 2-310.2 of this title with respect to

such plan, in accordance with subsection (9) of

Section 2-302 of this title; and

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

Section 2-310.2 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 2-310.2 with respect to the

application.

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

issuer", "applicant", "cardholder", "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.

References in this part to "interest" are not limited to the

definition of that term in Section 264A of Title 15 of the Oklahoma

Statutes but are to be construed in context consistently with the

meaning of that term in regulations under the Federal Consumer

Credit Protection Act.

(7) The fact a charge or fee or a credit plan or a practice is

mentioned in this part does not itself serve to authorize it, to

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 39

remove any limitation in this title applicable to it, or to extend

the applicability of this article to it if this article would not

otherwise apply.
Okla. Stat. tit. 14A, § 14A-3-703 — OK Code / Title 14A / Section 14A-3-703
Prohibition on gifts – Revenue sharing
Status: in_force

A private educational lender may not, directly or indirectly:

(a) offer or provide any gift to a covered educational

institution in exchange for any advantage or

consideration provided to such private educational

lender related to its private educational loan

activities; or

(b) engage in revenue sharing with a covered educational

institution.
Okla. Stat. tit. 14A, § 14A-6-501 — OK Code / Title 14A / Section 14A-6-501
Department of Consumer Credit - Commission on Consumer
Status: in_force

Credit - Administrator of Consumer Credit.

There is hereby created:

(a) the Department of Consumer Credit,

(b) the Commission on Consumer Credit. The Commission

shall be the policy-making and governing authority of

the Department and shall appoint the Administrator and

be responsible for the enforcement of the Uniform

Consumer Credit Code, and

(c) the Office of Administrator of Consumer Credit.
Okla. Stat. tit. 14A, § 14A-3-802 — OK Code / Title 14A / Section 14A-3-802
Nonapplicability of act
Status: in_force

NONAPPLICABILITY OF ACT.

Except as specifically provided by this act, this act does not

apply to the following persons who enter into a consumer litigation

funding agreement with a consumer:

1. An immediate family member of the consumer;

2. An accountant who provides accounting services to the

consumer; or

3. 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.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 172
Okla. Stat. tit. 14A, § 14A-1-201 — OK Code / Title 14A / Section 14A-1-201
Territorial application
Status: in_force

(1) Except as otherwise provided in this section, the Uniform

Consumer Credit Code applies to sales, leases, and loans made in

this state and to modifications, including refinancings,

consolidations, and deferrals, made in this state, of sales, leases,

and loans, wherever made. For purposes of the Uniform Consumer

Credit Code:

(a) a sale or modification of a sale agreement is made in

this state if the buyer's agreement or offer to

purchase or to modify is received by the seller in

this state,

(b) a lease or modification of a lease agreement is made

in this state if the lessee's agreement or offer to

lease or to modify is received by the lessor in this

state, and

(c) a loan or modification of a loan agreement is made in

this state if a writing signed by the debtor and

evidencing the debt is received by the lender in this

state.

(2) With respect to sales made pursuant to a revolving charge

account (Section 2-108), the Uniform Consumer Credit Code applies if

the buyer's communication or indication of his intention to

establish the account is received by the seller in this state. If

no communication or indication of intention is given by the buyer

before the first sale, the Uniform Consumer Credit Code applies if

the seller's communication notifying the buyer of the privilege of

using the account is mailed or personally delivered in this state.

(3) With respect to loans made pursuant to a lender credit card

or similar arrangement (subsection (9) of Section 1-301), the

Uniform Consumer Credit Code applies if the debtor's communication

or indication of his intention to establish the arrangement with the

lender is received by the lender in this state. If no communication

or indication of intention is given by the debtor before the first

loan, the Uniform Consumer Credit Code applies if the lender's

communication notifying the debtor of the privilege of using the

arrangement is mailed or personally delivered in this state.

(4) The part on limitations on creditors' remedies (Part 1) of

the article on remedies and penalties (Article 5) applies to actions

or other proceedings brought in this state to enforce rights arising

from consumer credit sales, consumer leases, consumer loans, or

extortionate extensions of credit, wherever made.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 11

(5) If a consumer credit sale, consumer lease, or consumer

loan, or modification thereof, is made in another state to a person

who is a resident of this state when the sale, lease, loan, or

modification is made, the following provisions apply as though the

transaction occurred in this state:

(a) a seller, lessor, lender, or assignee of his rights,

may not collect charges through actions or other

proceedings in excess of those permitted by the

article on credit sales (Article 2) or by the article

on loans (Article 3), and

(b) a seller, lessor, lender, or assignee of his rights,

may not enforce rights against the buyer, lessee, or

debtor, with respect to the provisions of agreements

which violate the provisions on limitations on

agreements and practices (Part 4) of the article on

credit sales (Article 2) or of the article on loans

(Article 3).

(6) Except as provided in subsection (4), a sale, lease, loan,

or modification thereof, made in another state to a person who was

not a resident of this state when the sale, lease, loan, or

modification was made is valid and enforceable in this state

according to its terms to the extent that it is valid and

enforceable under the laws of the state applicable to the

transaction.

(7) For the purposes of the Uniform Consumer Credit Code, the

residence of a buyer, lessee, or debtor, is the address given by the

person as his or her residence in any writing signed by such person

in connection with a credit transaction. Until such person notifies

the creditor of a new or different address, the given address is

presumed to be unchanged.

(8) Notwithstanding other provisions of this section:

(a) except as provided in subsection (4), the Uniform

Consumer Credit Code does not apply if the buyer,

lessee, or debtor is not a resident of this state at

the time of a credit transaction and the parties then

agree that the law of his or her residence applies,

and

(b) the Uniform Consumer Credit Code applies if the buyer,

lessee, or debtor is a resident of this state at the

time of a credit transaction and the parties then

agree that the law of this state applies.

(9) Except as provided in subsection (8), the following

agreements by a buyer, lessee, or debtor are invalid with respect to

consumer credit sales, consumer leases, consumer loans, or

modifications thereof, to which the Uniform Consumer Credit Code

applies:

(a) that the law of another state shall apply,

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 12

(b) that the buyer, lessee, or debtor consents to the

jurisdiction of another state, and

(c) that fixes venue.

(10) The following provisions of the Uniform Consumer Credit

Code specify the applicable law governing certain cases:

(a) applicability (Section 6-102) of the part on powers

and functions of administrator (Part 1) of the article

on administration (Article 6), and

(b) applicability (Section 6-201) of the part on

notification and fees (Part 2) of the article on

administration (Article 6).

(11) Notwithstanding other provisions of this section, the

Uniform Consumer Credit Code applies to sales, leases and loans,

including modifications, refinancing, consolidations and deferrals

thereof, entered into between a resident of this state while in this

state, and a seller, lessor, lender or assignee of a seller, lessor

or lender via the Internet or any other electronic means.
Okla. Stat. tit. 14A, § 14A-1-104 — OK Code / Title 14A / Section 14A-1-104
Construction against implicit repeal
Status: repealed

This act being a general act intended as a unified coverage of

its subject matter, no part of it shall be deemed to be impliedly

repealed by subsequent legislation if such construction can

reasonably be avoided.
Okla. Stat. tit. 14A, § 14A-5-204 — OK Code / Title 14A / Section 14A-5-204
Right to rescind certain transactions
Status: in_force

(1) Except as otherwise provided in this section, in the case

of a consumer credit sale or consumer loan, including opening or

increasing the credit limit for an open-end credit plan, with

respect to which a security interest, including any such interest

arising by operation of law, is or will be retained or acquired in

any real or personal property which is used as the principal

dwelling of the person to whom credit is extended, each person in

whose principal dwelling a security interest is or will be retained

or acquired, if that person's ownership interest in the dwelling is

or will be subject to the security interest, shall have the right to

rescind the transaction until midnight of the third business day

following the consummation of the transaction or the delivery of the

information and rescission forms required under this section

together with a statement containing the material disclosures as

defined in subsection (7) of this section, whichever is later, by

notifying the creditor, in accordance with rules of the

Administrator, of the person’s intention to do so. The creditor

shall clearly and conspicuously disclose, in accordance with rules

of the Administrator, in a transaction subject to this section the

rights of the person having the right of rescission under this

section. The creditor shall also provide, in accordance with rules

of the Administrator, appropriate forms and an adequate opportunity

to a person having the right of rescission to exercise the right to

rescind any transaction subject to this section. If the required

notice and material disclosures are not delivered, the right to

rescind shall expire no later than three (3) years after the date of

consummation of the transaction giving rise to the right of

rescission, or upon sale of the property, whichever occurs first;

except that if the Administrator or any other appropriate agency

institutes a proceeding to enforce the provisions of this section

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 199

within three (3) years after the date of consummation of the

transaction and finds a violation of this section and the right to

rescind is based in whole or in part on any matter involved in such

proceeding, then the right of rescission shall expire three (3)

years after the date of consummation of the transaction or upon the

earlier sale of the property, or upon the expiration of one (1) year

following the conclusion of the proceeding, or any judicial review

or period for judicial review thereof, whichever is later.

(2) When the right of rescission is exercised under subsection

(1) of this section, the debtor or person exercising the right of

rescission is not liable for any credit service charge, loan finance

charge or other charge, and any security interest given, including

any such interest arising by operation of law, becomes void upon the

rescission. Within twenty (20) days after receipt of a notice of

rescission, the creditor shall return any money or property given as

earnest money, down payment or otherwise, and shall take any action

necessary or appropriate to reflect the termination of any security

interest created under the transaction. If the creditor has

delivered any property to the person exercising the right of

rescission, such person may retain possession of it. Upon the

performance of the creditor's obligations under this section, the

person exercising the right of rescission shall tender to the

creditor all property delivered by the creditor in the consumer

credit transaction, except that if return of the property in kind

would be impractical or inequitable, tender of its reasonable value

shall be made. Tender shall be made at the location of the property

or at the principal dwelling of the person exercising the right of

rescission, at the option of the person. If the creditor does not

take possession of the property within twenty (20) days after tender

by the person exercising the right of rescission, such person may

keep it without further obligation. The procedures prescribed by

this subsection shall apply except when otherwise ordered by a

court.

(3) Notwithstanding any rule of evidence, written

acknowledgment of receipt of any disclosure required under this

title by a person to whom information, forms, and a statement is

required to be given pursuant to this section does no more than

create a rebuttable presumption of delivery thereof.

(4) The person entitled to exercise the right of rescission may

modify or waive the right to rescind if that person determines that

the extension of credit is necessary in order to meet a bona fide

personal financial emergency. To modify or waive the right, the

person shall give the creditor a dated written statement that

describes the emergency, specifically modifies or waives the right

to rescind, and bears the signature of all of the persons entitled

to rescind. Printed forms for this purpose are prohibited.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 200

(5) This section does not apply to the creation or retention of

a consensual lien against a principal dwelling to finance the

acquisition or initial construction of that dwelling; a transaction

which constitutes a refinancing or consolidation (with no new

advances) of the principal balance then due and any accrued and

unpaid finance charges of an existing extension of credit by the

same creditor secured by an interest in the same property; a

transaction in which an agency of a state is the creditor; or

advances under a preexisting open-end credit plan if a security

interest has already been retained or acquired and such advances are

in accordance with a previously established credit limit for such

plan.

(6) In any action in which it is determined that a creditor has

violated this section, in addition to rescission the court may award

relief under Section 5-203 of this title for violations of this

title not relating to the right to rescind.

(7) The term "material disclosures" means the disclosure, as

required by this title, of the annual percentage rate, the method of

determining the finance charge and the balance upon which a finance

charge will be imposed, the amount of the finance charge, the amount

to be financed, the total of payments, the number and amount of

payments, and the due dates or periods of payments scheduled to

repay the indebtedness.

(8) An obligor shall have no rescission rights arising solely

from the form of written notice used by the creditor to inform the

obligor of the rights of the obligor under this section, if the

creditor provided the obligor the appropriate form of written notice

published and adopted by the Administrator, or a comparable written

notice of the rights of the obligor, that was properly completed by

the creditor, and otherwise complied with all other requirements of

this section regarding notice.

(9) (a) Notwithstanding the provisions of Section 21 of this

act, and subject to the time period provided in

subsection (1) of this section, in addition to any

other right of rescission available under this section

for a transaction, after the initiation of any

judicial or nonjudicial foreclosure process on the

primary dwelling of an obligor securing an extension

of credit, the obligor shall have a right to rescind

the transaction equivalent to other rescission rights

provided by this section, if:

(i) a mortgage broker fee is not included in the

finance charge in accordance with the laws and

regulations in effect at the time the consumer

credit transaction was consummated; or

(ii) the form of notice of rescission for the

transaction is not the appropriate form of

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 201

written notice published and adopted by the

Administrator or a comparable written notice, and

otherwise complied with all the requirements of

this section regarding notice.

(b) Notwithstanding the provisions of subsection (6) of

Section 3-304 of this title, and subject to the time

period provided in subsection (1) of this section, for

the purposes of exercising any rescission rights after

the initiation of any judicial or nonjudicial

foreclosure process on the principal dwelling of the

obligor securing an extension of credit, the

disclosure of the finance charge and other disclosures

affected by any finance charge shall be treated as

being accurate for purposes of this section if the

amount disclosed as the finance charge does not vary

from the actual finance charge by more than Thirty-

five Dollars ($35.00) or is greater than the amount

required to be disclosed under this title.

(c) Nothing in this subsection affects a consumer's right

of rescission in recoupment under law.

(d) This subsection shall apply to all consumer credit

transactions in existence or consummated on or after

September 30, 1995.
Okla. Stat. tit. 14A, § 14A-2-416 — OK Code / Title 14A / Section 14A-2-416
Change in terms of revolving charge accounts
Status: in_force

(1) If a seller makes a change in the terms of a revolving

charge account without complying with this section any additional

cost or charge to the buyer resulting from the change is an excess

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 74

charge and subject to the remedies available to debtors (Section 5-

202) and to the Administrator (Section 6-113).

(2) A seller may change the terms of a revolving charge account

whether or not the change is authorized by prior agreement. Except

as provided in subsection (3), the seller shall give to the buyer

written notice of any change at least three times, with the first

notice at least six (6) months before the effective date of the

change.

(3) The notice specified in subsection (2) is not required if:

(a) the buyer after receiving notice of the change agrees

in writing to the change;

(b) the buyer elects to pay an amount designated on a

billing statement (subsection (2) of Section 2-310) as

including a new charge for a benefit offered to the

buyer when the benefit and charge constitute the

change in terms and when the billing statement also

states the amount payable if the new charge is

excluded;

(c) the change involves no significant cost to the buyer;

(d) the buyer has previously consented in writing to the

kind of change made and notice of the change is given

to the buyer at least fifteen (15) days prior to the

effective date of the change;

(e) the change applies only to purchases made or

obligations incurred after a date specified in a

notice of the change given at least fifteen (15) days

prior to the effective date of the change; or

(f) the change involves late payment charges or over-the-

limit charges.

(4) The notice provided for in this section is given to the

buyer when mailed to the buyer at the address used by the seller for

sending periodic billing statements.
Okla. Stat. tit. 14A, § 14A-3-108 — OK Code / Title 14A / Section 14A-3-108
Definition: "Revolving loan account"
Status: in_force

"Revolving loan account" means an open-end credit plan between a

lender and a debtor under

(1) which the lender reasonably contemplates repeated

transactions, which prescribes the terms of such transactions, and

pursuant to which the lender will permit the debtor to obtain loans

from time to time; and

(2) which provides for a loan finance charge which is not

precomputed but is computed on the outstanding unpaid balances of

the debtor's account from time to time.
Okla. Stat. tit. 14A, § 14A-2-415 — OK Code / Title 14A / Section 14A-2-415
Authorization to confess judgment prohibited
Status: in_force

A buyer or lessee may not authorize any person to confess

judgment on a claim arising out of a consumer credit sale or

consumer lease. An authorization in violation of this section is

void.
Okla. Stat. tit. 14A, § 14A-2-310.1 — OK Code / Title 14A / Section 14A-2-310.1
Disclosure in credit and charge card applications and
Status: in_force

solicitation.

Disclosure in credit and charge card applications and

solicitation.

(1) Any application to open a credit card account for any

person under a revolving charge account plan, or a solicitation to

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 49

open such an account without requiring an application that is mailed

to consumers shall disclose the following information, subject to

subsection (8) of this section and subsections (5) through (8) of

Section 2-302 of this title.

(a) Each annual percentage rate applicable to extensions

of credit under such credit plan.

(b) Where an extension of credit is subject to a variable

rate, the fact that the rate is variable, the annual

percentage rate in effect at the time of the mailing,

and how the rate is determined.

(c) Where more than one rate applies, the range of

balances to which each rate applies.

(d) Any annual fee, other periodic fee, or membership fee

imposed for the issuance or availability of a credit

card, including any account maintenance fee or other

charge imposed based on activity or inactivity for the

account during the billing cycle.

(e) Any minimum finance charge imposed for each period

during which any extension of credit which is subject

to a finance charge is outstanding.

(f) Any transaction charge imposed in connection with use

of the card to purchase goods or services.

(g) The date by which or the period within which any

credit extended under such credit plan for purchases

of goods or services must be repaid to avoid incurring

a credit service charge, and, if no such period is

offered, such fact shall be clearly stated.

(h) If the length of such "grace period" varies, the card

issuer may disclose the range of days in the grace

period, the minimum number of days in the grace

period, or the average number of days in the grace

period, if the disclosure is identified as such.

(i) The name of the balance calculation method used in

determining the balance on which the credit service

charge is computed if the method used has been defined

by the Administrator, or a detailed explanation of the

balance calculation method used if the method has not

been so defined.

(j) In prescribing rules to carry out the requirement of

paragraph (i) of this subsection, the Administrator

shall define and name not more than the five (5)

balance calculation methods determined by the

Administrator to be the most commonly used methods.

(2) In addition to the information required to be disclosed

under subsection (1) of this section each application or

solicitation to which such subsection applies shall disclose clearly

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 50

and conspicuously the following information, subject to subsections

(8) and (9) of this section:

(a) Any fee imposed for an extension of credit in the form

of cash.

(b) Any fee imposed for a late payment.

(c) Any fee imposed in connection with an extension of

credit in excess of the amount of credit authorized to

be extended with respect to such account.

(3) (a) In any telephone solicitation to open a credit card

account for any person under a revolving charge

account plan, the person making the solicitation shall

orally disclose the information described in

subsection (1) of this section.

(b) Paragraph (a) of this subsection shall not apply to

any telephone solicitation if:

(i) the credit card issuer:

(aa) does not impose any fee described in

paragraph (d) of subsection (1) of this

section, or

(bb) does not impose any fee in connection with

telephone solicitations unless the consumer

signifies acceptance by using the card;

(ii) the card issuer discloses clearly and

conspicuously in writing the information

described in subsections (1) and (2) of this

section within thirty (30) days after the

consumer requests the card, but in no event later

than the date of delivery of the card; and

(iii) the card issuer discloses clearly and

conspicuously that the consumer is not obligated

to accept the card or account and the consumer

will not be obligated to pay any of the fees or

charges disclosed unless the consumer elects to

accept the card or account by using the card.

(4) (a) Any application to open a credit card account for any

person under a revolving charge account plan, and any

solicitation to open an account without requiring an

application, that is made available to the public or

contained in catalogs, magazines or other publications

shall meet the disclosure requirements of paragraph

(b), (c), or (d) of this subsection.

(b) An application or solicitation described in paragraph

(a) of this subsection meets the requirement of this

paragraph if such application or solicitation

contains:

(i) the information:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 51

(aa) described in subsection (1) of this section

in the form required under subsections (5)

through (8) of Section 2-302 of this title

subject to subsection (8) of this section,

and

(bb) described in subsection (2) of this section

in a clear and conspicuous form, subject to

subsections (8) and (9) of this section;

(ii) a statement, in a conspicuous and prominent

location on the application or solicitation,

that:

(aa) the information is accurate as of the date

the application or solicitation was printed;

(bb) the information contained in the application

or solicitation is subject to change after

such date; and

(cc) the applicant should contact the creditor

for information on any change in the

information contained in the application or

solicitation since it was printed;

(iii) a clear and conspicuous disclosure of the date

the application or solicitation was printed; and

(iv) a disclosure, in a conspicuous and prominent

location on the application or solicitation, of a

toll free telephone number or a mailing address

at which the applicant may contact the creditor

to obtain any change in the information provided

in the application or solicitation since it was

printed.

(c) An application or solicitation described in paragraph

(a) of this subsection meets the requirement of this

paragraph if such application or solicitation:

(i) contains a statement, in a conspicuous and

prominent location on the application or

solicitation, that:

(aa) there are costs associated with the use of

credit cards; and

(bb) the applicant may contact the creditor to

request disclosure of specific information

of such costs by calling a toll free

telephone number or by writing to an address

specified in the application;

(ii) contains a disclosure, in a conspicuous and

prominent location on the application or

solicitation, of a toll free telephone number and

a mailing address at which the applicant may

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 52

contact the creditor to obtain such information;

and

(iii) does not contain any of the items described in

subsections (1) and (2) of this section.

(d) An application or solicitation meets the requirements

of this subsection if it contains, or is accompanied

by

(i) the disclosures required by paragraphs (a)

through (f) of subsection (1) of Section 2-310 of

this title;

(ii) the disclosures required by subsections (1) and

(2) of this section included clearly and

conspicuously, except that the provisions of

subsections (5) through (8) of Section 2-302 of

this title shall not apply; and

(iii) a toll free telephone number or a mailing address

at which the applicant may contact the creditor

to obtain any change in the information provided.

(e) Upon receipt of a request for any of the information

referred to in paragraph (b), (c) or (d) of this

subsection, the card issuer or the agent of such

issuer shall promptly disclose all of the information

described in subsections (1) and (2) of this section.

(5) (a) Any application or solicitation to open a charge card

account shall disclose clearly and conspicuously the

following information in the form required by

subsections (5) through (8) of Section 2-302 of this

title subject to subsection (8) of this section:

(i) Any annual fee, other periodic fee, or membership

fee imposed for the issuance or availability of

the charge card, including any account

maintenance fee or other charge imposed based on

activity or inactivity for the account during the

billing cycle.

(ii) Any transaction charge imposed in connection with

use of the card to purchase goods or services.

(iii) A statement that charges incurred by use of the

charge card are due and payable upon receipt of a

periodic statement rendered for such charge card

account.

(b) In addition to the information required to be

disclosed under paragraph (a) of this subsection each

written application or solicitation to which such

paragraph applies shall disclose clearly and

conspicuously the following information, subject to

subsections (8) and (9) of this section:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 53

(i) Any fee imposed for an extension of credit in the

form of cash.

(ii) Any fee imposed for a late payment.

(iii) Any fee imposed in connection with an extension

of credit in excess of the amount of credit

authorized to be extended with respect to such

account.

(c) Any application to open a charge card account, and any

solicitation to open such an account without requiring

an application, that is made available to the public

or contained in catalogs, magazines, or other

publications shall contain:

(i) the information:

(aa) described in paragraph (a) of this

subsection in the form required under

subsections (5) through (8) of Section 2-302

of this title subject to subsection (8) of

this section; and

(bb) described in paragraph (b) of this

subsection in a clear and conspicuous form,

subject to subsections (8) and (9) of this

section;

(ii) a statement, in a conspicuous and prominent

location on the application or solicitation,

that:

(aa) the information is accurate as of the date

the application or solicitation was printed;

(bb) the information contained in the application

or solicitation is subject to change after

such date; and

(cc) the applicant should contact the creditor

for information on any change in the

information contained in the application or

solicitation since it was printed;

(iii) a clear and conspicuous disclosure of the date

the application or solicitation was printed; and

(iv) a disclosure, in a conspicuous and prominent

location on the application or solicitation, of a

toll free telephone number or a mailing address

at which the applicant may contact the creditor

to obtain any change in the information provided

in the application or solicitation since it was

printed.

(d) If a charge card permits the card holder to receive an

extension of credit under a revolving charge account

plan which is not maintained by the charge card issuer

the charge card issuer may provide the information

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 54

described in paragraphs (a) and (b) of this subsection

in the form required by such paragraphs in lieu of the

information required to be provided under subsections

(1), (2), (3) or (4) of this section with respect to

any credit extended under such plan, if the charge

card issuer discloses clearly and conspicuously to the

consumer in the application or solicitation that:

(i) the charge card issuer will make an independent

decision as to whether to issue the card;

(ii) the charge card may arrive before the decision is

made with respect to an extension of credit under

a revolving charge account plan; and

(iii) approval by the charge card issuer does not

constitute approval by the issuer of the

extension of credit.

(e) The information required to be disclosed under

subsections (1) and (2) of this section shall be

provided to the charge card holder by the creditor

which maintains such revolving charge account plan

before the first extension of credit under such plan.

(f) For the purposes of this subsection, the term "charge

card" means a card, plate, or other single credit

device that may be used from time to time to obtain

credit which is not subject to a finance charge.

(6) The Administrator may, by rule, require the disclosure of

information in addition to that otherwise required by subsections

(1) through (7) of this section, and modify any disclosure of

information required by subsections (1) through (7) of this section,

in any application to open a credit card account for any person

under a revolving charge account plan or any application to open a

charge card account for any person, or a solicitation to open any

such account without requiring an application, if the Administrator

determines that such action is necessary to carry out the purposes

of, or prevent evasions of, any subsection of this section.

(7) (a) Except as provided in paragraph (b) of this

subsection, a card issuer that imposes any fee

described in subsections (1)(d) or (5)(a)(i) of this

section shall transmit to a consumer at least thirty

(30) days prior to the scheduled renewal date of the

consumer's credit or charge card account a clear and

conspicuous disclosure of:

(i) the date by which, the month by which, or the

billing period at the close of which, the account

will expire if not renewed;

(ii) the information described in subsections (1) or

(5)(a) of this section that would apply if the

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 55

account were renewed, subject to subsection (8)

of this section; and

(iii) the method by which the consumer may terminate

continued credit availability under the account.

(b) (i) The disclosures required by this subsection may

be provided:

(aa) prior to posting a fee described in

subsection (1)(d) or paragraph (a)(i) of

subsection (5) of this section to the

account; or

(bb) with the periodic billing statement first

disclosing that the fee has been posted to

the account.

(ii) disclosures may be provided under subparagraph

(i) of this paragraph only if:

(aa) the consumer is given a thirty-day period to

avoid payment of the fee or to have the fee

recredited to the account in any case where

the consumer does not wish to continue the

availability of the credit; and

(bb) the consumer is permitted to use the card

during such period without incurring an

obligation to pay such fee.

(c) The Administrator may, by rule, provide for fewer

disclosures than are required by paragraph (a) of this

subsection in the case of an account which is

renewable for a period of less than six (6) months.

(8) (a) If the amount of any fee required to be disclosed

under the previous subsections of this section is

determined on the basis of a percentage of another

amount, the percentage used in making such

determination and the identification of the amount

against which such percentage is applied shall be

disclosed in lieu of the amount of such fee.

(b) If a credit or charge card issuer does not impose any

fee required to be disclosed under any provision of

the previous subsections of this section, such

provision shall not apply with respect to such issuer.

(9) If the amount of any fee required to be disclosed by a

credit or charge card issuer under subsections (2), (4)(b)(i)(bb),

(5)(b) or (5)(c)(i)(bb) of this section varies from state to state,

the card issuer may disclose the range of such fees for purposes of

subsections (1) through (5) of this section in lieu of the amount

for each applicable state, if such disclosure includes a statement

that the amount of such fee varies from state to state.

(10) (a) Whenever a card issuer that offers any guarantee or

insurance for repayment of all or part of the

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 56

outstanding balance of a revolving charge account

plan, proposes to change the person providing that

guarantee or insurance, the card issuer shall send

each insured consumer written notice of the proposed

change not less than thirty (30) days prior to the

change, including notice of any increase in the rate

or substantial decrease in coverage or service which

will result from such change. Such notice may be

included on or with the monthly statement provided to

the consumer prior to the month in which the proposed

change would take effect.

(b) In any case in which a proposed change described in

paragraph (a) of this subsection occurs, the insured

consumer shall be given the name and address of the

new guarantor or insurer and a copy of the policy or

group certificate containing the basic terms and

conditions, including the premium rate to be charged.

(c) The notices required under paragraphs (a) and (b) of

this subsection shall each include a statement that

the consumer has the option to discontinue the

insurance or guarantee.

(d) No provision of this subsection shall be construed as

superseding any provision of Oklahoma law which is

applicable to the regulation of insurance.

(e) The Administrator shall define, in rules, what

constitutes a "substantial decrease in coverage or

service" for purposes of paragraph (a) of this

subsection.
Okla. Stat. tit. 14, § 14-7.4 — OK Code / Title 14 / Section 14-7.4
Effective dates of act provisions
Status: in_force

The Congressional Districts described in the Oklahoma

Congressional Redistricting Act of 2021 shall become effective at

the beginning of the terms of the members of the United States House

of Representatives elected at the General Election in November 2022;

provided, however, the State Election Board shall conduct the

elections for such offices in 2022 in accordance with the provisions

of the Oklahoma Congressional Redistricting Act of 2021.
Okla. Stat. tit. 14A, § 14A-6-104 — OK Code / Title 14A / Section 14A-6-104
Powers and duties of Administrator
Status: repealed

(1) In addition to other powers granted by this title, the

Administrator of Consumer Credit may, within the limitations

provided by law:

(a) receive and act on complaints, take action designed to

obtain voluntary compliance with this title, or

commence proceedings on the Administrator's own

initiative,

(b) counsel persons and groups on their rights and duties

under this title,

(c) establish programs for the education of consumers with

respect to credit practices and problems,

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 205

(d) make studies appropriate to effectuate the purposes

and policies of this title and make the results

available to the public,

(e) with approval by the Commission on Consumer Credit

adopt, amend, and repeal substantive rules when

specifically authorized by this title, and adopt,

amend, and repeal procedural rules to carry out the

provisions of this title, all as provided by the

Administrative Procedures Act, and

(f) enforce the disclosure provisions of the Federal

Consumer Credit Protection Act as defined in Section

1-302 of this title.

(2) Except for refund of an excess charge, no liability is

imposed under this title for an act done or omitted in conformity

with a rule of the Administrator or written opinion of the

Administrator stating rights and duties issued on the

Administrator's own motion or in response to a request under

paragraph (b) of subsection (1) of this section notwithstanding that

after the act or omission the rule or opinion may be amended or

repealed or be determined by judicial or other authority to be

invalid for any reason. The opinions of the Administrator shall be

compiled and published no less often than annually.

(3) The Administrator shall report annually on or before

January 1 to the Governor and Legislature on the operation of the

Administrator's office, on the use of consumer credit in the state,

and on the problems of persons of small means obtaining credit from

persons regularly engaged in extending sales or loan credit. For

the purpose of making the report, the Administrator is authorized to

conduct research and make appropriate studies. The report shall

include a description of the examination and investigation

procedures and policies of the Administrator's office, a statement

of policies followed in deciding whether to investigate or examine

the offices of credit suppliers subject to this title, a statement

of the number and percentages of offices which are periodically

investigated or examined, a statement of the types of consumer

credit problems of both creditors and debtors which have come to

the Administrator's attention through examinations and

investigations and the disposition of them under existing law, and a

general statement of the activities of the Administrator's office

and of others to promote the purposes of this title. The report

shall not identify the creditors against whom action is taken by the

Administrator.

(4) The Administrator may enter into cooperative, coordinating

and information-sharing agreements with any other agencies that have

supervisory or regulatory responsibility over any entity that has

been or may be licensed by the Department of Consumer Credit or any

organization affiliated with or representing one or more agencies

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 206

with supervisory or regulatory responsibility over any entity that

has been or may be licensed by the Department, and the Administrator

may accept reports of examination and reports of investigation from

any such agency or organization in lieu of conducting the

Administrator's own examinations or investigations. The

Administrator may cooperate, coordinate and enter into information-

sharing agreements with the Oklahoma State Banking Department and

other state agencies with whom the agreements may be mutually

beneficial.

(5) The Administrator shall have the authority to adopt rules,

not inconsistent with the provisions of this title, to limit the

amount of the additional charges that lenders are permitted to

impose under subsections (1) and (2) of Section 3-202 of this title

and Section 3-203.2 of this title, or to limit the amount of

deferral charges that sellers and lenders may impose under

subsections (2) and (3) of Section 2-204 of this title and

subsections (2) and (3) of Section 3-204 of this title. The

Administrator shall:

(a) in promulgating, amending or repealing rules pursuant

to this section, take into consideration whether

limits on the additional charges permitted under

subsections (1) and (2) of Section 3-202 of this title

and Section 3-203.2 of this title, or limits on

deferral charges that sellers and lenders may impose

under subsections (2) and (3) of Section 2-204 of this

title and subsections (2) and (3) of Section 3-204 of

this title, would:

(i) place lenders located in this state at a

competitive disadvantage, with respect to the

additional charges, as compared to out-of-state

credit card lenders or place sellers and lenders

in this state at a competitive disadvantage with

respect to the deferral charges, as compared to

out-of-state sellers and lenders,

(ii) require sellers or lenders located in this state

to impose higher finance charges, or

(iii) impede the growth of consumer credit sales or the

consumer lending industry in this state, and

(b) adopt rules limiting the dollar amounts of the

additional charges permitted under subsections (1) and

(2) of Section 3-202 of this title and Section 3-203.2

of this title, or the deferral charges permitted under

subsections (2) and (3) of Section 2-204 of this title

and subsections (2) and (3) of Section 3-204 of this

title, in the event that the Administrator determines

that such limits are necessary to protect debtors in

this state from being subjected to charges which are

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 207

unreasonable or excessive as compared to the

prevailing charges being imposed by out-of-state

lenders and sellers.
Okla. Stat. tit. 14A, § 14A-6-201 — OK Code / Title 14A / Section 14A-6-201
Applicability
Status: in_force

This part applies to a person other than a supervised financial

organization or a person holding a license to make supervised loans

issued under Part 5 of Article 3 of this act, engaged in making in

this state consumer credit sales, consumer leases, or consumer loans

and to a person having an office or place of business in this state

who takes assignments of and undertakes direct collection of

payments from or enforcement of rights against debtors arising from

these sales, leases or loans.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 222
Okla. Stat. tit. 14A, § 14A-3-307 — OK Code / Title 14A / Section 14A-3-307
Refinancing
Status: in_force

(1) Except as rules adopted by the Administrator not

inconsistent with the Federal Consumer Credit Protection Act may

otherwise prescribe, if the lender refinances an existing balance

owing with respect to a consumer loan, refinancing or consolidation

pursuant to the provisions on refinancing (Section 3-205) or

consolidates an existing balance owing from a previous consumer

loan, refinancing, or consolidation with the amount financed from a

subsequent consumer loan, refinancing, or consolidation or

consolidates the unpaid balance of a consumer loan with the unpaid

balance of a consumer credit sale so as to satisfy any existing

balance and replace it with a new obligation undertaken by the same

debtor, the lender shall make disclosure with respect to the new

transaction to the debtor of the information and in the manner

required by this part.

(2) A refinancing does not include:

(a) a renewal of a single payment obligation with no

change in the original terms;

(b) a reduction in the annual percentage rate with a

corresponding change in the payment schedule;

(c) an agreement involving a court proceeding;

(d) a change in the payment schedule or a change in

collateral requirements as a result of the debtor's

default or delinquency unless the rate is increased or

the new amount financed exceeds the unpaid balance

plus earned finance charge and premiums for

continuation of consumer credit insurance or insurance

against loss of or damage to property or against

liability arising out of the ownership or use of

property; or

(e) the renewal of optional insurance purchased by the

debtor and added to an existing transaction if

disclosures relating to the initial purchase were

provided in accordance with law.
Okla. Stat. tit. 14A, § 14A-3-410 — OK Code / Title 14A / Section 14A-3-410
Subsection 10 mortgages – Limitations and restrictions
Status: in_force

- Preemption.

(1) Limitation on terms on subsection 10 mortgages. A

subsection 10 mortgage referred to in subsection (10) of Section 1-

301 of Title 14A of the Oklahoma Statutes shall not contain a demand

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 142

feature that permits the creditor to terminate the loan in advance

of the original maturity date and to demand repayment of the entire

outstanding balance, except in the following circumstances:

(a) there is fraud or material misrepresentation by the

consumer in connection with the loan;

(b) the consumer fails to meet the repayment terms of the

agreement for any outstanding balance; or

(c) there is any action or inaction by the consumer that

adversely affects the creditor's security for the loan

or, any right of the creditor in such security;

(2) Restriction on activities. In connection with a subsection

10 mortgage referred to in subsection (10) of Section 1-301 of Title

14A of the Oklahoma Statutes:

(a) a creditor shall not replace or consolidate a zero

interest rate or other low-rate loan made by a

governmental or nonprofit creditor with a subsection

10 mortgage within the first ten (10) years of the

zero interest or other low-rate loan unless the

current holder of the loan consents in writing to the

refinancing. For purposes of this paragraph a “low-

rate loan” is a loan that carries a current interest

rate two (2) percentage points or more below the

current yield on United States Department of the

Treasury securities with a comparable maturity;

(b) no creditor shall recommend or encourage default on an

existing loan or other debt by an obligor before or in

connection with the closing or planned closing of a

subsection 10 mortgage that refinances all or any

portion of such existing loan or debt;

(c) a creditor extending mortgage credit subject to

subsection (10) of Section 1-301 of Title 14A of the

Oklahoma Statutes may not engage in a pattern or

practice of extending credit subject to a consumer

based on the consumer's collateral without regard to

the consumer's repayment ability, including the

consumer's current and expected income, current

obligations, and employment. There is a presumption

that a creditor has violated this subsection if the

creditor engages in a pattern or practice of making

subsection 10 mortgages without verifying and

documenting consumers' repayment ability. A consumer

shall be presumed to be able to make the scheduled

payments to repay the obligation if, at the time the

loan is consummated, the total monthly debts of the

consumer, including amounts owed under the loan, do

not exceed fifty-five percent (55%) of the monthly

gross income of the consumer as verified by the credit

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 143

application, the financial statement of the consumer,

a credit report, financial information provided to the

creditor by or on behalf of the consumer, or any other

reasonable means; provided, no presumption of

inability to make the scheduled payments to repay the

obligation shall arise solely from the fact that, at

the time the loan is consummated, the consumer's total

monthly debts, including amounts owed under the loan,

exceed fifty-five percent (55%) of the monthly gross

income of the consumer;

(d) within one (1) year of having extended credit subject

to subsection (10) of Section 1-301 of Title 14A of

the Oklahoma Statutes, a creditor may not refinance

any loan subject to subsection (10) of Section 1-301

of Title 14A of the Oklahoma Statutes to the same

borrower into another loan subject to subsection (10)

of Section 1-301 of Title 14A of the Oklahoma

Statutes, unless the refinancing is in the borrower’s

interest. An assignee holding or servicing an

extension of mortgage credit subject to subsection

(10) of Section 1-301 of Title 14A of the Oklahoma

Statutes shall not, for the remainder of the one-year

period following the date of origination of the

credit, refinance any loan subject to subsection (10)

of Section 1-301 of Title 14A of the Oklahoma Statutes

to the same borrower into another loan subject to

subsection (10) of Section 1-301 of Title 14A of the

Oklahoma Statutes, unless the refinancing is in the

borrower’s interest. A creditor or assignee is

prohibited from engaging in acts or practices to evade

this provision, including a pattern or practice of

arranging for the refinancing of its own loans by

affiliated or unaffiliated creditors, or modifying a

loan agreement, whether or not the existing loan is

satisfied and replaced by the new loan, and charging a

fee;

(e) in connection with credit secured by the consumer’s

dwelling that does not meet the definition of open-end

credit defined at 12 C.F.R. Section 226.2(a)(20), a

creditor shall not structure a home-secured loan as an

open-end plan to evade the requirements of subsection

(10) of Section 1-301 of Title 14A of the Oklahoma

Statutes;

(f) a subsection 10 mortgage referred to in subsection

(10) of Section 1-301 of Title 14A of the Oklahoma

Statutes shall not contain a mandatory arbitration

provision that:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 144

(i) does not comply with rules set forth by a

nationally recognized arbitration organization

such as the American Arbitration Association,

(ii) does not require the arbitration proceeding to be

conducted:

(aa) within the federal judicial district in

which the subject property is located,

(bb) in the city nearest the obligor's residence

where a federal district court is located,

or

(cc) at such other location as may be mutually

agreed upon by the parties,

(iii) does not require the creditor to contribute at

least fifty percent (50%) of the amount of any

filing fee, and

(iv) does not require the creditor to pay standard

daily arbitration fees, both its own and those of

the obligor, for at least the first day of

arbitration;

(g) a creditor or its servicer shall report at least

quarterly both the favorable and unfavorable payment

history information of the obligor on payments due to

the creditor on a subsection 10 mortgage to a

nationally recognized consumer credit reporting

agency. This subsection shall not prevent a creditor

or its servicer from agreeing with the obligor not to

report payment history information in the event of a

resolved or unresolved dispute with the obligor and

shall not apply to subsection 10 mortgages held or

serviced by a creditor for less than ninety (90) days.

(3) Preemption. The laws of this state relating to the

brokering, originating, making, servicing and collecting of mortgage

loans subject to Title 14A of the Oklahoma Statutes prescribe rules

of conduct on citizens generally, comprise a comprehensive

regulatory framework intended to operate uniformly throughout the

state under the same circumstances and conditions and constitute

general laws of this state. Silence in the statutes of this state

with respect to any act or practice in the brokering, originating,

making, servicing or collecting of mortgage loans subject to Title

14A of the Oklahoma Statutes shall not be interpreted to mean that

the state has not completely occupied the field or has only set

minimum standards in its regulation of brokering, originating,

making, servicing or collecting of mortgage loans subject to Title

14A of the Oklahoma Statutes. It is the intent of the Legislature

to entirely preempt political subdivisions from the regulation and

licensing of persons engaged in the brokering, originating, making,

servicing or collecting of mortgage loans subject to Title 14A of

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 145

the Oklahoma Statutes in this state. No political subdivision shall

enact any ordinance, resolution, local regulation, rule or law that

regulates, directly or indirectly, the brokering, originating,

making, servicing or collecting of mortgage loans subject to Title

14A of the Oklahoma Statutes, the terms of mortgage loans subject to

Title 14A of the Oklahoma Statutes or that makes the eligibility of

any person or entity to do business with the political subdivision

dependent on the terms of mortgage loans subject to Title 14A of the

Oklahoma Statutes originated or serviced by such person or entity or

that imposes any reporting requirements or other obligations on a

person, or its subsidiaries or affiliates engaged in the brokering,

originating, making, servicing or collecting of mortgage loans

subject to Title 14A of the Oklahoma Statutes in this state. For

purposes of this section, "political subdivision" means any county,

city, town, school district, or other local governmental or public

entity, located within this state.

(4) Nothing in this section shall be construed to invalidate or

prohibit any ordinance, resolution, regulation, rule or law by a

political subdivision to establish and administer voluntary

neighborhood reinvestment programs in furtherance of the goals and

purposes of the "Community Reinvestment Act of 1977", 91 Stat. 1147,

12 U.S.C.A. 2901, as amended.

(5) Nothing in this section shall be construed to invalidate

any ordinance, resolution, local regulation, rule or law by a

political subdivision that is required to meet the criteria for

adequacy of law established by the United States Department of

Housing and Urban Development in order to obtain certification as a

fair housing assistance program.
Okla. Stat. tit. 14A, § 14A-2-310 — OK Code / Title 14A / Section 14A-2-310
Revolving charge accounts
Status: in_force

(1) Before opening any account under a revolving charge account

plan, the creditor shall give to the consumer the following

information:

(a) conditions under which a credit service charge may be

made, including the time period, if any, within which

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 46

any credit extended may be repaid without incurring a

credit service charge, except that the creditor may,

at his election and without disclosure, impose no such

credit service charge if payment is received after the

termination of such period. If no time period is

provided, the creditor shall disclose that fact;

(b) method of determining the balance upon which a credit

service charge will be computed;

(c) method of determining the amount of the credit service

charge, including any minimum or fixed amount imposed

as a finance charge, and where one or more periodic

rates may be used to compute the credit service

charge, each such rate and the range of balances to

which it is applicable;

(d) corresponding nominal annual percentage rate pursuant

to subsection (3) of Section 2-304 of this title; if

more than one corresponding nominal annual percentage

rate may be used, each corresponding nominal annual

percentage rate shall be stated;

(e) identification of additional charges which may be made

and the method by which they will be determined;

(f) in cases where the creditor may retain or acquire a

security interest in property to secure the balances

resulting from credit extensions made pursuant to the

revolving charge account, a statement that a security

interest has been or will be taken in the property

purchased as part of the credit transaction, or

property not purchased as part of the credit

transaction identified by item or type;

(g) a statement in a form prescribed by and describing the

protection provided by Sections 161 and 170 of the

Federal Consumer Credit Protection Act to an obligor

and the responsibilities of a creditor under Sections

162 and 170 of the Federal Consumer Credit Protection

Act; and

(h) in the case of any account under a revolving charge

account plan which provides for any extension of

credit which is secured by the consumer's principal

dwelling, any information which:

(i) is required to be disclosed under subsection (1)

of Section 2-310.2 of this title; and

(ii) the Administrator determines is not described in

any other paragraph of this subsection.

(2) If there is an outstanding balance at the end of the

billing cycle or if a credit service charge is made with respect to

the billing cycle, the creditor shall give to the consumer the

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 47

following information within a reasonable time after the end of the

billing cycle:

(a) outstanding balance at the beginning of the billing

cycle;

(b) amount and date of each extension of credit during the

billing cycle and a brief identification of each

extension of credit on or accompanying the statement

in a form prescribed by regulations of the

Administrator to enable the consumer to identify the

transaction, or relate it to copies of sale vouchers

or similar instruments previously furnished; except

that a creditor's failure to disclose information in

accordance with this paragraph shall not be deemed a

failure to comply with this part if the creditor

maintains procedures reasonably adapted to procure and

provide such information and the creditor responds to

and treats any inquiry for clarification or

documentation as a billing error and an erroneously

billed amount in accordance with Section 161 of the

Federal Consumer Credit Protection Act. In lieu of

complying with the requirements of the previous

sentence, and to the extent permitted by rules of the

Administrator, in the case of any transaction in which

the creditor and the person responsible for providing

disclosure are the same as defined by the

Administrator and the person's revolving charge

account plan has fewer than fifteen thousand (15,000)

accounts, the creditor may elect to provide only the

amount and date of each extension of credit during the

billing cycle and the seller's name and location where

the transaction took place if a brief identification

of the transaction has been previously furnished and

the creditor responds to and treats any inquiry for

clarification or documentation as a billing error and

an erroneously billed amount in accordance with

Section 161 of the Federal Consumer Credit Protection

Act.

(c) amount credited to the account during the billing

cycle;

(d) amount of credit service charge debited during the

billing cycle, with an itemization or explanation to

show the total amount of credit service charge, if

any, due to the application of one or more periodic

percentages and the amount, if any, imposed as a

minimum or fixed charge;

(e) the periodic percentage used to calculate the credit

service charge; if more than one periodic percentage

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 48

is used, each percentage and the amount of the balance

to which each applies shall be disclosed;

(f) the balance on which the credit service charge is

computed and a statement of how the balance is

determined; if the balance is determined without first

deducting all amounts credited during the period, that

fact and the amounts credited shall also be stated;

(g) if the credit service charge for the billing cycle

exceeds fifty cents ($0.50) for a monthly or longer

billing cycle, or the pro rata part of the fifty cents

($0.50) for a billing cycle shorter than monthly, the

credit service charge expressed as an annual

percentage rate pursuant to paragraph (b) of

subsection (2) of Section 2-304 of this title; if more

than one periodic percentage is used to calculate the

credit service charge, the creditor, in lieu of

stating a single annual percentage rate, may state

more than one annual percentage rate and the amount of

the balance to which each annual percentage rate

applies;

(h) if the credit service charge for the billing cycle

does not exceed fifty cents ($0.50) for a monthly or

longer billing cycle, or the pro rata part of fifty

cents ($0.50) for a billing cycle shorter than

monthly, the corresponding nominal annual percentage

rate pursuant to subsection (3) of Section 2-304 of

this title;

(i) outstanding balance at the end of the billing cycle;

(j) date by which or period, if any, within which payment

must be made to avoid additional credit service

charges, except that the creditor may, at his election

and without disclosure, impose no such additional

credit service charge if payment is received after

such date or the termination of such period; and

(k) address to be used by the creditor for the purpose of

receiving billing inquiries.
Okla. Stat. tit. 14A, § 14A-3-817 — OK Code / Title 14A / Section 14A-3-817
Application of act
Status: in_force

The changes in law made by this act apply only to a consumer

litigation funding agreement entered into on or after the effective

date of this act. A consumer litigation funding agreement entered

into before the effective date of this act is governed by the law in

effect on the date the agreement was entered into, and the former

law is continued in effect for that purpose. Nothing in this act

shall in any way affect or invalidate any consumer litigation

funding agreement previously effectuated prior to the effective date

of this act.
Okla. Stat. tit. 14A, § 14A-2-306 — OK Code / Title 14A / Section 14A-2-306
Consumer credit sales not pursuant to revolving charge
Status: in_force

account.

(1) This section applies to a consumer credit sale not made

pursuant to a revolving charge account (Section 2-310).

(2) The seller shall give to the buyer the following

information:

(a) the identity of the seller required to make

disclosure;

(b) (i) the amount financed, using that term, which shall

be the amount of credit of which the buyer has

actual use. This amount shall be computed as

follows, but the computations need not be

disclosed and shall not be disclosed with the

disclosures required to be conspicuously

segregated in accordance with the rule of the

Administrator. (aa) Take the cash price of the

goods, services, or interest in land less the

amount of the down payment paid in money and the

portion paid by an allowance for property traded

in; (bb) add any charges which are not part of

the finance charge, or of the cash price and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 42

which are financed by the buyer, including the

cost of any items excluded from the finance

charge pursuant to Section 2-202; and (cc)

subtract any charges which are part of the

finance charge but which will be paid by the

buyer before or at the time of the consummation

of the transaction or have been withheld from the

proceeds of the credit.

(ii) In conjunction with the disclosure of the amount

financed, a seller shall provide a statement of

the buyer's right to obtain, upon a written

request, a written itemization of the amount

financed. The statement shall include spaces for

a "yes" and "no" indication to be initialed by

the buyer to indicate whether the buyer wants a

written itemization of the amount financed. Upon

receiving an affirmative indication, the seller

shall provide, at the time other disclosures are

required to be furnished, a written itemization

of the amount financed. For this purpose,

itemization of the amount financed means a

disclosure to the extent applicable of: (aa) any

amount that is or will be paid directly to the

buyer, (bb) the amount that is or will be

credited to the buyer's account to discharge

obligations owed to the seller, (cc) each amount

that is or will be paid to third persons by the

seller on the buyer's behalf, together with an

identification of or reference to the third

person, and (dd) the total amount of any charges

described in the preceding subparagraph (i)(cc).

(c) the finance charge not itemized, using that term;

(d) the finance charge expressed as an "annual percentage

rate" using that term except in the case of a finance

charge which does not exceed 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);

(e) the sum of the amount financed and the finance charge,

which shall be termed the "total of payments";

(f) the number, amount, and due dates or period of

payments scheduled to repay the total of payments;

(g) the "total sale price" using that term, which shall be

the total of the cash price of the property or

services, additional charges, and the finance charge;

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 43

(h) descriptive explanations of the terms "amount

financed", "finance charge", "annual percentage rate",

"total of payments", and "total sale price", including

in the latter case a reference to the amount of the

down payment, as specified in the rules of the

Administrator;

(i) any dollar charge or percentage amount which may be

imposed by the seller solely on account of late

payments other than a deferral or extension charge;

(j) where the credit is secured, a statement that a

security interest has been taken in the property which

is purchased as part of the credit transaction, or

property not purchased as part of the credit

transaction identified by item or type;

(k) a statement indicating whether or not the buyer is

entitled to a rebate of any finance charge upon

refinancing or prepayment in full pursuant to

acceleration or otherwise if the obligation involves a

precomputed finance charge, and a statement indicating

whether or not a penalty will be imposed in those same

circumstances if the obligation involves a finance

charge computed from time to time by application of a

rate to the unpaid principal balance;

(l) a statement that the buyer should refer to the

appropriate contract document for any information the

document provides about nonpayment, default, the right

to accelerate the maturity of the debt, and prepayment

rebates and penalties; and

(m) in any transaction in which a mortgage, deed of trust,

purchase money security interest arising under an

installment sales contract, or equivalent consensual

security interest is created or retained against the

buyer's dwelling to finance the acquisition or initial

construction of the dwelling, a statement indicating

whether a subsequent purchaser or assignee of the

buyer may assume the debt obligation on its original

terms and conditions.
Okla. Stat. tit. 14A, § 14A-6-107 — OK Code / Title 14A / Section 14A-6-107
Application of Administrative Procedure Act
Status: in_force

Except as otherwise provided, the State Administrative Procedure

Act (Title 75, Oklahoma Statutes, Chapters 7 and 8) applies to and

governs all administrative action taken by the Administrator

pursuant to this article or the part on regulated and supervised

Loans (Part 5) of the article on loans (Article 3).
Okla. Stat. tit. 14A, § 14A-3-513 — OK Code / Title 14A / Section 14A-3-513
Application of other provisions
Status: in_force

Except as otherwise provided, all provisions of this act

applying to consumer loans apply to supervised loans.
Okla. Stat. tit. 14A, § 14A-2-503 — OK Code / Title 14A / Section 14A-2-503
Form of agreement or offer - Statement of buyer's
Status: in_force

rights.

(1) In a home solicitation sale, unless the buyer requests the

seller to provide goods or services without delay in an emergency,

the seller must present to the buyer and obtain his signature to a

written agreement or offer to purchase which designates as the date

of the transaction the date on which the buyer actually signs and

contains a statement of the buyer's rights which complies with

subsection (2).

(2) The statement must

(a) appear under the conspicuous caption "BUYER'S RIGHT TO

CANCEL"; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 76

(b) read as follows: "If this agreement was solicited at

your residence and you do not want the goods or

services, you may cancel this agreement by mailing a

notice to the seller. The notice must say that you do

not want the goods or sevices and must be mailed

before midnight of the third business day after you

sign this agreement. The notice must be mailed to:

___________________________________________.

(Insert name and mailing address of seller)

If you cancel, the seller may keep all or part of your

cash down payment not to exceed five percent (5%) of

the cash price."

(3) Until the seller has complied with this section the buyer

may cancel the home solicitation sale by notifying the seller in any

manner and by any means of his intention to cancel.
Okla. Stat. tit. 14A, § 14A-1-201A — OK Code / Title 14A / Section 14A-1-201A
Extraterritorial application
Status: in_force

With respect to a consumer credit sale or consumer loan to which

this Code does not otherwise apply by reason of Section 1-201, if,

pursuant to a solicitation relating to a consumer credit sale or

loan received in this state, a person who is a resident of this

state sends a signed writing evidencing the obligation or offer of

the person to a creditor in another state, and the person receives

the goods or services purchased or the cash proceeds of the loan in

this state:

1. The creditor may not contract for or receive charges

exceeding those permitted by this Code, and such charges as do

exceed those permitted are excess charges for purposes of Sections

5-202 (3) and (4) and 6-113 of the Code and such sections shall

apply as though the consumer credit sale or consumer loan were made

in this state; and

2. The provisions on powers and functions of administrator

(Part 1 of Article 6 of this Code) shall apply as though the

consumer credit sale or consumer loan were made in this state.
Okla. Stat. tit. 14A, § 14A-5-302 — OK Code / Title 14A / Section 14A-5-302
Disclosure violations
Status: in_force

A person 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,

if he willfully and knowingly

(1) gives false or inaccurate information or fails to provide

information which he is required to disclose under the provisions of

this act on disclosure and advertising (Part 3) of the article on

credit sales (Article 2) or of the article on loans (Article 3), or

of any related rule of the Administrator adopted pursuant to this

act;

(2) uses any rate table or chart, the use of which is

authorized by rule of the Administrator adopted pursuant to the

provisions on calculation of rate to be disclosed (Section 2-304 and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 204

Section 3-304), in a manner which consistently understates the

annual percentage rate determined according to those provisions; or

(3) otherwise fails to comply with any requirement of the

provisions of this act on disclosure and advertising (Part 3) of the

article on credit sales (Article 2) or of the article on loans

(Article 3), or of any related rule of the Administrator adopted

pursuant to this act.
Okla. Stat. tit. 14A, § 14A-3-301.1 — OK Code / Title 14A / Section 14A-3-301.1
Federal Consumer Credit Protection Act disclosure
Status: in_force

Effective July 1, 2014, the lender shall disclose to the debtor

to whom credit is extended with respect to a consumer loan the

information required by the Federal Consumer Credit Protection Act

as defined in Section 1-302 of Title 14A of the Oklahoma Statutes.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 98
Okla. Stat. tit. 14A, § 14A-5-103 — OK Code / Title 14A / Section 14A-5-103
Restrictions on deficiency judgments in consumer credit
Status: in_force

sales.

(1) This section applies to a consumer credit sale of goods or

services.

(2) If the seller repossesses or voluntarily accepts surrender

of goods which were the subject of the sale and in which he has a

security interest and the cash price of the goods repossessed or

surrendered was One Thousand Dollars ($1,000.00) or less, the buyer

is not personally liable to the seller for the unpaid balance of the

debt arising from the sale of the goods, and the seller is not

obligated to resell the collateral.

(3) If the seller repossesses or voluntarily accepts surrender

of goods which were not the subject of the sale but in which he has

a security interest to secure a debt arising from a sale of goods or

services or a combined sale of goods and services and the cash price

of the sale was One Thousand Dollars ($1,000.00) or less, the buyer

is not personally liable to the seller for the unpaid balance of the

debt arising from the sale.

(4) For the purpose of determining the unpaid balance of

consolidated debts or debts pursuant to revolving charge accounts,

the allocation of payments to a debt shall be determined in the same

manner as provided for determining the amount of debt secured by

various security interests (Section 2-409).

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 188

(5) The buyer shall be liable in damages to the seller if the

buyer has wrongfully damaged the collateral or if, after default and

demand, the buyer has wrongfully failed to make the collateral

available to the seller.

(6) If the seller elects to bring an action against the buyer

for a debt arising from a consumer credit sale of goods or services,

when under this section he would not be entitled to a deficiency

judgment if he repossessed the collateral, and obtains judgment

(a) he may not repossess the collateral; and

(b) the collateral is not subject to levy or sale on

execution or similar proceedings pursuant to the

judgment.

(7) The amount of One Thousand Dollars ($1,000.00) in

subsections (2) and (3) of this section is subject to adjustment

pursuant to the provisions on adjustment of dollar amounts (Section

1-106).
Okla. Stat. tit. 14A, § 14A-4-104 — OK Code / Title 14A / Section 14A-4-104
Creditor's provision of and charge for insurance -
Status: in_force

Excess amount of charge.

(1) Except as otherwise provided in this article and subject to

the provisions on additional charges (Section 2-202 and Section 3-

202) and maximum charges (Part 2 of Article 2 and Article 3), a

creditor may agree to provide insurance, and may contract for and

receive a charge for insurance separate from and in addition to

other charges. A creditor need not make a separate charge for

insurance provided or required by him. This act does not authorize

the issuance of any insurance prohibited under any statute, or rule

thereunder, governing the business of insurance.

(2) The excess amount of a charge for insurance provided for in

agreements in violation of this article is an excess charge for the

purposes of the provisions of the article on remedies and penalties

(Article 5) as to effect of violations on rights of parties (Section

5-202) and of the provisions of the article on administration

(Article 6) as to civil actions by the Administrator (Section 6-

113).
Okla. Stat. tit. 14A, § 14A-2-205 — OK Code / Title 14A / Section 14A-2-205
Credit service charge on refinancing
Status: in_force

With respect to a consumer credit sale, refinancing, or

consolidation, the seller may by agreement with the buyer refinance

the unpaid balance and may contract for and receive a credit service

charge based on the amount financed resulting from the refinancing

at a rate not exceeding that permitted by the provisions on credit

service charge for consumer credit sales (Section 2-201). For the

purpose of determining the credit service charge permitted, the

amount financed resulting from the refinancing comprises the

following:

(1) if the transaction was not precomputed, the total of the

unpaid balance and accrued charges on the date of refinancing, or,

if the transaction was precomputed the amount which the buyer would

have been required to pay upon prepayment pursuant to the provisions

on rebate upon prepayment (Section 2-210) on the date of

refinancing, except that for the purpose of computing this amount no

minimum credit service charge (subsection (6) of Section 2-201)

shall be allowed; and

(2) appropriate additional charges (Section 2-202), payment of

which is deferred.
Okla. Stat. tit. 14A, § 14A-3-605 — OK Code / Title 14A / Section 14A-3-605
Loan finance charge for other loans
Status: in_force

With respect to a loan other than a consumer loan, the parties

may contract for the payment by the debtor of any loan finance

charge, not in excess of the rate of loan finance charge specified

in Section 5-107(2).
Okla. Stat. tit. 14A, § 14A-6-301 — OK Code / Title 14A / Section 14A-6-301
Consumer Credit Administrative Expenses Revolving Fund
Status: in_force

There is hereby created in the State Treasury a revolving fund

for the Commission on Consumer Credit to be designated as the

"Consumer Credit Administrative Expenses Revolving Fund". The fund

shall be a continuing fund, not subject to fiscal year limitations

and shall consist of all monies as directed to be deposited in such

fund by law. Monies accruing to the credit of this fund are hereby

appropriated and may be budgeted and expended by the Administrator

of the Commission on Consumer Credit upon warrants issued by the

State Treasurer against claims filed as prescribed by law with the

Director of the Office of Management and Enterprise Services for

approval and payment.
Okla. Stat. tit. 14A, § 14A-1-102 — OK Code / Title 14A / Section 14A-1-102
Purposes - Rules of construction
Status: in_force

(1) This act shall be liberally construed and applied to

promote its underlying purposes and policies.

(2) The underlying purposes and policies of this act are

(a) to simplify, clarify and modernize the law governing

retail installment sales, consumer credit, small loans

and usury;

(b) to provide rate ceilings to assure an adequate supply

of credit to consumers;

(c) to further consumer understanding of the terms of

credit transactions and to foster competition among

suppliers of consumer credit so that consumers may

obtain credit at reasonable cost;

(d) to protect consumer buyers, lessees, and borrowers

against unfair practices by some suppliers of consumer

credit, having due regard for the interests of

legitimate and scrupulous creditors;

(e) to permit and encourage the development of fair and

economically sound consumer credit practices;

(f) to conform the regulation of consumer credit

transactions to the policies of the Federal Consumer

Credit Protection Act; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 6

(g) to make uniform the law including administrative rules

among the various jurisdictions.

(3) A reference to a requirement imposed by this act includes

reference to a related rule of the Administrator adopted pursuant to

this act.
Okla. Stat. tit. 14A, § 14A-2-206 — OK Code / Title 14A / Section 14A-2-206
Credit service charge on consolidation
Status: in_force

If a buyer owes an unpaid balance to a seller with respect to a

consumer credit sale, refinancing, or consolidation, and becomes

obligated on another consumer credit sale, refinancing, or

consolidation, with the same seller, the parties may agree to a

consolidation resulting in a single schedule of payments pursuant to

either of the following subsections:

(1) The parties may agree to refinance the unpaid balance with

respect to the previous sale pursuant to the provisions on

refinancing (Section 2-205) and to consolidate the amount financed

resulting from the refinancing by adding it to the amount financed

with respect to the subsequent sale. The seller may contract for

and receive a credit service charge based on the aggregate amount

financed resulting from the consolidation at a rate not exceeding

that permitted by the provisions on credit service charge for

consumer credit sale (Section 2-201).

(2) The parties may agree to consolidate by adding together the

unpaid balances with respect to the two sales.