Okla. Stat. tit. 14A, § 14A-6-507 — OK Code / Title 14A / Section 14A-6-507
Deputy Administrator
Status: in_force

The Administrator, with the approval of the Commission, may

designate a deputy administrator, who shall satisfy and meet the

same qualifications, including bond, required for the Administrator

and who shall perform all the duties required to be performed by the

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 228

Administrator when the Administrator is absent or unable to act for

any reason.
Okla. Stat. tit. 14A, § 14A-4-109 — OK Code / Title 14A / Section 14A-4-109
Existing insurance - Choice of insurer
Status: in_force

If a creditor requires insurance, upon notice to the creditor

the debtor shall have the option of providing the required insurance

through an existing policy of insurance owned or controlled by the

debtor, or through a policy to be obtained and paid for by the

debtor, but the creditor may for reasonable cause decline the

insurance provided by the debtor.
Okla. Stat. tit. 14, § 14-74 — OK Code / Title 14 / Section 14-74
Annulled
Status: in_force

Oklahoma Statutes - Title 14. Congressional and Legislative Districts Page 89
Okla. Stat. tit. 14A, § 14A-1-101 — OK Code / Title 14A / Section 14A-1-101
Short title
Status: in_force

This act shall be known and may be cited as Uniform Consumer

Credit Code.
Okla. Stat. tit. 14, § 14-80.35.13 — OK Code / Title 14 / Section 14-80.35.13
Legislative findings
Status: in_force

The Legislature finds that:

1. Pursuant to 13 U.S. Code, Section 141(c), the United States

Census Bureau is required to transmit to each state by April 1,

2021, the tabulations of population of that state as determined by

the Federal Decennial Census. The U.S. Census Bureau failed to meet

the deadline which necessitates the use of the best alternative

population data to accomplish the legislative redistricting

requirements set forth in the Oklahoma Constitution;

2. The United States Census Bureau's American Community Survey

is the best alternative to the Federal Decennial Census as the

American Community Survey Five-Year Data for the years 2015 to 2019

is the best population data available for legislative redistricting;

and

3. The Oklahoma Legislature shall use the United States Census

Bureau's American Community Survey Five-Year Data for 2015-2019 to

draft redistricting legislation for the Oklahoma State Senate and

the Oklahoma House of Representatives.
Okla. Stat. tit. 14A, § 14A-6-503 — OK Code / Title 14A / Section 14A-6-503
Appointment of Commission members - Terms of office -
Status: in_force

Bipartisan composition.

The Governor annually shall appoint one Commission member to

serve at large for a term of five (5) years, expiring on January 1.

However, for the initial appointments, the Governor shall appoint

five at-large members, and designate one member to serve for a term

of one (1) year; one member to serve for a term of two (2) years;

one member to serve for a term of three (3) years; one member to

serve for a term of four (4) years; and one member to serve for a

term of five (5) years, from their respective dates of appointment

and qualification. Upon the expiration of these initial terms, the

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 226

term of each member shall be five (5) years from the date of his

appointment and qualification, and until his successor shall

qualify. No more than three at-large members of the Commission

shall be members of the same political party. The Commission shall

include four additional members, one who shall be actively engaged

in the business of making supervised loans pursuant to the

provisions of Section 3-508A of this title, one who shall be

actively engaged in the business of making supervised loans pursuant

to the provisions of Section 3-508B of this title, one who shall be

actively engaged in the business of making pawn loans pursuant to

the provisions of the Oklahoma Pawnshop Act and one who shall be a

mortgage loan originator licensed pursuant to Section 8 of this act

and has worked in this state for a minimum of three (3) years.

These additional members shall be appointed in the following manner:

one appointed by the Governor with the advice and consent of the

Senate upon recommendation of the Oklahoma Consumer Finance

Association, Inc., one appointed by the Governor with the advice and

consent of the Senate upon recommendation of the Independent Finance

Institute, Inc., one appointed by the Governor with the advice and

consent of the Senate upon the recommendation of the Oklahoma

Pawnbrokers Association, Inc., and one appointed by the Governor

with the advice and consent of the Senate upon recommendation of the

Oklahoma Association of Mortgage Professionals, or its successor,

and whose initial appointment shall be made January 1, 2010. The

appointments shall be made only from a list of twelve names

submitted to the Governor by each recommending entity. If any

recommending entity fails to submit a list within thirty (30) days

after a vacancy occurs, the Governor, with the advice and consent of

the Senate, shall fill the vacancy with a person qualified pursuant

to the provisions of this section pertaining to additional members.

For the initial appointments of these additional members, the

Governor shall designate one member to serve for a term of three (3)

years; one member to serve for a term of four (4) years; and one

member to serve for a term of five (5) years, from the respective

dates of appointment and qualification. No more than two of these

additional members shall be members of the same political party.

Vacancies for any unexpired term of any member of the Commission

shall be filled by the Governor in the same manner as the initial

appointments were made. All members of the Commission shall be

eligible for reappointment.
Okla. Stat. tit. 14A, § 14A-2-301.1 — OK Code / Title 14A / Section 14A-2-301.1
Federal Consumer Credit Protection Act disclosure
Status: in_force

Effective July 1, 2014, 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

the Federal Consumer Credit Protection Act as defined in Section 1-

302 of Title 14A of the Oklahoma Statutes.
Okla. Stat. tit. 14A, § 14A-5-206 — OK Code / Title 14A / Section 14A-5-206
Closed-end consumer credit transaction secured by real
Status: in_force

property or dwelling consummated before September 30, 1995 -

Nonliability of creditor.

(1) For any closed-end consumer credit transaction that is

secured by real property or a dwelling, that is subject to Title 14A

of the Oklahoma Statutes, and that is consummated before September

30, 1995, a creditor or any assignee of a creditor shall have no

civil, administrative, or criminal liability under Title 14A of the

Oklahoma Statutes for, and a consumer shall have no extended

rescission rights under subsection (1) of Section 5-204 of Title 14A

of the Oklahoma Statutes with respect to:

(a) the creditor's treatment, for disclosure purpose, of:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 202

(i) taxes described in paragraph (a) of subsection

(1) of Section 3-202 of Title 14A of the Oklahoma

Statutes;

(ii) fees described in paragraphs (d) and (e) of

subsection (1) of Section 3-202 of Title 14A of

the Oklahoma Statutes;

(iii) fees and amounts referred to in the third

sentence of paragraph (b) of subsection (1) of

Section 3-109 of Title 14A of the Oklahoma

Statutes; or

(iv) borrower-paid mortgage broker fees referred to in

subparagraph (vi) of paragraph (b) of subsection

(1) of Section 3-109 of Title 14A of the Oklahoma

Statutes;

(b) the form of written notice used by the creditor to

inform the obligor of the rights of the obligor under

Section 5-204 of Title 14A of the Oklahoma Statutes if

the creditor provided the obligor with a properly

dated form of 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; or

(c) any disclosure relating to the finance charge imposed

with respect to the transaction if the amount or

percentage actually disclosed:

(i) may be treated as accurate for purposes of this

title if the amount disclosed as the finance

charge does not vary from the actual finance

charge by more than Two Hundred Dollars

($200.00);

(ii) may, under paragraph (b) of subsection (6) of

Section 3-304 of Title 14A of the Oklahoma

Statutes, be treated as accurate for purposes of

Section 5-204 of Title 14A of the Oklahoma

Statutes; or

(iii) is greater than the amount or percentage required

to be disclosed under Title 14A of the Oklahoma

Statutes.

(2) Subsection (1) of this section shall not apply to:

(a) any individual action or counterclaim brought under

Title 14A of the Oklahoma Statutes which was filed

before June 1, 1995;

(b) any class action brought under Title 14A of the

Oklahoma Statutes for which a final order certifying a

class was entered before January 1, 1995;

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 203

(c) the named individual plaintiffs in any class action

brought under Title 14A of the Oklahoma Statutes which

was filed before June 1, 1995; or

(d) any consumer credit transaction with respect to which

a timely notice of rescission was sent to the creditor

before June 1, 1995.
Okla. Stat. tit. 14A, § 14A-3-407 — OK Code / Title 14A / Section 14A-3-407
Authorization to confess judgment prohibited
Status: in_force

A debtor may not authorize any person to confess judgment on a

claim arising out of a consumer loan. An authorization in violation

of this section is void.
Okla. Stat. tit. 14A, § 14A-5-107 — OK Code / Title 14A / Section 14A-5-107
Extortionate extensions of credit
Status: in_force

(1) If it is the understanding of the creditor and the debtor

at the time an extension of credit is made that delay in making

repayment or failure to make repayment could result in the use of

violence or other criminal means to cause harm to the person,

reputation, or property of any person, the repayment of the

extension of credit is unenforceable through civil judicial

processes against the debtor.

(2) If it is shown that an extension of credit was made at an

annual rate exceeding forty-five percent (45%) calculated according

to the actuarial method and that the creditor then had a reputation

for the use or threat of use of violence or other criminal means to

cause harm to the person, reputation, or property of any person to

collect extensions of credit or to punish the nonrepayment thereof,

there is prima facie evidence that the extension of credit was

unenforceable under subsection (1), unless such rate was otherwise

lawful under any provision or provisions of this act.
Okla. Stat. tit. 14, § 14-80.35.17 — OK Code / Title 14 / Section 14-80.35.17
Operative date
Status: in_force

The Senate districts described herein shall become operative on

the fifteenth day following the General Election in November 2022;

provided, however, the State Election Board and appropriate county

election boards shall conduct regular or special elections for the

Senate held after April 5, 2022, in accordance with the provisions

of the State Senate Redistricting Act of 2021.
Okla. Stat. tit. 14A, § 14A-3-308 — OK Code / Title 14A / Section 14A-3-308
Assumption
Status: in_force

If a lender expressly agrees in writing with a subsequent debtor

to accept that debtor as a primary obligor on an existing

transaction in which a mortgage, deed of trust, or equivalent

consensual security interest was created or retained in the original

debtor's principal dwelling to finance the acquisition or initial

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 105

construction of it, before the assumption occurs the lender shall

make new disclosures to the subsequent debtor based on the remaining

obligation. If the finance charge originally imposed on the

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

lender need only disclose the unpaid balance of the obligation

assumed; the total charges imposed by the lender 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

rate originally imposed on the obligation; and the payment schedule

and total of payments based on the remaining obligation.
Okla. Stat. tit. 14A, § 14A-3-508C — OK Code / Title 14A / Section 14A-3-508C
Electronic payment processing convenience fee
Status: in_force

A. In addition to the loan finance charges permitted by

Sections 3-508A and 3-508B of Title 14A of the Oklahoma Statutes, a

lender may contract for and receive a convenience fee from any

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 158

borrower making his or her payment by debit card, electronic funds

transfer, electronic check or other electronic means in order to

offset the costs incurred by a lender for accepting and processing

payments by electronic means.

B. Any convenience fee imposed and collected by a lender

pursuant to this section shall not exceed the actual cost or four

percent (4%) of the electronic payment transaction, whichever is

less.

C. Any lender charging a convenience fee pursuant to this

section shall notify the customer of the amount of the fee prior to

completing an electronic payment transaction, and shall provide the

customer an opportunity to cancel the transaction without incurring

a fee. A lender shall make available the option to make payments on

a loan by check, cash or money order directly to the lender without

the imposition of a convenience fee or by various types of

electronic payment transactions with any convenience fee fully

disclosed either in the loan contract or at the time of the

transaction.

D. When a borrower elects to make a payment to the lender by

debit card, electronic funds transfer, electronic check or other

electronic means and a convenience fee is imposed and collected

pursuant to this section, the payment of the convenience fee shall

not be refundable.

E. For purposes of this section, "actual costs" means actual

third-party costs incurred for the processing of payments made by

electronic means. If the lender is a subsidiary of an entity that

processes payments made by electronic means, the parent entity shall

be considered a third party.
Okla. Stat. tit. 14A, § 14A-2-201 — OK Code / Title 14A / Section 14A-2-201
Credit service charge for consumer credit sales other
Status: in_force

than revolving charge accounts.

(1) With respect to a consumer credit sale, other than a sale

pursuant to a revolving charge account, a seller may contract for

and receive a credit service charge not exceeding that permitted by

this section.

(2) The credit service charge, calculated according to the

actuarial method, may not exceed the equivalent of the greater of

either of the following:

(a) the total of

(i) thirty percent (30%) per year on that part of the

unpaid balances of the amount financed which is

Three Hundred Dollars ($300.00) or less;

(ii) twenty-one percent (21%) per year on that part of

the unpaid balances of the amount financed which

is more than Three Hundred Dollars ($300.00) but

does not exceed One Thousand Dollars ($1,000.00);

and

(iii) fifteen percent (15%) per year on that part of

the unpaid balances of the amount financed which

is more than One Thousand Dollars ($1,000.00); or

(b) twenty-one percent (21%) per year on the unpaid

balances of the amount financed.

(3) This section does not limit or restrict the manner of

contracting for the credit service charge, whether by way of add-on,

discount, or otherwise, so long as the rate of the credit service

charge does not exceed that permitted by this section. If the sale

is precomputed

(a) the credit service charge may be calculated on the

assumption that all scheduled payments will be made

when due; and

(b) the effect of prepayment is governed by the provisions

on rebate upon prepayment (Section 2-210).

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 26

(4) For the purposes of this section, the term of a sale

agreement commences with the date the credit is granted or, if goods

are delivered or services performed ten (10) days or more after that

date, with the date of commencement of delivery or performance.

Differences in the lengths of months are disregarded and a day may

be counted as one-thirtieth (1/30) of a month. Subject to

classifications and differentiations the seller may reasonably

establish, a part of a month in excess of fifteen (15) days may be

treated as a full month if periods of fifteen (15) days or less are

disregarded and that procedure is not consistently used to obtain a

greater yield than would otherwise be permitted.

(5) Subject to classifications and differentiations the seller

may reasonably establish, he may make the same credit service charge

on all amounts financed within a specified range. A credit service

charge so made does not violate subsection (2) if

(a) when applied to the median amount within each range,

it does not exceed the maximum permitted by subsection

(2); and

(b) when applied to the lowest amount within each range,

it does not produce a rate of credit service charge

exceeding the rate calculated according to paragraph

(a) by more than eight percent (8%) of the rate

calculated according to paragraph (a).

(6) Notwithstanding subsection (2), the seller may contract for

and receive a minimum credit service charge of not more than Five

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

five Dollars ($75.00) or not more than Seven Dollars and fifty cents

($7.50) when the amount financed exceeds Seventy-five Dollars

($75.00).
Okla. Stat. tit. 14A, § 14A-2-202.2 — OK Code / Title 14A / Section 14A-2-202.2
Over-the-limit charge
Status: in_force

The seller on a revolving charge account accessed by a seller

credit card or similar arrangement may contract for and collect from

the buyer an over-the-limit charge of Ten Dollars ($10.00) for each

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 28

time the buyer exceeds the designated credit limit on the amount.

This charge 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 the Uniform Consumer Credit Code,

Section 1-101 et seq. of this title.
Okla. Stat. tit. 14A, § 14A-3-806 — OK Code / Title 14A / Section 14A-3-806
Right of rescission
Status: in_force

RIGHT OF RESCISSION.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 173

A consumer litigation funding agreement shall contain inside a

text box, in bold type, a right of rescission permitting the

consumer to cancel the agreement without penalty or further

obligation if, not later than the fifth business day after the

funding date, the consumer:

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

the disbursed funds by personally delivering the funder's uncashed

check to the funder's office; or

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

mail to the address specified in the agreement a notice of

cancellation and the full amount of disbursed funds in the form of

the funder's uncashed check or a registered or certified check or

money order.
Okla. Stat. tit. 14A, § 14A-3-408 — OK Code / Title 14A / Section 14A-3-408
Change in terms of revolving loan accounts
Status: in_force

(1) If a lender makes a change in the terms of a revolving loan

account without complying with this section any additional cost or

charge to the debtor resulting from the change is an excess charge

and subject to the remedies available to debtors (Section 5-202) and

to the Administrator (Section 6-113).

(2) A lender may change the terms of a revolving loan account

whether or not the change is authorized by prior agreement. Except

as provided in subsection (3) of this section, the lender shall give

to the debtor written notice of any change before the effective date

of the change as follows:

(a) for changes in the rate of interest charged on such an

account, at least one written notice shall be given to

the debtor at least one billing cycle, but not less

than thirty (30) days, prior to such change taking

effect; and

(b) for a change in the terms other than the rate of

interest, at least two written notices shall be given

to the debtor, with the first notice at least two

billing cycles, but not less than sixty (60) days,

prior to such change taking effect.

(3) The notice specified in subsection (2) of this section is

not required if:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 141

(a) the debtor after receiving notice of the change agrees

in writing to the change;

(b) the debtor elects to pay an amount designated on a

billing statement (subsection (2) of Section 3-309 of

this title) as including a new charge for a benefit

offered to the debtor 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 debtor;

(d) the debtor has previously consented in writing to the

kind of change made and notice of the change is given

to the debtor at least thirty (30) days prior to the

effective date of the change;

(e) the change applies only to debts incurred after a date

specified in a notice of the change given at least

thirty (30) days prior to the effective date of the

change;

(f) the kind or type of change is of a class defined by

the Administrator by rule, as not requiring the

advance notice set forth in this section for the

protection of the consumer; or

(g) the change involves late payment charges or over-the-

limit charges.

(4) The notice provided for in this section is given to the

debtor when mailed to the debtor at the address used by the lender

for sending periodic billing statements.
Okla. Stat. tit. 14A, § 14A-1-302 — OK Code / Title 14A / Section 14A-1-302
Definition: "Federal Consumer Credit Protection Act"
Status: in_force

In this title, "Federal Consumer Credit Protection Act" means

the Consumer Credit Protection Act (Public Law 90-321; 82 Stat.

146), as amended, including the amendments to the Federal Consumer

Credit Protection Act in the Truth in Lending Simplification and

Reform Act (Public Law 96-221; 94 Stat. 168-185) and the Dodd-Frank

Wall Street Reform and Consumer Protection Act (Public Law 11-203),

and includes regulations issued pursuant to those Acts by the Board

of Governors of the Federal Reserve System and the Consumer

Financial Protection Bureau, as applicable.
Okla. Stat. tit. 14A, § 14A-2-108 — OK Code / Title 14A / Section 14A-2-108
Definition: "Revolving charge account"
Status: in_force

"Revolving charge account" means an open end credit plan between

a seller and a buyer under

(1) which the seller reasonably contemplates repeated

transactions, which prescribes the terms of such transactions, and

pursuant to which the seller will permit the buyer to purchase goods

or services on credit either from the seller or pursuant to a seller

credit card; and

(2) which provides for a credit service charge which is not

precomputed but is computed on the outstanding unpaid balances of

the buyer's account from time to time.
Okla. Stat. tit. 14A, § 14A-3-508A — OK Code / Title 14A / Section 14A-3-508A
Loan finance charge for supervised loans
Status: in_force

(1) With respect to a supervised loan, including a loan

pursuant to a revolving loan account, a supervised lender may

contract for and receive a loan finance charge not exceeding that

permitted by this section.

(2) The loan finance charge, calculated according to the

actuarial method, may not exceed the equivalent of the greater of

either of the following:

(a) the total of:

(i) thirty-two percent (32%) plus the federal funds

rate per year on that part of the unpaid balances

of the principal which is Seven Thousand Dollars

($7,000.00) or less;

(ii) twenty-three percent (23%) plus the federal funds

rate per year on that part of the unpaid balances

of the principal which is more than Seven

Thousand Dollars ($7,000.00) but does not exceed

Eleven Thousand Dollars ($11,000.00); and

(iii) twenty percent (20%) plus the federal funds rate

per year on that part of the unpaid balances of

the principal which is more than Eleven Thousand

Dollars ($11,000.00); or

(b) twenty-five percent (25%) plus the federal funds rate

per year on the unpaid balances of the principal.

(3) This section does not limit or restrict the manner of

contracting for the loan finance charge, whether by way of add-on,

discount, or otherwise, so long as the rate of the loan finance

charge does not exceed that permitted by this section. If the loan

is precomputed:

(a) the loan finance charge may be calculated on the

assumption that all scheduled payments will be made

when due; and

(b) the effect of prepayment is governed by the provisions

on rebate upon prepayment (Section 3-210).

(4) In addition to the loan finance charge permitted in this

section and other charges permitted in this act, a supervised lender

may assess a lender closing fee not to exceed Twenty-eight Dollars

and eighty-five cents ($28.85) upon consummation of the loan.

(5) The term of a loan, for the purpose of this section,

commences on the date the loan is made. Differences in the lengths

of months are disregarded and a day may be counted as one-thirtieth

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 154

(1/30) of a month. Subject to classifications and differentiations

the lender may reasonably establish, a part of a month in excess of

fifteen (15) days may be treated as a full month if periods of

fifteen (15) days or less are disregarded and if that procedure is

not consistently used to obtain a greater yield than would otherwise

be permitted.

(6) Subject to classifications and differentiations the lender

may reasonably establish, he may make the same loan finance charge

on all principal amounts within a specified range. A loan finance

charge so made does not violate subsection (2) of this section if:

(a) when applied to the median amount within each range,

it does not exceed the maximum permitted in subsection

(2) of this section; and

(b) when applied to the lowest amount within each range,

it does not produce a rate of loan finance charge

exceeding the rate calculated according to paragraph

(a) of this subsection by more than eight percent (8%)

of the rate calculated according to paragraph (a) of

this subsection.

(7) As used in this section, the “federal funds rate” means the

rate published by the Board of Governors of the Federal Reserve

System in its statistical release H.15 Selected Interest Rates and

in effect as of the first day of each month immediately preceding

the month during which the loan is consummated.
Okla. Stat. tit. 14A, § 14A-3-411 — OK Code / Title 14A / Section 14A-3-411
Refinancing loan to subsection 10 mortgage – Borrower’s
Status: in_force

interest.

A creditor may not refinance any consumer loan to the same

borrower into a 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. Factors to be considered in determining whether

the refinancing is in the borrower's interest include, but are not

limited to, whether:

(a) the borrower's new monthly payment is lower than the total

of all monthly obligations being financed, taking into account the

costs and fees;

(b) there is a change in the amortization period of the new

loan;

(c) the borrower receives cash in excess of the costs and fees

of refinancing;

(d) the borrower's note rate of interest is reduced;

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 146

(e) there is a change from an adjustable to a fixed rate loan,

taking into account costs and fees; or

(f) the refinancing is necessary to respond to a bona fide

personal need or an order of a court of competent jurisdiction.

A creditor 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.
Okla. Stat. tit. 14A, § 14A-1-107 — OK Code / Title 14A / Section 14A-1-107
Waiver - Agreement to forego rights - Settlement of
Status: in_force

claims.

(1) Except as otherwise provided in this act, a buyer, lessee

or debtor may not waive or agree to forego rights or benefits under

this act.

(2) A claim by a buyer, lessee, or debtor against a creditor

for an excess charge, other violation of this act, or civil penalty,

or a claim against a buyer, lessee, or debtor for default or breach

of a duty imposed by this act, if disputed in good faith, may be

settled by agreement.

(3) A claim, whether or not disputed, against a buyer, lessee

or debtor may be settled for less value than the amount claimed.
Okla. Stat. tit. 14A, § 14A-3-815 — OK Code / Title 14A / Section 14A-3-815
Violation of act
Status: in_force

VIOLATION OF ACT.

A. If a court finds that a consumer litigation funder has not

been properly licensed pursuant to the Uniform Consumer Credit Code

or has intentionally violated Sections 3-801 through 3-817 of the

Uniform Consumer Credit Code with respect to a litigation funding

transaction, the funder is entitled to recover the funded amount

provided to the consumer and may not receive any additional charges.

B. In addition to any other applicable investigative and

enforcement provisions of the Uniform Consumer Credit Code, the

Administrator may, after notice and hearing, impose an

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

against a consumer litigation funder who knowingly and willfully

violates or causes a violation of Sections 3-801 through 3-817 of

the Uniform Consumer Credit Code regarding consumer litigation

funding or a rule adopted thereto.
Okla. Stat. tit. 14A, § 14A-2-309 — OK Code / Title 14A / Section 14A-2-309
Estimates of disclosures
Status: in_force

(1) In the case of a 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 in the buyer's principal dwelling to finance the

acquisition or initial construction of that dwelling, if that

transaction 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 concerning estimates before the

credit is extended, or shall be delivered or placed in the mail not

later than three (3) business days after the seller receives the

buyer's written application, whichever is earlier. If the

disclosure statement furnished within three (3) days of the written

application contains an annual percentage rate which is subsequently

rendered inaccurate within the meaning of Section 2-304(5) (a) and

(c), the seller shall furnish another statement at the time of

settlement or consummation.

(2) If a consumer credit sale is one of a series of consumer

credit sales transactions made pursuant to an agreement providing

for the addition of the deferred payment price of that sale to an

existing outstanding balance, and the buyer has approved in writing

both the annual percentage rate or rates and the method of computing

the finance charge or charges, and the seller retains no security

interest in any property as to which payments aggregating the amount

of the sales price including any finance charges attributable

thereto have been received, the disclosure required under this part

for the particular sale may be made at any time not later than the

date the first payment for that sale is due. For the purpose of

this subsection, in the case of items purchased on different dates,

the first purchased shall be deemed first paid for, and in the case

of items purchased on the same date, the lowest priced shall be

deemed first paid for.
Okla. Stat. tit. 14A, § 14A-3-401 — OK Code / Title 14A / Section 14A-3-401
Scope
Status: in_force

This part applies to consumer loans. Section 3-309.3 of Part 3

of this article contains certain limitations upon the terms of

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 139

extensions of credit under revolving loan account plans which are

subject to either a fixed or a variable rate and are secured by a

consumer's principal dwelling. In addition, Section 3-309.4 of Part

3 of this article contains certain limitations upon the terms of

extensions of credit under a subsection 10 mortgage referred to in

subsection (10) of Section 1-301 of this title.
Okla. Stat. tit. 14A, § 14A-5-104 — OK Code / Title 14A / Section 14A-5-104
No garnishment before judgment
Status: in_force

Prior to entry of judgment in an action against the debtor for

debt arising from a consumer credit sale, a consumer lease, or a

consumer loan, the creditor may not attach unpaid earnings of the

debtor by garnishment or like proceedings.
Okla. Stat. tit. 14A, § 14A-3-507 — OK Code / Title 14A / Section 14A-3-507
Application of Administrative Procedure Act to Part
Status: in_force

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 153

Except as otherwise provided, the general act of this state

governing administrative procedures (Title 75, Oklahoma Statutes,

Chapters 7 and 8) applies to and governs all administrative action

taken by the Administrator pursuant to this part.
Okla. Stat. tit. 14A, § 14A-3-406 — OK Code / Title 14A / Section 14A-3-406
Notice of assignment
Status: in_force

The debtor is authorized to pay the original lender until he

receives notification of assignment of rights to payment pursuant to

a consumer loan and that payment is to be made to the assignee. A

notification which does not reasonably identify the rights assigned

is ineffective. If requested by the debtor, the assignee must

seasonably furnish reasonable proof that the assignment has been

made and unless he does so the debtor may pay the original lender.
Okla. Stat. tit. 14, § 14-80.8 — OK Code / Title 14 / Section 14-80.8
Filing as Senate candidate - Requirements
Status: in_force

To file as a candidate for the State Senate in any senatorial

district, a person must have been a registered voter in the district

and a resident residing within such district for the six-month

period immediately preceding the first day of the filing period as

provided by law. Any member of the Senate whose district has been

changed by redistricting may change residence with the intent of

becoming qualified to seek reelection in such district in the first

election applicable to such district following redistricting without

thereby being deemed to have vacated his or her existing office.
Okla. Stat. tit. 14A, § 14A-3-812 — OK Code / Title 14A / Section 14A-3-812
Hearing
Status: in_force

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 176

HEARING.

A. On written request, the Administrator shall set a hearing

before an independent hearing examiner to determine an applicant's

qualifications for licensure if:

1. The Administrator has notified the applicant in writing of

the denial of the application; or

2. The Administrator has not issued a license not later than

the 60th day after the date the applicant filed the application.

B. An applicant may not request a hearing under this section

after the 16th day after the date the Administrator sends written

notice to the applicant that the application has been denied and

stating the reasons for the denial.
Okla. Stat. tit. 14A, § 14A-3-409 — OK Code / Title 14A / Section 14A-3-409
Use of multiple agreements
Status: in_force

A lender may not use multiple agreements with intent to avoid

disclosure of an annual percentage rate pursuant to the provisions

on disclosure and advertising (Part 3). The excess amount of loan

finance charge provided for in agreements in violation of this

section is an excess charge for the purposes of the provisions on

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

the provisions on civil actions by Administrator.
Okla. Stat. tit. 14A, § 14A-3-810 — OK Code / Title 14A / Section 14A-3-810
Bond - Letter of credit
Status: in_force

BOND; LETTER OF CREDIT.

A. The Administrator may require an applicant or license holder

to file a bond with the application in an amount not to exceed Fifty

Thousand Dollars ($50,000.00).

B. The bond terms shall run concurrent with the licensing

period. The bond shall provide that the license holder will, during

the licensing period:

1. Faithfully conform to and abide by:

a. the requirements of this act, and

b. the rules adopted by the Administrator to administer

this act; and

2. Provide any amount that may become due or owing to the state

from the license holder under this act.

C. In lieu of the bond, the applicant or license holder, at the

applicant's or license holder's option, may post an irrevocable

letter of credit.
Okla. Stat. tit. 14A, § 14A-3-509 — OK Code / Title 14A / Section 14A-3-509
Use of multiple agreements or split loans
Status: in_force

A lender may not, whether acting independently or in concert

with one or more other lenders, use multiple agreements or split a

loan (including any refinancing thereof) into multiple loans with

intent to obtain a higher rate or amount of loan finance charge

under Section 3-508A or 3-508B, whichever is appropriate, than would

otherwise be permitted by this article or to avoid disclosure of an

annual percentage rate pursuant to the provisions on disclosure and

advertising (Part 3). The excess amount of loan finance charge

provided for in agreements or split loans in violation of this

section are excess charges for the purposes of the provisions on

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

provisions on civil actions by Administrator (Section 6-113).
Okla. Stat. tit. 14A, § 14A-3-809 — OK Code / Title 14A / Section 14A-3-809
License required - Application
Status: in_force

LICENSE REQUIRED; APPLICATION.

A. A consumer litigation funder shall obtain a license from the

Administrator before engaging in an activity in this state that

shall be performed under a consumer litigation funding agreement

that complies with this act.

B. A consumer litigation funder shall file a licensing

application in the form and manner prescribed by the Administrator.

The application shall:

1. Contain all information the Administrator requires to

evaluate the character and fitness of the applicant, and if the

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 175

applicant is an entity, the character and fitness of each officer

and director of the applicant funder; and

2. Be accompanied by a fee of Two Hundred Ninety Dollars

($290.00).

C. Nothing in this section shall prohibit a company doing

business as a consumer litigation funder in this state on the

effective date of this act from continuing to do so during the time

period in which the initial licensure application is being processed

by the Administrator, and until such time as the application is

approved or denied.
Okla. Stat. tit. 14A, § 14A-6-504 — OK Code / Title 14A / Section 14A-6-504
Chairman - Meetings - Quorum - Minutes - Reports -
Status: in_force

Records - Rules and regulations.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 227

The Commission shall select a chair and is hereby authorized to

adopt rules for conducting its proceedings. A majority of the

voting members shall constitute a quorum for transacting Commission

business. The Commission may meet monthly on such date as it may

designate and may meet at such other times as it may deem necessary,

or when called by the chair or by any two members. Complete minutes

of each meeting shall be kept and filed in the Department of

Consumer Credit and shall be available for public inspection during

reasonable office hours. The Commission shall report annually to

the Governor and to the Speaker of the House of Representatives and

the President Pro Tempore of the Senate. The report shall contain a

summary of the minutes of the meetings held during the year,

legislative recommendations, a summary of violations of the Uniform

Consumer Credit Code and action taken thereon, and such other data

and information as may be deemed necessary or appropriate. Each

member of the Commission shall have unrestricted access to all

offices and records of the Department. The Commission may review,

repeal, amend or modify any rule or regulation adopted or

promulgated by the Administrator.
Okla. Stat. tit. 14A, § 14A-3-109 — OK Code / Title 14A / Section 14A-3-109
Definition: "Loan finance charge"
Status: in_force

(1) (a) "Loan finance charge" means a finance charge composed

of the sum of:

(i) all charges payable directly or indirectly by the

debtor and imposed directly or indirectly by the

lender as an incident to the extension of credit,

including any of the following types of charges,

which are applicable: interest or any amount

payable under a point, discount, or other system

of charges, however denominated, premium or other

charge for any guarantee or insurance protecting

the lender against the debtor's default or other

credit loss; and

(ii) charges incurred for investigating the collateral

or credit worthiness of the debtor or for

commissions or brokerage for obtaining the

credit, irrespective of the person to whom the

charges are paid or payable unless the lender had

no notice of the charges when the loan was made.

(b) The term does not include charges as a result of

default, additional charges under Sections 3-202 and

subsection (4) of 3-508A of this title, delinquency

charges under Section 3-203 of this title, deferral

charges under Section 3-204 of this title, charges of

a type payable in a comparable cash transaction, or

sellers points. The finance charge shall not include

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 82

fees and amounts imposed by third-party closing

agents, including settlement agents, attorneys, and

escrow and title companies, if the creditor does not

require the imposition of the charges or the services

provided and does not retain the charges. Examples of

charges which are included in the finance charge

include any of the following types of charges which

are applicable:

(i) Interest, time price differential, and any amount

payable under a point, discount, or other system

of additional charges;

(ii) Service or carrying charge;

(iii) Loan fee, finder's fee, or similar charge;

(iv) Fee for an investigation or credit report;

(v) Premium or other charge for any guarantee or

insurance protecting the creditor against the

obligor's default or other credit loss; and

(vi) Borrower-paid mortgage broker fees, including

fees paid directly to the broker or the lender,

for delivery to the broker, whether such fees are

paid in cash or financed.

(2) If a lender makes a loan to a debtor by purchasing or

satisfying obligations of the debtor pursuant to a lender credit

card or similar arrangement, and the purchase or satisfaction is

made at less than the face amount of the obligation, the discount is

not part of the loan finance charge.
Okla. Stat. tit. 14A, § 14A-3-305 — OK Code / Title 14A / Section 14A-3-305
Loans made by telephone or mail
Status: in_force

With respect to a consumer loan, other than a loan made pursuant

to a revolving loan account, if the lender receives a request for an

extension of credit by mail or telephone without personal

solicitation, the lender complies with this part if the lender's

printed material distributed to the public or the loan agreement or

other printed material delivered to the debtor sets forth the terms

of financing, including the annual percentage rate for

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 101

representative amounts of credit, and if he gives the information

required by this part on or before the date the first payment is due

on the loan.
Okla. Stat. tit. 14, § 14-80.35.16 — OK Code / Title 14 / Section 14-80.35.16
Precincts where no persons reside
Status: in_force

If the State Senate Redistricting Act of 2021 and the State

House of Representatives Redistricting Act of 2021 would require 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 President Pro Tempore of the Senate and the

Speaker of the House of Representatives to adjust Senate or House

district lines to prevent the creation of precincts where no persons

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

Senate or House district.
Okla. Stat. tit. 14A, § 14A-6-108 — OK Code / Title 14A / Section 14A-6-108
Administrative enforcement orders - Review
Status: in_force

(1) After notice and hearing, the Administrator or the

independent hearing examiner may order a creditor or a person acting

in the creditor's behalf to cease and desist from engaging in

violations of this title.

(2) A respondent aggrieved by an order of the Administrator may

obtain judicial review of the order as provided by the

Administrative Procedures Act. In such a review proceeding, the

Administrator may apply for a decree enforcing the order. All such

proceedings shall be conducted and the court's authority in review

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 214

shall be exercised in accordance with the provisions of the

Administrative Procedures Act, with the following additions:

(a) the court may grant any temporary relief or

restraining order it deems just,

(b) if the court affirms or modifies the order, it shall

enter a decree enforcing and requiring compliance with

the order as affirmed or as modified,

(c) an objection to the order not urged at the hearing

shall not be considered by the court unless the

failure to urge the objection is excused for good

cause shown, and

(d) the copy of the testimony from the administrative

hearing shall be available at reasonable times to all

parties for examination without cost.

(3) If no proceeding for review has been filed within the time

specified by law, the Administrator or a representative may obtain

from a court having jurisdiction over the respondent a decree for

enforcement of the order upon a showing that the order was issued in

compliance with this section, that no proceeding for review was

initiated within the time specified by law, and that the respondent

is subject to the jurisdiction of the court.

(4) With respect to unconscionable agreements or fraudulent or

unconscionable conduct by the respondent, the Administrator or a

representative may not issue an order pursuant to this section but

may bring a civil action for an injunction under Section 6-111 of

this title.

(5) In order to ensure the effective supervision and

enforcement of supervised lenders licensed pursuant to Section 3-

508A of this title, the Administrator of Consumer Credit may, after

notice and hearing pursuant to Article II of the Administrative

Procedures Act, seek any relief against the supervised lender

licensee authorized by subsection (1), (2) or (3) of this section

and may impose an administrative fine in an amount not less than One

Hundred Dollars ($100.00) nor more than Two Thousand Five Hundred

Dollars ($2,500.00) for each violation of the Uniform Consumer

Credit Code, not to exceed Five Thousand Dollars ($5,000.00) for all

violations resulting from a single incident or transaction.
Okla. Stat. tit. 14A, § 14A-2-307 — OK Code / Title 14A / Section 14A-2-307
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 seller refinances an existing balance

owing with respect to a consumer credit sale, refinancing or

consolidation pursuant to the provisions on refinancing (Section 2-

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 44

205) or consolidates an existing balance owing from a previous

consumer credit sale, refinancing, or consolidation with the amount

financed from a subsequent consumer credit sale, refinancing, or

consolidation so as to satisfy any existing balance and replace it

with a new obligation undertaken by the same buyer, the seller shall

make disclosure with respect to the new transaction to the buyer 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 buyer'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

buyer and added to an existing transaction if

disclosures relating to the initial purchase were

provided in accordance with law.
Okla. Stat. tit. 14A, § 14A-3-302.2 — OK Code / Title 14A / Section 14A-3-302.2
Disclosure of over-the-limit fees
Status: in_force

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

the credit card agreement or similar arrangement if over-the-limit

fees permitted by law will be charged and collected for exceeding

the designated credit limit on a revolving charge account or

revolving loan account.
Okla. Stat. tit. 14A, § 14A-6-510 — OK Code / Title 14A / Section 14A-6-510
Employees - Duties - Compensation
Status: in_force

The Administrator shall prepare in writing a manual of necessary

employee positions for the Department, including job

classifications, personnel qualifications, duties, maximum and

minimum salary schedules, and other personnel information for

approval by the Commission. The Administrator may, with the

approval of the Commission, select, appoint and employ such

accountants, attorneys, auditors, examiners, clerks, stenographers

and other personnel as he deems necessary for the proper

administration of this act, and may fix their compensation and the

salary of the Deputy Administrator. The Deputy Administrator and

other employees of the Department shall serve at the pleasure of the

Administrator.
Okla. Stat. tit. 14A, § 14A-6-101 — OK Code / Title 14A / Section 14A-6-101
Short title
Status: in_force

This article shall be known and may be cited as Uniform Consumer

Credit Code - Administration.
Okla. Stat. tit. 14A, § 14A-3-514 — OK Code / Title 14A / Section 14A-3-514
Attorney's fees
Status: in_force

With respect to a supervised loan in which the principal is One

Thousand Dollars ($1,000.00) or less, the agreement may not provide

for the payment by the debtor of attorney's fees; however, a court

may award reasonable attorney's fees to a prevailing litigant in any

transaction where such fees may be awarded in accordance with other

statutes of this state. A provision in violation of this section is

unenforceable.
Okla. Stat. tit. 14A, § 14A-2-412 — OK Code / Title 14A / Section 14A-2-412
Notice of assignment
Status: in_force

The buyer or lessee is authorized to pay the original seller or

lessor until the buyer or lessee receives notification of assignment

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 73

of the rights to payment pursuant to a consumer credit sale or

consumer lease and that payment is to be made to the assignee. A

notification which does not reasonably identify the rights assigned

is ineffective. If requested by the buyer or lessee, the assignee

must seasonably furnish reasonable proof that the assignment has

been made and unless he does so the buyer or lessee may pay the

seller or lessor.
Okla. Stat. tit. 14A, § 14A-6-506 — OK Code / Title 14A / Section 14A-6-506
Qualifications and remuneration of administrator
Status: in_force

The Administrator of the Commission on Consumer Credit shall be

a person of good moral character, at least twenty-five (25) years of

age, and a resident taxpayer of Oklahoma, and shall have a minimum

of five (5) years' experience with consumer credit and consumer

transactions. The Commission may also require additional

qualifications. The Administrator, while serving as such, shall not

directly or indirectly be financially interested in or associated

with any other person subject to the jurisdiction of the Commission

or the Administrator. The salary of the Administrator shall be

fixed by the Commission, from appropriations made by the

Legislature.
Okla. Stat. tit. 14A, § 14A-2-305 — OK Code / Title 14A / Section 14A-2-305
Sales made by telephone or mail
Status: in_force

(1) With respect to a consumer credit sale, other than a sale

made pursuant to a revolving charge account, if the seller receives

a purchase order or offer by mail or telephone without personal

solicitation, the seller complies with this part if (a) he makes

the disclosures at the time and in the manner provided in the

general disclosure requirements and provisions (Section 2-302), or

(b) the seller's catalog or other printed material distributed to

the public sets forth the cash price, the total sale price, and the

terms of financing, including the annual percentage rate, and before

the first payment is due on the sale, he gives the information

required by this part including the notice prescribed in subsection

(2).

(2) The notice shall be in writing and conspicuous and shall

provide that if the buyer does not wish to make the purchase on

credit, he, within fifteen (15) days after receiving the notice, may

prepay the obligation as to that purchase for an amount stated or

identified in the notice and avoid the payment of any credit service

charge as to that purchase. A prepayment under this section is

subject to the provisions of this act on prepayment, except that no

credit service charge shall be made if prepayment in full is made

within the period specified in the notice. Payment by mail is

effective when posted.
Okla. Stat. tit. 14A, § 14A-3-813 — OK Code / Title 14A / Section 14A-3-813
Renewal of license
Status: in_force

RENEWAL OF LICENSE.

A consumer litigation funder shall renew its license on December

1 every two (2) years by paying a renewal fee as determined by the

Administrator.
Okla. Stat. tit. 14A, § 14A-6-112 — OK Code / Title 14A / Section 14A-6-112
Temporary relief
Status: in_force

With respect to an action brought to enjoin violations of the

act (Section 6-110) or unconscionable agreements or fraudulent or

unconscionable conduct (Section 6-111), the Administrator may apply

to the court for appropriate temporary relief against a respondent,

pending final determination of proceedings. If the court finds

after a hearing held upon notice to the respondent that there is

reasonable cause to believe that the respondent is engaging in or is

likely to engage in conduct sought to be restrained, it may grant

any temporary relief or restraining order it deems appropriate.
Okla. Stat. tit. 14A, § 14A-6-303 — OK Code / Title 14A / Section 14A-6-303
Deposit of fees in Consumer Credit Administrative
Status: in_force

Expenses Revolving Fund.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 224

A. Beginning on the effective date of this act, ninety percent

(90%) of all fees and civil penalties collected by the Department of

Consumer Credit pursuant to the Uniform Consumer Credit Code, the

Credit Services Organization Act, the Oklahoma Pawnshop Act, the

Precious Metal and Gem Dealer Licensing Act, the Oklahoma Rental-

Purchase Act, the Oklahoma Health Spa Act, the Oklahoma Secure and

Fair Enforcement for Mortgage Licensing Act and the Deferred Deposit

Lending Act shall be deposited in the Consumer Credit Administrative

Expenses Revolving Fund established in Section 6-301 of this title.

B. Beginning on the effective date of this act, ten percent

(10%) of all fees and civil penalties collected by the Department of

Consumer Credit pursuant to the Uniform Consumer Credit Code, the

Credit Services Organization Act, the Oklahoma Pawnshop Act, the

Precious Metal and Gem Dealer Licensing Act, the Oklahoma Rental-

Purchase Act, the Oklahoma Health Spa Act, the Oklahoma Secure and

Fair Enforcement for Mortgage Licensing Act and the Deferred Deposit

Lending Act shall be deposited in the General Revenue Fund of the

State Treasury.

C. The provisions of this section shall not apply to fees

received for the Oklahoma Mortgage Broker and Mortgage Loan

Originator Recovery Fund and fees received from deferred deposit

lenders for consumer counseling services pursuant to Section 3119 of

Title 59 of the Oklahoma Statutes.

D. The Administrator of Consumer Credit may reduce annual

license fees on a pro rata basis for a specific renewal period. The

Administrator shall notify licensees of an annual license fee

reduction prior to November 1 of the specific license renewal

period. An annual license fee does not include an initial annual

license fee for purposes of this subsection.
Okla. Stat. tit. 14A, § 14A-4-202 — OK Code / Title 14A / Section 14A-4-202
Amount of insurance
Status: in_force

(1) Except as provided in subsection (2)

(a) in the case of consumer credit insurance providing

life coverage, the amount of insurance may not

initially exceed the debt; or

(b) in the case of any other consumer credit insurance,

the total amount of periodic benefits payable may not

exceed the total of scheduled unpaid installments of

the debt, and the amount of any periodic benefit may

not exceed the original amount of debt divided by the

number of periodic installments in which it is

payable.

(2) If consumer credit insurance is provided in connection with

a revolving charge account or revolving loan account, the amounts

payable as insurance benefits may be reasonably commensurate with

the amount of debt as it exists from time to time. If consumer

credit insurance is provided in connection with a commitment to

grant credit in the future, the amounts payable as insurance

benefits may be reasonably commensurate with the total from time to

time of the amount of debt and the amount of the commitment. If the

debt or the commitment is primarily for an agricultural purpose, and

there is no regular schedule of payments, the amounts payable as

insurance benefits may equal the total of the initial amount of debt

and the amount of the commitment.
Okla. Stat. tit. 14A, § 14A-3-701 — OK Code / Title 14A / Section 14A-3-701
Short title – Oklahoma Private Student Loan
Status: in_force

Transparency and Improvement Act.

Sections 7 through 11 of this act shall be known and may be

cited as the "Oklahoma Private Student Loan Transparency and

Improvement Act".
Okla. Stat. tit. 14A, § 14A-1-103 — OK Code / Title 14A / Section 14A-1-103
Supplementary general principles of law applicable
Status: in_force

Unless displaced by the particular provisions of this act, the

Uniform Commercial Code and the principles of law and equity,

including the law relative to capacity to contract, principal and

agent, estoppel, fraud, misrepresentation, duress, coercion,

mistake, bankruptcy, or other validating or invalidating cause,

supplement its provisions.
Okla. Stat. tit. 14A, § 14A-2-605 — OK Code / Title 14A / Section 14A-2-605
Credit service charge for other sales
Status: in_force

With respect to a sale other than a consumer credit sale, the

parties may contract for the payment by the buyer of any credit

service charge.
Okla. Stat. tit. 14A, § 14A-3-402 — OK Code / Title 14A / Section 14A-3-402
Balloon payments
Status: in_force

With respect to a consumer loan, other than one pursuant to a

revolving loan account, if any scheduled payment is more than twice

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

has the right to refinance the amount of that payment at the time it

is due without penalty. The terms of the refinancing shall be no

less favorable to the debtor than the terms of the original loan.

These provisions do not apply to the extent that the payment

schedule is adjusted to the seasonal or irregular income of the

debtor.
Okla. Stat. tit. 14A, § 14A-1-202 — OK Code / Title 14A / Section 14A-1-202
Exclusions
Status: in_force

This act does not apply to

(1) Extensions of credit to government or governmental agencies

or instrumentalities;

(2) The sale of insurance by an insurer, except as otherwise

provided in the article on insurance (Article 4);

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 13

(3) Transactions under public utility or common carrier tariffs

if a subdivision or agency of this state or of the United States

regulates the charges for the services involved, the charges for

delayed payment and any discount allowed for early payment;

(4) Pawnbrokers engaging in pawn transactions as defined in the

Oklahoma Pawnshop Act; or

(5) Loans made to enable the debtor to build or purchase a

residence or to refinance such loan when made by a lender whose

loans are supervised by an agency of the United States or made by a

Federal Housing Administration approved mortgagee unless the loan is

made subject to this act by agreement (Section 3-601), and except as

provided with respect to disclosure (Section 3-301), debtors'

remedies (Section 5-201) and loan finance charges for other loans

(Section 3-605).
Okla. Stat. tit. 14A, § 14A-3-101 — OK Code / Title 14A / Section 14A-3-101
Short title
Status: in_force

This article shall be known and may be cited as Uniform Consumer

Credit Code - Loans.