14A OK Stat § 14A-3-508A (2021)
2021 Oklahoma Statutes|Title 14A. Consumer Credit Code|§14A-3-508A. Loan finance charge for supervised loans.

|(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%) 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%) 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%) 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%) 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 (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.Added by Laws 1969, c. 352, § 3-508A, eff. July 1, 1969. Amended by Laws 1981, c. 177, § 3; Laws 2014, c. 297, § 2; Laws 2015, c. 89, § 1, eff. Nov. 1, 2015; Laws 2021, c. 142, § 3, eff. Nov. 1, 2021.