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2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-811. Issuance of license.

ISSUANCE OF LICENSE.
The Administrator may not issue a license under this act unless the Administrator, following an investigation, determines that the character and fitness of the applicant or of the applicant funder's officers and directors warrant belief that the business will be operated honestly and fairly in accordance with this act.
Added by Laws 2013, c. 386, § 11, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-711 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-812. Hearing.

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.
Added by Laws 2013, c. 386, § 12, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-712 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-813. Renewal of license.

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.
Added by Laws 2013, c. 386, § 13, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-713 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-814. Prohibited activities or conduct.

PROHIBITED ACTIVITIES OR CONDUCT.
A consumer litigation funder may not:
1. Pay or offer to pay a commission, referral fee, or other form of consideration to an attorney, law firm, medical provider, chiropractor, or physical therapist or an employee of such a person for referring a consumer to the funder;
2. Accept any commission, referral fee, rebate, or other form of consideration from an attorney, law firm, medical provider, chiropractor, or physical therapist or an employee of such a person;
3. Intentionally advertise materially false or misleading information about the funder's products or services;
4. Refer, to further an initial legal funding, a customer or potential customer to a specific attorney, law firm, medical provider, chiropractor, or physical therapist or an employee of such a person, except that the funder may refer a customer or potential customer who needs legal representation to a local or state bar association referral service;
5. Fail to promptly supply a copy of the executed agreement to the consumer's attorney;
6. Knowingly provide funding to a consumer who has previously assigned or sold a portion of the consumer's right to proceeds from the consumer's legal claim without first paying to or purchasing from a previously unsatisfied consumer litigation funder that funder's entire funded amount and charges due under that funder's applicable agreement, unless:
a.
a lesser amount is otherwise agreed to in writing by the consumer litigation funders, or
b.
multiple funders have agreed to concurrently provide funding to a consumer, if the consumer consents to the arrangement in writing;
7. Make a decision relating to the conduct, settlement, or resolution of the underlying legal claim, the power of which shall remain solely with the consumer and the attorney handling the legal claim; or
8. Knowingly pay or offer to pay, using funds from the litigation funding transaction, court costs, filing fees, or attorneys' fees during or after the resolution of the legal claim.
Added by Laws 2013, c. 386, § 14, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-714 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-815. Violation of act.

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.
Added by Laws 2013, c. 386, § 15, eff. Nov. 1, 2013. Amended by Laws 2014, c. 252, § 1, eff. July 1, 2014.
NOTE: Editorially renumbered from Title 14A, § 3-715 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-816. Implementation.

As soon as practicable after the effective date of this act, but not later than July 1, 2014, the Commission on Consumer Credit shall adopt the rules and procedures necessary to implement this act.
Added by Laws 2013, c. 386, § 16, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-716 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-817. Application of act.

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.
Added by Laws 2013, c. 386, § 17, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-717 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-102. Scope - Applicability to parties.

(1) Except as provided in subsection (2), this article applies to insurance provided or to be provided in relation to a consumer credit sale (Section 2-104), a consumer lease (Section 2-106), or a consumer loan (Section 3-104).
(2) The provision on cancellation by a creditor (Section 4-304) applies to loans the primary purpose of which is the financing of insurance. No other provision of this article applies to insurance so financed.
(3) Joint life insurance coverage and joint accident and health insurance coverage for debtors with their comakers, endorsers and guarantors shall be permissible under this article; provided, not more than two persons shall be so insured in connection with the same indebtedness.
Added by Laws 1969, c. 352, § 4-102, eff. July 1, 1969. Amended by Laws 1995, c. 104, § 1, eff. Nov. 1, 1995.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-103. Definition: "Consumer credit insurance".

As used in the Uniform Consumer Credit Code, "consumer credit insurance" means insurance, other than insurance on property as provided for in Section 4-301 of this title, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include:
(a)
insurance provided in relation to a credit transaction in which a payment is scheduled more than fifteen (15) years after the extension of credit; or
(b)
insurance issued as an isolated transaction of the insurer not related to an agreement or plan for insuring debtors of the creditor; or
(c)
insurance indemnifying the creditor against loss due to the debtor's default.
Added by Laws 1969, c. 352, § 4-103, eff. July 1, 1969. Amended by Laws 1984, c. 41, § 1, eff. Nov. 1, 1984.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-104. Creditor's provision of and charge for insurance - 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).
Added by Laws 1969, c. 352, § 4-104, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-105. Conditions applying to insurance to be provided by creditor.

If a creditor agrees with a debtor to provide insurance
(1) the insurance shall be evidenced by an individual policy or certificate of insurance delivered to the debtor, or sent to him at his address as stated by him, within thirty (30) days after the term of the insurance commences under the agreement between the creditor and debtor; or
(2) the creditor shall promptly notify the debtor of any failure or delay in providing the insurance.
Added by Laws 1969, c. 352, § 4-105, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-106. Unconscionability.

(1) In applying the provisions of the act on unconscionability (Sections 5-108 and 6-111) to a separate charge for insurance, consideration shall be given, among other factors, to
(a)
potential benefits to the debtor including the satisfaction of his obligations;
(b)
the creditor's need for the protection provided by the insurance; and
(c)
the relation between the amount and terms of credit granted and the insurance benefits provided.
(2) If consumer credit insurance otherwise complies with this article and other applicable law, neither the amount nor the term of the insurance nor the amount of a charge therefor is in itself unconscionable.
Added by Laws 1969, c. 352, § 4-106, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-107. Maximum charge by creditor for insurance.

(1) Except as provided in subsection (2), if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by the insurer, as computed at the time the charge to the debtor is determined, conforming to any rate filings required by law and made by the insurer with the Insurance Department.
(2) A creditor who provides consumer credit insurance in relation to a revolving charge account (Section 2-108) or revolving loan account (Section 3-108) may calculate the charge to the debtor in each billing cycle by applying the current premium rate to
(a)
the average daily unpaid balance of the debt in the cycle;
(b)
the unpaid balance of the debt or a median amount within a specified range of unpaid balances of debt on approximately the same day of the cycle. The day of the cycle need not be the day used in calculating the credit service charge (Section 2-207) or loan finance charge (Section 3-201 and Section 3-508A), but the specified range shall be the range used for that purpose; or
(c)
the unpaid balances of principal calculated according to the actuarial method.
Added by Laws 1969, c. 352, § 4-107, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-108. Refund or credit required - Amount.

(1) Upon prepayment in full of a consumer credit sale or consumer loan by the proceeds of consumer credit insurance, the debtor or his estate is entitled to a refund of any portion of a separate charge for insurance which by reason of prepayment is retained by the creditor or returned to him by the insurer unless the charge was computed from time to time on the basis of the balances of the debtor's account. Payment by the insurer of the coverage in force at the time the death claim arises includes premiums charged for the coverage.
(2) This article does not require a creditor to grant a refund or credit to the debtor if all refunds and credits due to the debtor under this article amount to less than One Dollar ($1.00), and except as provided in subsection (1) does not require the creditor to account to the debtor for any portion of a separate charge for insurance because
(a)
the insurance is terminated by performance of the insurer's obligation;
(b)
the creditor pays or accounts for premiums to the insurer in amounts and at times determined by the agreement between them;
(c)
the creditor receives directly or indirectly under any policy of insurance a gain or advantage not prohibited by law; or
(d)
the debtor has voluntarily signed an authorization to continue his coverage in force.
(3) Except as provided in subsection (2), the creditor shall promptly make or cause to be made an appropriate refund or credit to the debtor with respect to any separate charge made to him for insurance if
(a)
the insurance is not provided or is provided for a shorter term than that for which the charge to the debtor for insurance was computed; or
(b)
the insurance terminates prior to the end of the term for which it was written because of prepayment in full or otherwise.
(4) A refund or credit required by subsection (3) is appropriate as to amount if it is computed according to a method prescribed or approved by the Insurance Department or a formula filed by the insurer with the Insurance Department at least thirty (30) days before the debtor's right to a refund or credit becomes determinable, unless the method or formula is employed after the Insurance Department notifies the insurer that it is disapproved.
Added by Laws 1969, c. 352, § 4-108, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-109. Existing insurance - Choice of insurer.

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.
Added by Laws 1969, c. 352, § 4-109, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-110. Charge for insurance in connection with a deferral, refinancing, or consolidation - Duplicate charges.

(1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral (Section 2-204 or Section 3-204), a refinancing (Section 2-205 or Section 3-205), or a consolidation (Section 2-206 or Section 3-206), unless
(a)
the debtor agrees at or before the time of the deferral, refinancing, or consolidation that the charge may be made;
(b)
the debtor is or is to be provided with insurance for an amount or a term, or insurance of a kind, in addition to that to which he would have been entitled had there been no deferral, refinancing, or consolidation;
(c)
the debtor receives a refund or credit on account of any unexpired term of existing insurance in the amount that would be required if the insurance were terminated (Section 4-108); and
(d)
the charge does not exceed the amount permitted by this article (Section 4-107).
(2) A creditor may not contract for or receive a separate charge for insurance which duplicates insurance with respect to which the creditor has previously contracted for or received a separate charge.
Added by Laws 1969, c. 352, § 4-110, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-111. Cooperation between Administrator and Insurance 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.
Added by Laws 1969, c. 352, § 4-111, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-112. Administrative action of Insurance Department.

(1) To the extent that its responsibility under this article requires, the Insurance Department shall cause to be issued rules with respect to insurers, and with respect to refunds (Section 4-108), forms, schedules of premium rates and charges (Section 4-203) and its approval or disapproval thereof and, in case of violation, may make an order for compliance.
(2) 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 Insurance Department pursuant to this section.
Added by Laws 1969, c. 352, § 4-112, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-113. Sale of insurance product in conjunction with subsection 10 mortgage – Conditions - Disclosure.

A creditor shall not sell any individual or group credit life, accident and health or unemployment insurance product on a prepaid single premium basis in conjunction with a subsection 10 mortgage referred to in subsection (10) of Section 1-301 of Title 14A of the Oklahoma Statutes unless the following conditions are met:
(a)
if a creditor offers any individual or group credit life, accident and health or unemployment insurance product purchased on a prepaid single premium basis in conjunction with a subsection 10 mortgage, the creditor shall offer the obligor the option of purchasing all such insurance on a monthly premium basis, if such option is available;
(b)
a creditor shall not sell credit life, accident and health or unemployment insurance products in conjunction with a subsection 10 mortgage other than where the insurance premiums are calculated, earned and paid on a monthly or other regular, periodic basis without providing a separate disclosure with a copy acknowledged by the obligor no later than the time of closing in a form substantially similar to the following:
"Insurance Notice To Obligor
You have elected to buy credit life, accident and health and/or unemployment insurance in conjunction with this mortgage loan. The cost of this insurance is being prepaid, and it is being financed at the interest rate provided for in the loan. This insurance is not required as a condition of closing this loan, and it has been included with the loan at your request.
You have the right at any time to cancel any or all such policies purchased in conjunction with this loan. You may cancel your policy or policies by signing and returning a copy of this notice to your creditor or you may contact your creditor directly.
If you cancel your insurance within thirty (30) days of the date of your loan, then you will receive either a full refund or a credit against your loan account. If you cancel your insurance at any other time, you will receive either a refund or credit against your loan account of any unearned premium. You must cancel within thirty (30) days of the date of the loan to receive a full refund.
Credit Insurance Cancellation
I (we) request that the creditor cancel the __________ insurance that I (we) purchased in conjunction with my (our) mortgage loan dated _________________
_____________________________
Today’s Date
_____________________________
Borrower”
(c)
this subsection shall not apply to credit life, accident and health or unemployment insurance sold by the creditor for which the obligor chooses the beneficiary and it is someone other than the creditor.
Added by Laws 2003, c. 330, § 12, eff. Jan. 1, 2004.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-201. Term of insurance.

(1) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not such evidence is required, the term of the insurance shall commence no later than when the debtor becomes obligated to the creditor or when the debtor applies for the insurance, whichever is later, except as follows:
(a)
if any required evidence of insurability is not furnished until more than thirty (30) days after the term would otherwise commence, the term may commence on the date when the insurer determines the evidence to be satisfactory; or
(b)
if the creditor provides insurance not previously provided covering debts previously created, the term may commence on the effective date of the policy.
(2) The originally scheduled term of the insurance shall extend at least until the due date of the last scheduled payment of the debt except as follows:
(a)
if the insurance relates to a revolving charge account or revolving loan account, the term need extend only until the payment of the debt under the account and may be sooner terminated after at least thirty (30) days' notice to the debtor; or
(b)
if the debtor is advised in writing that the insurance will be written for a specified shorter time, the term need extend only until the end of the specified time.
(3) The term of the insurance shall not extend more than fifteen (15) days after the originally scheduled due date of the last scheduled payment of the debt unless it is extended without additional cost to the debtor or as an incident to a deferral, refinancing, or consolidation.
Added by Laws 1969, c. 352, § 4-201, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-202. Amount of insurance.

(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.
Added by Laws 1969, c. 352, § 4-202, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-203. Filing and approval of rates and forms.

(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 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.
Added by Laws 1969, c. 352, § 4-203, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-301. Property insurance.

(1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless:
(a)
the insurance covers a substantial risk of loss of or damage to property related to the credit transaction;
(b)
the amount, terms, and conditions of the insurance are reasonable in relation to the character and value of the property insured or to be insured; and
(c)
the term of the insurance is reasonable in relation to the terms of credit.
(2) The term of insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity.
Added by Laws 1969, c. 352, § 4-301, eff. July 1, 1969. Amended by Laws 1988, c. 8, § 1, emerg. eff. March 14, 1988.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-302. Insurance on creditor's interest only.

If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the debtor is on the debtor only to the extent of any deficiency in the effective coverage of the insurance, even though the insurance covers only the interest of the creditor.
Laws 1969, c. 352, § 4-302.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-4-304. Cancellation by creditor.

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.
Added by Laws 1969, c. 352, § 4-304, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-102. Scope.

This part applies to actions or other proceedings to enforce rights arising from consumer credit sales, consumer leases and consumer loans; and, in addition, to extortionate extensions of credit (Section 5-107).
Added by Laws 1969, c. 352, § 5-102, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-103. Restrictions on deficiency judgments in consumer credit 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).
(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).
Added by Laws 1969, c. 352, § 5-103, eff. July 1, 1969. Amended by Laws 1979, c. 109, § 2, emerg. eff. April 25, 1979.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-104. No garnishment before judgment.

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.
Added by Laws 1969, c. 352, § 5-104, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-105. Limitation on garnishment.

(1) For the purpose of this part
(a)
"disposable earnings" means that part of the earnings of an individual remaining after the deduction from those earnings of amounts required by law to be withheld; and
(b)
"garnishment" means any legal or equitable procedure through which the earnings of an individual are required to be withheld for payment of a debt.
(2) The maximum part of the aggregate disposable earnings of an individual for any workweek which is subjected to garnishment to enforce payment of a judgment arising from a consumer credit sale, consumer lease, or consumer loan may not exceed the lesser of
(a)
twenty-five percent (25%) of his disposable earnings for that week; or
(b)
the amount by which his disposable earnings for that week exceed thirty times the federal minimum hourly wage prescribed by Section 6(a) (1) of the Fair Labor Standards Act of 1938, U.S.C. Title 29, Section 206(a) (1), in effect at the time the earnings are payable.
(c)
in the case of earnings for a pay period other than a week, the Administrator shall by rule prescribe a multiple of the federal minimum hourly wage equivalent in effect to that set forth in paragraph (b).
(3) No court may make, execute, or enforce an order or process in violation of this section.
Added by Laws 1969, c. 352, § 5-105, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-106. No discharge from employment for garnishment.

No employer shall discharge an employee for the reason that a creditor of the employee has subjected or attempted to subject unpaid earnings of the employee to garnishment or like proceedings directed to the employer for the purpose of paying a judgment arising from a consumer credit sale, consumer lease, or consumer loan, unless the employer shall be served with garnishment or like process issued to collect one or more judgments against the employee on more than two occasions within one year.
Added by Laws 1969, c. 352, § 5-106, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-107. Extortionate extensions of credit.

(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.
Added by Laws 1969, c. 352, § 5-107, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-108. Unconscionability.

(1) With respect to a consumer credit sale, consumer lease, or consumer loan, if the court as a matter of law finds the agreement or any clause of the agreement to have been unconscionable at the time it was made the court may refuse to enforce the agreement, or it may enforce the remainder of the agreement without the unconscionable clause, or it may so limit the application of any unconscionable clause as to avoid any unconscionable result.
(2) If it is claimed or appears to the court that the agreement or any clause thereof may be unconscionable the parties shall be afforded a reasonable opportunity to present evidence as to its setting, purpose, and effect to aid the court in making the determination.
(3) For the purposes of this section, a charge or practice expressly permitted by this act is not in itself unconscionable.
Added by Laws 1969, c. 352, § 5-108, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-201. Consumer credit sales and consumer loans.

For purposes of the provisions of this part on civil liability for violation of disclosure provisions (Section 5-203) and on debtor's right to rescind certain transactions (Section 5-204), consumer credit sale and consumer loan include the transactions covered in Sections 2-301 and 3-301.
Added by Laws 1969, c. 352, § 5-201, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 51, operative Oct. 1, 1982.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-205. Refunds and penalties as set-off to obligation.

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.
Added by Laws 1969, c. 352, § 5-205, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-206. Closed-end consumer credit transaction secured by real 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:
(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;
(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.
Added by Laws 2000, c. 217, § 21, eff. July 1, 2000.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-301. Willful violations.

(1) A supervised lender who willfully makes charges in excess of those permitted by the provisions of the article on loans (Article 3) applying to supervised loans (Part 5) is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding Five Hundred Dollars ($500.00), or to imprisonment not exceeding one (1) year, or both.
(2) A person, other than a supervised financial organization, who willfully engages in the business of making supervised loans without a license in violation of the provisions of this act applying to authority to make supervised loans (Section 3-502) is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding Five Thousand Dollars ($5,000.00), or to imprisonment not exceeding one (1) year, or both.
(3) A person who willfully engages in the business of making consumer credit sale, consumer leases, or consumer loans, or of taking assignments of rights against debtors arising therefrom and undertakes direct collection of payments or enforcement of these rights, without complying with the provisions of this act concerning notification (Section 6-202) or payment of fees (Section 6-203), is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding Five Hundred Dollars ($500.000).
Added by Laws 1969, c. 352, § 5-301, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-5-302. Disclosure violations.

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 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.
Added by Laws 1969, c. 352, § 5-302, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-102. Applicability.

(1) This part applies to persons who in this state make or solicit consumer credit sales, consumer leases, and consumer loans; or who directly collect payments from or enforce rights against debtors arising from the sales, leases, or loans previously specified wherever they are made.
(2) In relation to the powers of the Administrator to administer the provisions on disclosure (Parts 3 of Articles 2 and 3) and the right of rescission (Section 5-204), a consumer credit sale and a consumer loan shall include the transactions covered in Sections 2-301 and 3-301 and those excluded by Section 1-202(5).
Added by Laws 1969, c. 352, § 6-102, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 54, operative June 1, 1982.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-106. Investigatory powers.

(1) If the Administrator has probable cause to believe that a person has engaged in an act which is subject to action by the Administrator, he may make an investigation to determine whether the act has been committed, and, to the extent necessary for this purpose, may administer oaths or affirmations, and upon his own motion or upon request of any party may subpoena witnesses, compel their attendance, adduce evidence, and require the production of any matter which is relevant to the investigation, including the existence, description, nature, custody, condition, and location of any books, documents, or other tangible things and the identity and location of persons having knowledge of relevant facts, or any other matter reasonably calculated to lead to the discovery of admissible evidence.
(2) If the person's records are located outside this state, the person shall, at his option, either make them available to the Administrator at a convenient location within this state, or pay the reasonable and necessary expenses for the Administrator or his representative to examine them at the place where they are maintained. Payments for such necessary expenses shall be made to the Commission on Consumer Credit. Any such payments so received by the Department shall be deposited in the Consumer Credit Investigation Fund. The Administrator may designate representatives, including comparable officials of the state in which the records are located, to inspect them on his behalf.
(3) Upon failure without lawful excuse to obey a subpoena or to give testimony and upon reasonable notice to all persons affected thereby the Administrator may apply to a court for an order compelling compliance, as provided by the general act of this state governing administrative procedures (Title 75, Oklahoma Statutes, Chapters 7 and 8).
(4) The Administrator shall not make public the name or identity of a person whose acts or conduct he investigates pursuant to this section or the facts disclosed in the investigation, but this subsection does not apply to disclosures in actions or enforcement proceedings pursuant to this act.
Added by Laws 1969, c. 352, § 6-106, eff. July 1, 1969. Amended by Laws 1987, c. 208, § 43, operative July 1, 1987; Laws 1987, c. 236, § 69, emerg. eff. July 20, 1987.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-107. Application of Administrative Procedure Act.

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).
Added by Laws 1969, c. 352, § 6-107, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-108. Administrative enforcement orders - Review.

(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 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.
Added by Laws 1969, c. 352, § 6-108, eff. July 1, 1969. Amended by Laws 2000, c. 217, § 24, eff. July 1, 2000; Laws 2014, c. 297, § 3.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-109. Assurance of discontinuance.

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 to the assurance he engaged in the conduct described in the assurance.
Added by Laws 1969, c. 352, § 6-109, eff. July 1, 1969.