2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-508B. Loan finance charge for loans with principal of Three Thousand Dollars or less.

1. On loans having a principal of Three Thousand Dollars ($3,000.00) or less, a supervised lender may charge in lieu of the loan finance charges specified in Section 3-508A of this title, the following amounts:
a.
on any amount up to and including One Hundred Sixty-one Dollars and ninety-five cents ($161.95), there shall be allowed an acquisition charge for making the loan not in excess of one-tenth (1/10) of the amount of the principal. In addition thereto, a handling charge may be added at the ratio of Five Dollars and forty cents ($5.40) for each Twenty-seven Dollars ($27.00) of principal,
b.
on any loan in an amount in excess of One Hundred Sixty-one Dollars and ninety-five cents ($161.95) up to and including the amount of One Hundred Eighty-nine Dollars ($189.00), there shall be allowed an acquisition charge for making the loan not in excess of one-tenth (1/10) of the amount of the principal. In addition thereto, an installment account handling charge shall be allowed not to exceed Sixteen Dollars and twenty cents ($16.20) per month,
c.
on any loan of an amount in excess of One Hundred Eighty-nine Dollars ($189.00) but not more than Three Hundred Seventy-eight Dollars ($378.00), there shall be allowed an acquisition charge for making the loan not in excess of one-tenth (1/10) of the amount of the principal. In addition thereto, an installment account handling charge shall be allowed not to exceed Eighteen Dollars and ninety cents ($18.90) per month,
d.
on any loan of an amount in excess of Three Hundred Seventy-eight Dollars ($378.00) but not in excess of Five Hundred and Forty Dollars ($540.00), there shall be allowed an acquisition charge for making the loan, not in excess of one-tenth (1/10) of the amount of the principal. In addition thereto, an installment account handling charge shall be allowed not to exceed Twenty-one Dollars and sixty cents ($21.60) per month,
e.
on any loan in an amount in excess of Five Hundred Forty Dollars ($540.00) up to and including the amount of Eight Hundred Ten Dollars ($810.00), there shall be allowed an acquisition charge for making the loan not in excess of one-tenth (1/10) of the amount of the principal. In addition thereto, an installment account handling charge shall be allowed not to exceed Twenty-four Dollars and thirty cents ($24.30) per month,
f.
on any loan of an amount in excess of Eight Hundred Ten Dollars ($810.00) but not more than One Thousand Eighty Dollars ($1,080.00), there shall be allowed an acquisition charge for making the loan not in excess of one-tenth (1/10) of the amount of the principal. In addition thereto, an installment account handling charge shall be allowed not to exceed Twenty-seven Dollars ($27.00) per month,
g.
on any loan of an amount in excess of One Thousand Eighty Dollars ($1,080.00) but not more than One Thousand Three Hundred Fifty Dollars ($1,350.00), there shall be allowed an acquisition charge for making the loan not in excess of one-tenth (1/10) of the amount of the principal. In addition thereto, an installment account handling charge shall be allowed not to exceed Twenty-nine Dollars and seventy cents ($29.70) per month,
h.
on any loan of an amount in excess of One Thousand Three Hundred Fifty Dollars ($1,350.00) but not more than One Thousand Six Hundred Twenty Dollars ($1,620.00), there shall be allowed an acquisition charge for making the loan not in excess of one-tenth (1/10) of the amount of the principal. In addition thereto, an installment account handling charge shall be allowed not to exceed Thirty-two Dollars and forty cents ($32.40) per month,
i.
on any loan of an amount in excess of One Thousand Six Hundred Twenty Dollars ($1,620.00) but not more than Two Thousand Dollars ($2,000.00), there shall be allowed an acquisition charge for making the loan not in excess of one-tenth (1/10) of the amount of principal. In addition thereto, an installment account handling charge shall be allowed not to exceed Forty Dollars ($40.00) per month,
j.
on any loan of an amount in excess of Two Thousand Dollars ($2,000.00) but not more than Two Thousand Five Hundred Dollars ($2,500.00), there shall be allowed an acquisition charge for making the loan not in excess of one-tenth (1/10) of the amount of principal. In addition thereto, an installment account handling charge shall be allowed not to exceed Fifty Dollars ($50.00) per month, and
k.
on any loan of an amount in excess of Two Thousand Five Hundred Dollars ($2,500.00) but not more than Three Thousand Dollars ($3,000.00), there shall be allowed an acquisition charge for making the loan not in excess of one-tenth (1/10) of the amount of principal. In addition thereto, an installment account handling charge shall be allowed not to exceed Sixty Dollars ($60.00) per month.
2. The maximum term of any loan made under the terms of this section shall be one (1) month for each Ten Dollars ($10.00) of principal up to a maximum term of eighteen (18) months. Provided, however, that under subparagraphs e through i of paragraph 1 of this section the maximum terms shall be one (1) month for each Twenty Dollars ($20.00) of principal up to a maximum term of eighteen (18) months, and under subparagraphs j and k of paragraph 1 of this section, the maximum terms shall be one (1) month for each Twenty Dollars ($20.00) of principal to a maximum term of twenty-four (24) months.
3. The minimum term of any loan made under the terms of subparagraphs a through k of paragraph 1 of this section shall be no less than sixty (60) days. Any loan made under the terms of this section shall be scheduled to be payable in substantially equal installments at not less than thirty-day intervals, with the first installment to be scheduled to be due not less than one (1) calendar month after the date such loan is made.
4. Loans made under this section may be refinanced or consolidated according to the provisions of this section, notwithstanding anything in Section 2-101 et seq. of this title to the contrary. When a loan made under this section is refinanced or consolidated, installment account handling charges on the loans being refinanced or consolidated must be rebated pursuant to the provisions regarding rebate on prepayment (Section 3-210 of this title) as of the date of refinancing or consolidation. For the purpose of determining the amount of acquisition and installment account handling charges permitted in relation to the refinancing or the consolidation of loans made under this section, the principal resulting from the refinancing or consolidation is the total of the unpaid balances of the principal of the loans being refinanced or consolidated, plus any new money advanced, and any delinquency or deferral charges if due and unpaid, less any unearned acquisition and installment account handling charges imposed in connection with loans being refinanced or consolidated.
5. On such loans under this section, no insurance charges or any other charges of any nature whatsoever shall be permitted.
6. Except as otherwise provided, the acquisition charge authorized herein shall be deemed to be earned at the time a loan is made and shall not be subject to refund. Provided, however, in a loan made under this section which is prepaid in full, refinanced or consolidated within the first sixty (60) days, the acquisition charge under this section will not be fully earned at the time the loan is made, but must be refunded pro rata at the rate of one-sixtieth (1/60) of the acquisition charge for each day from the date of the prepayment, refinancing or consolidation to the sixtieth day of the loan. On the prepayment of any loan under this section, the installment account handling charge shall be subject to the provisions of Section 3-210 of this title as it relates to refunds. Provisions of Section 3-203 of this title as it relates to delinquency charges and Section 3-204 of this title as it relates to deferral charges shall apply to loans made under the section.
Added by Laws 1969, c. 352, § 3-508B, eff. July 1, 1969. Amended by Laws 1979, c. 109, § 4, emerg. eff. April 25, 1979; Laws 1997, c. 288, § 7; Laws 2006, c. 203, § 2, eff. July 1, 2006; Laws 2019, c. 178, § 2, eff. Nov. 1, 2019; Laws 2022, c. 207, § 2, eff. Nov. 1, 2022.