reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-206. Loan finance charge on consolidation.

(1) If a debtor owes an unpaid balance to a lender with respect to a consumer loan, refinancing, or consolidation, other than one made under Section 3-508B of this title, and becomes obligated on another consumer loan, refinancing, or consolidation with the same lender, the parties may agree to a consolidation resulting in a single schedule of payments. If the previous consumer loan, refinancing, or consolidation was not precomputed, the parties may agree to add the unpaid amount of principal and accrued charges on the date of consolidation to the principal with respect to the subsequent loan. If the previous consumer loan, refinancing, or consolidation was precomputed, the parties may agree to refinance the unpaid balance pursuant to the provisions on refinancing (Section 3-205) and to consolidate the principal resulting from the refinancing by adding it to the principal with respect to the subsequent loan. In either case the lender may contract for and receive a loan finance charge based on the aggregate principal resulting from the consolidation at a rate not in excess of that permitted by the provisions on loan finance charge for consumer loans (Section 3-201) or the provisions on loan finance charge for supervised loans (Section 3-508A), whichever is appropriate.
(2) The parties may agree to consolidate the unpaid balance of a consumer loan, other than one made under Section 3-508B of this title, with the unpaid balance of a consumer credit sale. The parties may agree to refinance the previous unpaid balance pursuant to the provisions on refinancing sales (Section 2-205) or the provisions on refinancing loans (Section 3-205), whichever is appropriate, and to consolidate the amount financed resulting from the refinancing or the principal resulting from the refinancing by adding it to the amount financed or principal with respect to the subsequent sale or loan. The aggregate amount resulting from the consolidation shall be deemed principal, and the creditor may contract for and receive a loan finance charge based on the principal at a rate not in excess of that permitted by the provisions on loan finance charge for consumer loans (Section 3-201) or the provisions on loan finance charge for supervised loans (Section 3-508A), whichever is appropriate.
Added by Laws 1969, c. 352, § 3-206, eff. July 1, 1969. Amended by Laws 1997, c. 288, § 3.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-207. Conversion to revolving loan account.

The parties may agree to add to a revolving loan account the unpaid balance of a consumer loan, not made pursuant to a revolving loan account, or a refinancing, or consolidation thereof, or the unpaid balance of a consumer credit sale, refinancing, or consolidation. For the purpose of this section
(1) the unpaid balance of a consumer loan, refinancing, or consolidation is an amount equal to the principal determined according to the provisions on refinancing (Section 3-205); and
(2) the unpaid balance of a consumer credit sale, refinancing, or consolidation is an amount equal to the amount financed determined according to the provisions on refinancing (Section 2-205).
Added by Laws 1969, c. 352, § 3-207, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-208. Advances to perform covenants of debtor.

(1) If the agreement with respect to a consumer loan, refinancing, or consolidation contains covenants by the debtor to perform certain duties pertaining to insuring or preserving collateral and if the lender pursuant to the agreement pays for performance of the duties on behalf of the debtor the lender may add the amounts paid to the debt. In the case of covenants as to duties other than the payment of taxes and insuring the collateral, the lender shall give written notice to the debtor setting forth the duties to be performed and a statement of the amount to be charged for the performance of said duties. Said written notice shall be by certified mail to the last-known address of the debtor, at least thirty (30) days prior to the commencement of the performance of the specified duties, unless otherwise agreed in writing by the lender and debtor. The debtor, prior to commencement of performance, shall have the option to make alternative arrangements for compliance with the covenants. Within a reasonable time after advancing any sums, he shall state to the debtor in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule, and, if the duties of the debtor performed by the lender pertain to insurance, a brief description of the insurance paid for by the lender including the type and amount of coverages. No further information need be given.
(2) A loan finance charge may be made for sums advanced pursuant to subsection (1) at a rate not exceeding the rate stated to the debtor pursuant to the provisions on disclosure (Part 3) with respect to the loan, refinancing, or consolidation, except that with respect to a revolving loan account the amount of the advance may be added to the unpaid balance of the debt and the lender may make a loan finance charge not exceeding that permitted by the provisions on loan finance charge for consumer loans (Section 3-201) or for supervised loans (Section 3-508A), whichever is appropriate.
Added by Laws 1969, c. 352, § 3-208, eff. July 1, 1969. Amended by Laws 1997, c. 288, § 4.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-209. Right to prepay.

Subject to the provisions on rebate upon prepayment (Section 3-210), the debtor may prepay in full the unpaid balance of a consumer loan, refinancing, or consolidation at any time without penalty.
Added by Laws 1969, c. 352, § 3-209, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-211. Fee for small loans – Payments to Consumer Credit Counseling Revolving Fund and Personal Financial Literacy Education Revolving Fund.

A. Each licensee authorized to make small loans shall pay thirty cents ($0.30) for each loan entered into to be deposited into the Consumer Credit Counseling Revolving Fund and the Personal Financial Literacy Education Revolving Fund as follows:
1. Eight cents ($0.08) of each thirty-cent payment shall be deposited into the Consumer Credit Counseling Revolving Fund; and
2. Twenty-two cents ($0.22) of each thirty-cent payment shall be paid to the Office of the State Treasurer for deposit into the Personal Financial Literacy Education Revolving Fund.
B. The schedule for payment into the Consumer Credit Counseling Revolving Fund shall be determined by the Administrator of Consumer Credit. The schedule for payments to the Office of the State Treasurer for deposit into the Personal Financial Literacy Education Revolving Fund shall be made by each lender quarterly.
C. Ten percent (10%) of each scheduled payment of fees pursuant to this section made into the Consumer Credit Counseling Revolving Fund may be transferred to the Consumer Credit Administrative Expenses Revolving Fund established in Section 6-301 of Title 14A of the Oklahoma Statutes for expenses incurred by the Administrator of Consumer Credit in administering the requirements of subsection D of this section.
D. Funds collected and deposited in the Consumer Credit Counseling Revolving Fund pursuant to this section shall be paid by the Administrator of Consumer Credit to a third-party, Oklahoma-based consumer credit counseling provider with a verifiable history of work with both industry and consumers in the appropriate field for a program of research and implementation of voluntary consumer counseling and education specifically designed for consumers utilizing deferred deposit loans. The program shall be:
1. Selected by a bid process, pursuant to The Oklahoma Central Purchasing Act; and
2. Designed in consultation with representatives of both the industry and consumers.
E. Funds paid to the Office of the State Treasurer for deposit into the Personal Financial Literacy Education Revolving Fund pursuant to this section shall be used by the State Department of Education for purposes provided in Section 11-103.6h of Title 70 of the Oklahoma Statutes.
Added by Laws 2004, c. 557, § 9, emerg. eff. June 10, 2004. Amended by Laws 2010, c. 415, § 36, eff. July 1, 2010; Laws 2017, c. 279, § 2, eff. July 1, 2017; Laws 2019, c. 89, § 30, eff. Aug. 1, 2020. Renumbered from § 3119 of Title 59 by Laws 2019, c. 89, § 32, eff. Aug. 1, 2020.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-301.1. Federal Consumer Credit Protection Act disclosure.

Effective July 1, 2014, the lender shall disclose to the debtor to whom credit is extended with respect to a consumer loan the information required by the Federal Consumer Credit Protection Act as defined in Section 1-302 of Title 14A of the Oklahoma Statutes.
Added by Laws 2014, c. 159, § 2, eff. July 1, 2014.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-302.1. Disclosure of fee for dishonored check, negotiable order of withdrawal or share draft.

The seller or lender shall disclose to the buyer or debtor the fact that such a fee will be charged and collected for dishonored checks, negotiable orders of withdrawal or share drafts issued by the buyer or debtor.
Added by Laws 1984, c. 51, § 3, emerg. eff. March 28, 1984.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-302.2. Disclosure of over-the-limit fees.

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.
Added by Laws 1988, c. 35, § 7, operative July 1, 1988. Amended by Laws 1989, c. 122 § 5, eff. July 1, 1989.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-303. Overstatement.

The disclosure of an amount or percentage which is greater than the amount or percentage required to be disclosed under this part does not in itself constitute a violation of this part if the overstatement is not materially misleading and is not used to avoid meaningful disclosure.
Added by Laws 1969, c. 352, § 3-303, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-305. Loans made by telephone or mail.

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 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.
Added by Laws 1969, c. 352, § 3-305, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-307. Refinancing.

(1) Except as rules adopted by the Administrator not inconsistent with the Federal Consumer Credit Protection Act may otherwise prescribe, if the lender refinances an existing balance owing with respect to a consumer loan, refinancing or consolidation pursuant to the provisions on refinancing (Section 3-205) or consolidates an existing balance owing from a previous consumer loan, refinancing, or consolidation with the amount financed from a subsequent consumer loan, refinancing, or consolidation or consolidates the unpaid balance of a consumer loan with the unpaid balance of a consumer credit sale so as to satisfy any existing balance and replace it with a new obligation undertaken by the same debtor, the lender shall make disclosure with respect to the new transaction to the debtor of the information and in the manner required by this part.
(2) A refinancing does not include:
(a)
a renewal of a single payment obligation with no change in the original terms;
(b)
a reduction in the annual percentage rate with a corresponding change in the payment schedule;
(c)
an agreement involving a court proceeding;
(d)
a change in the payment schedule or a change in collateral requirements as a result of the debtor's default or delinquency unless the rate is increased or the new amount financed exceeds the unpaid balance plus earned finance charge and premiums for continuation of consumer credit insurance or insurance against loss of or damage to property or against liability arising out of the ownership or use of property; or
(e)
the renewal of optional insurance purchased by the debtor and added to an existing transaction if disclosures relating to the initial purchase were provided in accordance with law.
Added by Laws 1969, c. 352, § 3-307, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 41, operative Oct. 1, 1982.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-308. Assumption.

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 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.
Added by Laws 1969, c. 352, § 3-308, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 42, operative Oct. 1, 1982.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-309.5. Additional disclosures for reverse mortgages.

(1) In addition to the disclosures required under Title 14A of the Oklahoma Statutes, for each reverse mortgage, the creditor shall, not less than three (3) days prior to consummation of the transaction, disclose to the consumer in conspicuous type a good faith estimate of the projected total cost of the mortgage to the consumer expressed as a table of annual interest rates. Each annual interest rate shall be based on a projected total future credit extension balance under a projected appreciation rate for the dwelling and a term for the mortgage. The disclosure shall include:
(a)
statements of the annual interest rates for not less than three projected appreciation rates and not less than three credit transaction periods, as determined by the Administrator, including:
(i)
a short-term reverse mortgage;
(ii)
a term equaling the actuarial life expectancy of the consumer; and
(iii)
such longer term as the Administrator deems appropriate; and
(b)
a statement that the consumer is not obligated to complete the reverse mortgage transaction merely because the consumer has received the disclosure required under this section or has signed an application for the reverse mortgage.
(2) In determining the projected total cost of the mortgage to be disclosed to the consumer under subsection (1) of this section, the creditor shall take into account:
(a)
any shared appreciation or equity that the lender will, by contract, be entitled to receive;
(b)
all costs and charges to the consumer, including the costs of any associated annuity that the consumer elects or is required to purchase as part of the reverse mortgage transaction;
(c)
all payments to and for the benefit of the consumer, including, in the case in which an associated annuity is purchased, whether or not required by the lender as a condition of making the reverse mortgage, the annuity payments received by the consumer and financed from the proceeds of the loan, instead of the proceeds used to finance the annuity; and
(d)
any limitation on the liability of the consumer under reverse mortgage transactions, such as nonrecourse limits and equity conservation agreements.
Added by Laws 2000, c. 217, § 13, eff. July 1, 2000.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-313. Notification to borrower of transfer of residential mortgage loan.

Not later than thirty (30) days after the date on which a residential mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including:
(a)
the identity, address and telephone number of the new creditor;
(b)
the date of transfer;
(c)
how to reach an agent or party having authority to act on behalf of the new creditor;
(d)
the location of the place where transfer of ownership of the debt is recorded; and
(e)
any other relevant information regarding the new creditor.
Added by Laws 2012, c. 172, § 8, eff. July 1, 2012.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-401. Scope.

This part applies to consumer loans. Section 3-309.3 of Part 3 of this article contains certain limitations upon the terms of 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.
Added by Laws 1969, c. 352, § 3-401, eff. July 1, 1969. Amended by Laws 1990, c. 260, § 28, operative July 1, 1990; Laws 2003, c. 330, § 9, eff. Jan. 1, 2004.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-402. Balloon payments.

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.
Added by Laws 1969, c. 352, § 3-402, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 46, operative June 1, 1982.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-403. No assignment of earnings.

(1) A lender may not take an assignment of earnings of the debtor for payment or as security for payment of a debt arising out of a consumer loan. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the debtor. This section does not prohibit an employee from authorizing deductions from his earnings if the authorization is revocable.
(2) A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to him secured by an assignment of earnings.
Added by Laws 1969, c. 352, § 3-403, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-404. Attorney's fees.

Except as provided by the provisions on limitations on attorney's fees as to certain supervised loans (Section 3-514), with respect to a consumer loan the agreement may provide for the payment by the debtor of reasonable attorney's fees not in excess of fifteen percent (15%) of the unpaid debt after default and referral to an attorney not a salaried employee of the lender. A provision in violation of this section is unenforceable.
Added by Laws 1969, c. 352, § 3-404, eff. July 1, 1969. Amended by Laws 1970, c. 282, § 9.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-405. Limitation on default charges.

Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer loan may not provide for charges as a result of default by the debtor other than those authorized by this act. A provision in violation of this section is unenforceable.
Added by Laws 1969, c. 352, § 3-405, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-406. Notice of assignment.

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.
Added by Laws 1969, c. 352, § 3-406, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-408. Change in terms of revolving loan accounts.

(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:
(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.
Added by Laws 1969, c. 352, § 3-408, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 47, operative June 1, 1982; Laws 1983, c. 121, § 1, emerg. eff. May 17, 1983; Laws 1988, c. 35, § 8, operative July 1, 1988; Laws 1999, c. 95, § 1, emerg. eff. April 19, 1999.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-409. Use of multiple agreements.

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.
Added by Laws 1969, c. 352, § 3-409, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-411. Refinancing loan to subsection 10 mortgage – Borrower’s 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;
(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.
Added by Laws 2003, c. 330, § 11, eff. Jan. 1, 2004.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-501. Definitions: "Supervised loan"; "Supervised lender".

(1) "Supervised loan" means a consumer loan in which the rate of the loan finance charge exceeds ten percent (10%) per year as determined according to the provisions on loan finance charge for consumer loans (Section 3-201).
(2) "Supervised lender" means a person authorized to make or take assignments of supervised loans.
Added by Laws 1969, c. 352, § 3-501, eff. July 1, 1969. Amended by Laws 1980, c. 122, § 4, emerg. eff. April 15, 1980.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-502. Authority to make supervised loans - Administrative actions against unlicensed persons.

(1) Unless a person is a supervised financial organization or has first obtained a license from the Administrator authorizing the person to make supervised loans, a person shall not engage in the business of:
(a)
making supervised loans; or
(b)
taking assignments and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans.
(2) In addition to civil and criminal penalties, the Administrator may initiate administrative action against an unlicensed person as if the person held a license if the person is found to be engaging in the business of making supervised loans.
Added by Laws 1969, c. 352, § 3-502, eff. July 1, 1969. Amended by Laws 2000, c. 217, § 14, eff. July 1, 2000.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-503. Application for license – Annual fee - Appointment of statutory agent – Bond - Criminal history check.

(1) Application for a license shall be under oath, shall give the approximate location from which the business is to be conducted, and shall contain such relevant information as the Administrator of Consumer Credit may require. When making application for one or more licenses, the applicant shall pay an investigation fee and an annual license fee.
(2) Every licensee shall maintain on file with the Administrator a written appointment of a resident of this state as the agent for service of all judicial or other process or legal notice, unless the licensee has appointed an agent under another statute of this state. In case of noncompliance, such service may be made on the Administrator.
(3) Every applicant shall, also, at the time of filing such application, file with the Administrator, if required, a bond satisfactory to the Administrator and in an amount not to exceed Five Thousand Dollars ($5,000.00) for the first license and One Thousand Dollars ($1,000.00) for each additional license with a surety company qualified to do business in this state as surety, whose total liability in the aggregate shall not exceed the amount of such bond so fixed. The bond shall run to the state for the use of the state and of any person or persons who may have cause of action against the obligor of the bond under the provisions of this title. Such bond shall be conditional that the obligor will faithfully conform to and abide by the provisions of this title and to all rules lawfully made by the Administrator hereunder and will pay to the state and to any such person or persons any and all amounts of money that may become due or owing to the state or to such person or persons from such obligor under and by virtue of the provisions of this title during the calendar year for which the bond is given.
(4) As part of the investigation, the Administrator may conduct a national criminal history check pursuant to subsection B of Section 150.9 of Title 74 of the Oklahoma Statutes. The applicant shall furnish to the Administrator, upon request by the Administrator, a complete set of the applicant's fingerprints that shall be certified by an authorized law enforcement officer.
Added by Laws 1969, c. 352, § 3-503, eff. July 1, 1969. Amended by Laws 1987, c. 208, § 40, operative July 1, 1987; Laws 1987, c. 236, § 66, emerg. eff. July 20, 1987; Laws 2000, c. 217, § 15, eff. July 1, 2000; Laws 2009, c. 431, § 2, eff. July 1, 2009; Laws 2010, c. 415, § 1, eff. July 1, 2010.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-507. Application of Administrative Procedure Act to Part.

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.
Added by Laws 1969, c. 352, § 3-507, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-508C. Electronic payment processing convenience fee.

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 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.
Added by Laws 2018, c. 109, § 1, eff. Nov. 1, 2018.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-509. Use of multiple agreements or split loans.

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).
Added by Laws 1969, c. 352, § 3-509, eff. July 1, 1969. Amended by Laws 1974, c. 95, § 2; Laws 1997, c. 288, § 8.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-510. Restrictions on interest in land as security.

(1) With respect to a supervised loan in which the principal is One Thousand Dollars ($1,000.00) or less, and the loan finance charge calculated according to the actuarial method exceeds twenty-one percent (21%) per year on the unpaid balances of principal, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.
(2) This section shall not apply with respect to an open-end credit plan under which a lender makes advances and takes or retains a security interest in the principal dwelling of the debtor where the advances are made in accordance with an established credit limit of at least One Thousand Dollars ($1,000.00) for the plan.
Added by Laws 1969, c. 352, § 3-510, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 48, operative Oct. 1, 1982.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-511. Regular schedule of payments - Maximum loan term.

Supervised loans, not made pursuant to a revolving loan account, in which the principal is One Thousand Dollars ($1,000.00) or less and the rate of the loan finance charge calculated according to the actuarial method exceeds eighteen percent (18%) on the unpaid balances of the principal, shall be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor; and
(a)
over a period of not more than forty-nine (49) months if the principal is more than Three Hundred Dollars ($300.00); or
(b)
over a period of not more than thirty-seven (37) months if the principal is Three Hundred Dollars ($300.00) or less.
Added by Laws 1969, c. 352, § 3-511, eff. July 1, 1969. Amended by Laws 1989, c. 55, § 1, eff. Nov. 1, 1989.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-512. Conduct of business other than making loans.

A. 1. Except as provided in subsection B of this section, a licensee who is authorized to make supervised loans under this Part shall not engage in the business of making sales of goods at any location where supervised loans are made; provided, however, a licensee may make sales of goods through vending machines at the location where supervised loans are made and may sell other goods approved by the Administrator of the Department of Consumer Credit which are paid for by a consumer in cash and not with the proceeds of a loan by the licensee also making the sale. The word "location" as used in this section means the entire space in which supervised loans are made and said location must be separated from any location in which merchandise is sold or displayed by walls which may be broken only by a passageway to which the public is not admitted.
2. A sale of goods or services pursuant to a lender credit card or similar arrangement made at a place of business other than that of a licensee does not violate this section.
3. An occasional sale of property used in the ordinary course of the business of the licensee does not violate this section.
4. A sale of items repossessed by the licensee does not violate this section.
5. No licensee shall conduct the business of making loans under the Consumer Credit Code under any name, or at any place of business within this state, other than that stated in the license.
B. A licensee who is authorized to make supervised loans under this Part may sell goods at any location where supervised loans are made upon meeting the following conditions:
1. The Administrator of the Department of Consumer Credit shall be notified in writing of the type and nature of goods to be sold at the location of the licensee;
2. Any sale of goods authorized pursuant to this subsection shall be purchased through a loan with the licensee; and
3. All goods sold by the licensee pursuant to this subsection shall be restricted to purchase loans made only at A-lender rates and terms.
The Administrator shall promulgate rules to ensure lenders comply with the requirements of this subsection.
Added by Laws 1969, c. 352, § 3-512, eff. July 1, 1969. Amended by Laws 1997, c. 288, § 1; Laws 2018, c. 111, § 1, eff. Nov. 1, 2018.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-514. Attorney's fees.

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.
Added by Laws 1969, c. 352, § 3-514, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 49, operative June 1, 1982.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-515. Restrictions on interest in motor vehicles as security.

Restrictions on interest in motor vehicles as security.
With respect to a supervised loan made under the provisions of Section 3-508B of this title in which the principal is Three Hundred Dollars ($300.00) or less, a lender may not contract for an interest in motor vehicles as security. A security interest taken in violation of this section is void.
Added by Laws 1997, c. 288, § 6.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-601. Loans subject to act by agreement of parties.

The parties to a loan other than a consumer loan may agree in writing signed by the parties that the loan is subject to the provisions of this act applying to consumer loans. If the parties so agree, the loan is a consumer loan for the purposes of this act.
Added by Laws 1969, c. 352, § 3-601, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-605. Loan finance charge for other loans.

With respect to a loan other than a consumer loan, the parties may contract for the payment by the debtor of any loan finance charge, not in excess of the rate of loan finance charge specified in Section 5-107(2).
Added by Laws 1969, c. 352, § 3-605, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 50, operative June 1, 1982.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-701. Short title – Oklahoma Private Student Loan 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".
Added by Laws 2013, c. 99, § 7, eff. July 1, 2013.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-703. Prohibition on gifts – Revenue sharing.

A private educational lender may not, directly or indirectly:
(a)
offer or provide any gift to a covered educational institution in exchange for any advantage or consideration provided to such private educational lender related to its private educational loan activities; or
(b)
engage in revenue sharing with a covered educational institution.
Added by Laws 2013, c. 99, § 9, eff. July 1, 2013.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-704. Restrictions on private educational lenders.

(1) A private educational lender may not use the name, emblem, mascot, or logo of the covered educational institution, or other words, pictures, or symbols readily identified with the covered educational institution, in the marketing of private education loans in any way that implies that the covered educational institution endorses the private education loans offered by the private educational lender.
(2) Any person who is employed in the financial aid office of a covered educational institution, or who otherwise has responsibilities with respect to private education loans or other financial aid of the institution, and who serves on an advisory board, commission, or group established by a private educational lender or group of such lenders shall be prohibited from receiving anything of value from the private educational lender or group of lenders. Nothing in this subsection prohibits the reimbursement of reasonable expenses incurred by an employee of a covered educational institution as part of their service on an advisory board, commission, or group described in this subsection.
(3) It shall be unlawful for any private educational lender to impose a fee or penalty on a borrower for early repayment or prepayment of any private education loan.
(4) An institution of higher education shall publicly disclose any contract or other agreement made with a card issuer or creditor for the purpose of marketing a credit card.
(5) No card issuer or creditor may offer to a student at an institution of higher education any tangible item to induce such student to apply for or participate in an open-end consumer credit plan offered by such card issuer or creditor, if such offer is made:
(a)
on the campus of an institution of higher education;
(b)
near the campus of an institution of higher education, as determined by rule of the Administrator; or
(c)
at an event sponsored by or related to an institution of higher education.
Added by Laws 2013, c. 99, § 10, eff. July 1, 2013.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-802. Nonapplicability of act.

NONAPPLICABILITY OF ACT.
Except as specifically provided by this act, this act does not apply to the following persons who enter into a consumer litigation funding agreement with a consumer:
1. An immediate family member of the consumer;
2. An accountant who provides accounting services to the consumer; or
3. An attorney who, at the time money is provided to or on behalf of a consumer under a consumer litigation funding agreement, has an attorney-client relationship with the consumer concerning the consumer's legal claim.
Added by Laws 2013, c. 386, § 2, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-702 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-803. Agreement required.

AGREEMENT REQUIRED.
A person who is not described by Section 2 of this act may not enter into a litigation funding transaction with a consumer except under a consumer litigation funding agreement that complies with this act.
Added by Laws 2013, c. 386, § 3, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-703 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-804. Duty of attorney.

DUTY OF ATTORNEY.
An attorney representing a consumer in the legal claim is not under a duty to assign any portion of payments from a settlement, judgment, award, or verdict to the consumer litigation funder unless the attorney has agreed to do so in writing.
Added by Laws 2013, c. 386, § 4, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-704 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-805. Form of agreement - Requirement of existing legal claim.

FORM OF AGREEMENT; REQUIREMENT OF EXISTING LEGAL CLAIM.
A. A consumer litigation funding agreement shall:
1. Be in writing;
2. Contain the initials of the consumer on each page; and
3. Be otherwise complete when presented to the consumer for signature.
B. A consumer litigation funding agreement may be entered into only if the agreement relates to:
1. An existing legal claim that has been made by or on behalf of the consumer against another person, including the other person's insurer or the consumer's own insurer; or
2. An existing proceeding in which the consumer's legal claim is intended to be resolved and with regard to which the consumer is represented by an attorney.
Added by Laws 2013, c. 386, § 5, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-705 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-806. Right of rescission.

RIGHT OF RESCISSION.
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.
Added by Laws 2013, c. 386, § 6, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-706 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-809. License required - Application.

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 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.
Added by Laws 2013, c. 386, § 9, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-709 to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-3-810. Bond - Letter of credit.

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.
Added by Laws 2013, c. 386, § 10, eff. Nov. 1, 2013.
NOTE: Editorially renumbered from Title 14A, § 3-710 to avoid a duplication in numbering.