reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-111. Injunctions against unconscionable agreements and fraudulent or unconscionable conduct.

(1) The Administrator may bring a civil action to restrain a creditor or a person acting in his behalf from engaging in a course of
(a)
making or enforcing unconscionable terms or provisions of consumer credit sales, consumer leases, or consumer loans;
(b)
fraudulent or unconscionable conduct in inducing debtors to enter into consumer credit sales, consumer leases, or consumer loans; or
(c)
fraudulent or unconscionable conduct in the collection of debts arising from consumer credit sales, consumer leases, or consumer loans.
(2) In an action brought pursuant to this section the court may grant relief only if it finds
(a)
that the respondent has made unconscionable agreements or has engaged or is likely to engage in a course of fraudulent or unconscionable conduct;
(b)
that the agreements or conduct of the respondent has caused or is likely to cause injury to consumers; and
(c)
that the respondent has been able to cause or will be able to cause the injury primarily because the transactions involved are credit transactions.
(3) In applying this section, consideration shall be given to each of the following factors, among other:
(a)
belief by the creditor at the time consumer credit sales, consumer leases, or consumer loans are made that there was no reasonable probability of payment in full of the obligation by the debtor;
(b)
in the case of consumer credit sales or consumer leases, knowledge by the seller or lessor at the time of the sale or lease of the inability of the buyer or lessee to receive substantial benefits from the property or services sold or leased;
(c)
in the case of consumer credit sales or consumer leases, gross disparity between the price of the property or services sold or leased and the value of the property or services measured by the price at which similar property or services are readily obtainable in credit transactions by like buyers or lessees;
(d)
the fact that the creditor contracted for or received separate charges for insurance with respect to consumer credit sales or consumer loans with the effect of making the sales or loans, considered as a whole, unconscionable; and
(e)
the fact that the respondent has knowingly taken advantage of the inability of the debtor reasonably to protect his interests by reason of physical or mental infirmities, ignorance, illiteracy or inability to understand the language of the agreement, or similar factors.
(4) In an action brought pursuant to this section, a charge or practice expressly permitted by this act is not in itself unconscionable.
Added by Laws 1969, c. 352, § 6-111, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-112. Temporary relief.

With respect to an action brought to enjoin violations of the act (Section 6-110) or unconscionable agreements or fraudulent or unconscionable conduct (Section 6-111), the Administrator may apply to the court for appropriate temporary relief against a respondent, pending final determination of proceedings. If the court finds after a hearing held upon notice to the respondent that there is reasonable cause to believe that the respondent is engaging in or is likely to engage in conduct sought to be restrained, it may grant any temporary relief or restraining order it deems appropriate.
Added by Laws 1969, c. 352, § 6-112, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-116. Report on conclusion of examination – Preservation of examinations and reports.

A. Upon the conclusion of any examination conducted by the Department of Consumer Credit pursuant to this or any other act administered by the Administrator of Consumer Credit, the Administrator may make and file in the Office of the Administrator a report in detail disclosing the results of such examination or may, on conditions prescribed by the Administrator, prepare a summary memorandum regarding the results of such examination, and shall, upon request by the examined party, mail a copy of such report or memorandum to the examined party.
B. All examinations and reports received by the Administrator shall be preserved in the Office of the Administrator for a period of not less than five (5) years. Such examinations and reports and all other records of licensed entities are to be kept confidential, except as otherwise permitted by law. Copies of such examinations and reports in the possession of an institution under the Department's supervision are the property of the Department and are not subject to disclosure to third parties, including disclosure or production pursuant to subpoena or other request. However, an institution in possession of a copy of such examinations and reports may disclose the examinations and reports to its accountants, advisors, consultants and legal counsel. An institution in possession of a copy of examinations and reports may also disclose such examinations and reports to other persons or entities with the prior written approval of the Administrator or Deputy Administrator. All requests for review of such examinations and reports, other than an institution's accountants, advisors, consultants, legal counsel or a third party that has obtained the written approval of the Administrator or Deputy Administrator, shall be directed to the Department and are subject to the requirements of Section 3 of this act.
Added by Laws 2019, c. 103, § 2, eff. Nov. 1, 2019.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-117. Designation as public records – Other records confidential.

A. The following records in the Oklahoma Department of Consumer Credit are designated as public records:
1. All applications for licensure and supporting information with the exception of personal financial records of individual applicants, dates of birth, Social Security numbers, signatures and fingerprints;
2. All records introduced at administrative hearings; and
3. All records related to licensed entities filed in the Office of the Secretary of State.
B. All other records in the Department shall be confidential and not subject to public inspection. However, the Commission on Consumer Credit, Administrator of Consumer Credit or Deputy Administrator may divulge such confidential information with the written approval of the Administrator after receipt of a written request which shall:
1. Specify the record or records to which access is requested; and
2. Give the reasons for the request.
Such records may also be produced pursuant to a valid judicial subpoena or other legal process requiring production, if the Administrator determines that the records are relevant to the hearing or proceeding and that production is in the best interests of justice. The records may be disclosed only after a determination by the Administrator that good cause exists for the disclosure. Either prior to or at the time of any disclosure, the Administrator shall impose such terms and conditions as the Administrator deems necessary to protect the confidential nature of the record, the financial integrity of any institution to which the record relates and the legitimate privacy interests of any individual named in such records.
C. All documents which the Department is required, by any provision of any act administered by the Administrator or by any other statute or regulation of this state, to retain or preserve in its possession may be retained and preserved, in lieu of retention of the original records or copies, in an electronic format and stored by electronic imaging or otherwise so that the documents may be later reproduced as necessary. Any such electronically stored or imaged document or reproduction shall have the same force and effect as the original thereof and shall be admitted in evidence equally with the original.
D. With respect to records of the Department which are considered public records, and which are subject to the Oklahoma Open Records Act, the Department may charge a document copying fee of twenty-five cents ($0.25) per page. With respect to records of the Department which are not considered public records, the Department may charge a document copying fee of One Dollar ($1.00) per page, and if the Administrator, pursuant to the provisions of subsection B of this section, permits the inspection or copying of an examination report prepared by the Department, a minimum fee of One Hundred Dollars ($100.00) shall be charged.
Added by Laws 2019, c. 103, § 3, eff. Nov. 1, 2019.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-201. Applicability.

This part applies to a person other than a supervised financial organization or a person holding a license to make supervised loans issued under Part 5 of Article 3 of this act, engaged in making in this state consumer credit sales, consumer leases, or consumer loans and to a person having an office or place of business in this state who takes assignments of and undertakes direct collection of payments from or enforcement of rights against debtors arising from these sales, leases or loans.
Added by Laws 1969, c. 352, § 6-201, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-202. Notification.

(1) Persons subject to this part shall file notification with the Administrator within thirty (30) days after commencing business in this state, and thereafter, on or before January 31 of each year. The notification shall state
(a)
name of the person;
(b)
name in which business is transacted if different from (1);
(c)
address of principal office, which may be outside this state;
(d)
address of all offices or retail stores, if any, in this state at which consumer credit sales, consumer leases, or consumer loans are made, or in the case of a person taking assignments of obligations, the offices or places of business within this state at which business is transacted;
(e)
if consumer credit sales, consumer leases, or consumer loans are made otherwise than at an office or retail store in this state, a brief description of the manner in which they are made;
(f)
address of designated agent upon whom service of process may be made in this state (Section 1-203); and
(g)
whether regulated or supervised loans or both are made.
(2) If information in a notification becomes inaccurate after filing, no further notification is required until the following January 31.
Added by Laws 1969, c. 352, § 6-202, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-203. Fees.

(1) Any person required to file notification pursuant to the provisions of Section 6-201 of this title, on or before January 31 of each year, shall pay to the Administrator of Consumer Credit an annual fee as prescribed by rule, and an investigation fee of One Hundred Dollars ($100.00) for each business location. A late fee shall be charged for any notification filed after January 31. The license shall expire thirty (30) days after January 31 of any year for which the annual fee and investigation fee have not been paid. Licensees shall also pay a fee of Twenty-five Dollars ($25.00) for any returned check, address or license change or duplicate license request.
(2) The term "licensee" or "license", as used in this title, includes any entity or individual that has filed or is required to file notification with the Administrator pursuant to the provisions of Sections 6-201 through 6-203 of this title.
Added by Laws 1969, c. 352, § 6-203, eff. July 1, 1969. Amended by Laws 1984, c. 200, § 3, operative July 1, 1984; Laws 1986, c. 208, § 4, operative July 1, 1986; Laws 2010, c. 415, § 6, eff. July 1, 2010; Laws 2019, c. 107, § 1, eff. Nov. 1, 2019.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-301. Consumer Credit Administrative Expenses Revolving Fund.

There is hereby created in the State Treasury a revolving fund for the Commission on Consumer Credit to be designated as the "Consumer Credit Administrative Expenses Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations and shall consist of all monies as directed to be deposited in such fund by law. Monies accruing to the credit of this fund are hereby appropriated and may be budgeted and expended by the Administrator of the Commission on Consumer Credit upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
Added by Laws 2009, c. 431, § 1, eff. July 1, 2009. Amended by Laws 2012, c. 304, § 54.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-302. Commission on Consumer Credit - Prescription of fees.

(1) The Commission on Consumer Credit shall prescribe by administrative rules all fees authorized by the Uniform Consumer Credit Code, the Credit Services Organization Act, the Oklahoma Pawnshop Act, the Precious Metal and Gem Dealer Licensing Act, the Oklahoma Rental-Purchase Act, the Oklahoma Health Spa Act, the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act and the Deferred Deposit Lending Act. All fees prescribed by rule of the Commission shall be in accordance with Article I of the Administrative Procedures Act and this subsection. Prior to July 1, 2011, the Commission shall establish all authorized fees by emergency rule. Any fee established by emergency rule shall remain effective until the fee is prescribed by permanent rule of the Commission in accordance with Article I of the Administrative Procedures Act. Any fees prescribed by rule after July 1, 2011, shall be prescribed as permanent rules; provided, no fee prescribed after July 1, 2011, shall become effective unless approved by the Legislature.
(2) Examination and investigation fees shall not be increased more than Two Hundred Dollars ($200.00) in a three-calendar-year period.
(3) Annual license fees shall not be increased more than One Hundred Dollars ($100.00) in a three-calendar-year period.
Added by Laws 2010, c. 415, § 7, eff. July 1, 2010.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-303. Deposit of fees in Consumer Credit Administrative Expenses Revolving Fund.

A. Beginning on the effective date of this act, ninety percent (90%) of all fees and civil penalties collected by the Department of Consumer Credit pursuant to the Uniform Consumer Credit Code, the Credit Services Organization Act, the Oklahoma Pawnshop Act, the Precious Metal and Gem Dealer Licensing Act, the Oklahoma Rental-Purchase Act, the Oklahoma Health Spa Act, the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act and the Deferred Deposit Lending Act shall be deposited in the Consumer Credit Administrative Expenses Revolving Fund established in Section 6-301 of this title.
B. Beginning on the effective date of this act, ten percent (10%) of all fees and civil penalties collected by the Department of Consumer Credit pursuant to the Uniform Consumer Credit Code, the Credit Services Organization Act, the Oklahoma Pawnshop Act, the Precious Metal and Gem Dealer Licensing Act, the Oklahoma Rental-Purchase Act, the Oklahoma Health Spa Act, the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act and the Deferred Deposit Lending Act shall be deposited in the General Revenue Fund of the State Treasury.
C. The provisions of this section shall not apply to fees received for the Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund and fees received from deferred deposit lenders for consumer counseling services pursuant to Section 3119 of Title 59 of the Oklahoma Statutes.
D. The Administrator of Consumer Credit may reduce annual license fees on a pro rata basis for a specific renewal period. The Administrator shall notify licensees of an annual license fee reduction prior to November 1 of the specific license renewal period. An annual license fee does not include an initial annual license fee for purposes of this subsection.
Added by Laws 2010, c. 415, § 8, eff. July 1, 2010. Amended by Laws 2012, c. 328, § 1; Laws 2014, c. 261, § 1; Laws 2017, c. 316, § 1, eff. July 1, 2018.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-501. Department of Consumer Credit - Commission on Consumer Credit - Administrator of Consumer Credit.

There is hereby created:
(a)
the Department of Consumer Credit,
(b)
the Commission on Consumer Credit. The Commission shall be the policy-making and governing authority of the Department and shall appoint the Administrator and be responsible for the enforcement of the Uniform Consumer Credit Code, and
(c)
the Office of Administrator of Consumer Credit.
Added by Laws 1969, c. 352, § 6-501, eff. July 1, 1969. Amended by Laws 1979, c. 101, § 2, emerg. eff. April 25, 1979; Laws 2010, c. 415, § 9, eff. July 1, 2010; Laws 2015, c. 319, § 5, eff. Nov. 1, 2015; Laws 2023, c. 110, § 3, emerg. eff. April 28, 2023.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-502. Members of Commission.

A. The Commission on Consumer Credit shall consist of nine (9) members to be appointed by the Governor by and with the advice and consent of the Senate. The State Banking Commissioner shall be an ex officio voting tenth member of the Commission.
B. It is unlawful for any member of the Commission, the Administrator of Consumer Credit, or any other officer or employee of the Department to use for personal benefit any information which is filed with or obtained by the Administrator and which is not made public. No provision of the Uniform Consumer Credit Code authorizes any member of the Commission, the Administrator, or any other officer or employee of the Department to disclose any information except among themselves or when necessary or appropriate in a proceeding or investigation according to the provisions of the Uniform Consumer Credit Code. The provisions of the Uniform Consumer Credit Code shall not be construed to create or derogate any privilege that exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to any member of the Commission, the Administrator, or any other officer or employee of the Department.
C. Except upon proof of corruption, no member of the Commission shall be civilly liable to any applicant or other person for any acts or omissions.
D. No member of the Commission shall participate in any proceeding before the Commission involving any corporation, partnership, or unincorporated association for which the member is or was at any time in the preceding twelve (12) months a director, officer, partner, employee, member, or stockholder. A member of the Commission may disqualify himself or herself from participation in any proceeding before the Commission for any cause deemed by him or her to be sufficient.
Added by Laws 1969, c. 352, § 6-502, eff. July 1, 1969. Amended by Laws 1984, c. 46, § 1, eff. Nov. 1, 1984; Laws 2009, c. 190, § 1, eff. July 1, 2009; Laws 2016, c. 158, § 1, emerg. eff. May 1, 2017.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-504. Chairman - Meetings - Quorum - Minutes - Reports - Records - Rules and regulations.

The Commission shall select a chair and is hereby authorized to adopt rules for conducting its proceedings. A majority of the voting members shall constitute a quorum for transacting Commission business. The Commission may meet monthly on such date as it may designate and may meet at such other times as it may deem necessary, or when called by the chair or by any two members. Complete minutes of each meeting shall be kept and filed in the Department of Consumer Credit and shall be available for public inspection during reasonable office hours. The Commission shall report annually to the Governor and to the Speaker of the House of Representatives and the President Pro Tempore of the Senate. The report shall contain a summary of the minutes of the meetings held during the year, legislative recommendations, a summary of violations of the Uniform Consumer Credit Code and action taken thereon, and such other data and information as may be deemed necessary or appropriate. Each member of the Commission shall have unrestricted access to all offices and records of the Department. The Commission may review, repeal, amend or modify any rule or regulation adopted or promulgated by the Administrator.
Added by Laws 1969, c. 352, § 6-504, eff. July 1, 1969. Amended by Laws 1979, c. 101, § 3, emerg. eff. April 25, 1979; Laws 1981, c. 272, § 4, eff. July 1, 1981; Laws 1986, c. 208, § 5, operative July 1, 1986; Laws 2016, c. 158, § 2, emerg. eff. May 1, 2017.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-506. Qualifications and remuneration of administrator.

The Administrator of the Commission on Consumer Credit shall be a person of good moral character, at least twenty-five (25) years of age, and a resident taxpayer of Oklahoma, and shall have a minimum of five (5) years' experience with consumer credit and consumer transactions. The Commission may also require additional qualifications. The Administrator, while serving as such, shall not directly or indirectly be financially interested in or associated with any other person subject to the jurisdiction of the Commission or the Administrator. The salary of the Administrator shall be fixed by the Commission, from appropriations made by the Legislature.
Added by Laws 1969, c. 352, § 6-506, eff. July 1, 1969. Amended by Laws 1983, c. 240, § 5, operative July 1, 1983.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-507. Deputy Administrator.

The Administrator, with the approval of the Commission, may designate a deputy administrator, who shall satisfy and meet the same qualifications, including bond, required for the Administrator and who shall perform all the duties required to be performed by the Administrator when the Administrator is absent or unable to act for any reason.
Added by Laws 1969, c. 352, § 6-507, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-508. Bond.

Before assuming office, the Administrator shall give a bond in the sum of Fifty Thousand Dollars ($50,000.00) payable to the State of Oklahoma, to be approved by the Attorney General of the State of Oklahoma, conditioned that he will faithfully execute the duties of his office. The Administrator may by rule or order require any employee of the Department to be bonded on the same condition and in the same or such lesser amount as he determines. The expense of all such bonds shall be paid from funds available to the Department.
Added by Laws 1969, c. 352, § 6-508, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-6-510. Employees - Duties - Compensation.

The Administrator shall prepare in writing a manual of necessary employee positions for the Department, including job classifications, personnel qualifications, duties, maximum and minimum salary schedules, and other personnel information for approval by the Commission. The Administrator may, with the approval of the Commission, select, appoint and employ such accountants, attorneys, auditors, examiners, clerks, stenographers and other personnel as he deems necessary for the proper administration of this act, and may fix their compensation and the salary of the Deputy Administrator. The Deputy Administrator and other employees of the Department shall serve at the pleasure of the Administrator.
Added by Laws 1969, c. 352, § 6-510, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 14A. Consumer Credit Code › §14A-9-101. Time of taking effect - Provisions for transition.

(1) Except as otherwise provided in this section, this act takes effect at 12:01 a. m. on July 1, 1969.
(2) To the extent appropriate to permit the Administrator to prepare for operation of this act when it takes effect and to act on applications for licenses to make supervised loans under this act (subsection (1) of Section 3-503), the part supervised loans (Part 5) of the article on loans (Article 3) and the article on administration (Article 6) takes effect upon enactment.
(3) Transactions entered into before this act takes effect and the rights, duties, and interests flowing from them thereafter may be terminated, completed, consummated, or enforced as required or permitted by any statute, rule of law, or other law amended, repealed, or modified by this act as though the repeal, amendment or modification had not occurred, but this act applies to
(a)
refinancings, consolidations, and deferrals made after this act takes effect of sales, leases, and loans whenever made;
(b)
sales or loans made after this Act takes effect pursuant to revolving charge accounts (Section 2-108) and revolving loan accounts (Section 3-108) entered into, arranged, or contracted for before this act takes effect; and
(c)
all credit transactions made before this act takes effect insofar as the article on remedies and penalties (Article 5) limits the remedies of creditors.
(4) With respect to revolving charge accounts (Section 2-108) and revolving loan accounts (Section 3-108) entered into, arranged, or contracted for before this Act takes effect, disclosure pursuant to the provisions on disclosure (Section 2-310 and Section 3-309), shall be made not later than thirty (30) days after this act takes effect.
Added by Laws 1969, c. 352, § 9-101, eff. July 1, 1969.
2023 Oklahoma Statutes › Title 15. Contracts › §15-11. Persons authorized to contract.

All persons are capable of contracting, except minors, persons of unsound mind, and persons deprived of civil rights, however, persons sentenced to imprisonment under the Department of Corrections for any term, during confinement under said sentence, may make employment contracts, subject to the approval of the Director of the Department of Corrections, when this benefits the vocational training or release preparation of the prisoner; provided however, such persons during confinement shall not be eligible to receive benefits under the unemployment compensation law.
R.L.1910, § 877; Laws 1976, c. 163, § 1, emerg. eff. June 1, 1976.
2023 Oklahoma Statutes › Title 15. Contracts › §15-16. Persons of unsound mind, who are.

Persons of unsound mind within the meaning of this chapter are incapacitated persons or partially incapacitated persons, as such terms are defined by Section 1-111 of Title 30 of the Oklahoma Statutes.
R.L. 1910, § 882. Amended by Laws 1998, c. 246, § 4, eff. Nov. 1, 1998.
2023 Oklahoma Statutes › Title 15. Contracts › §15-17. Disabilities of minor - What contracts prohibited.

A minor cannot give a delegation of power, nor make a contract relating to real property, or any interest therein, or relating to any personal property not in his immediate possession or control, except as otherwise specially provided.
R.L.1910, § 883; Laws 1972, c. 221, § 2, eff. Aug. 1, 1972.
2023 Oklahoma Statutes › Title 15. Contracts › §15-19. Disaffirmance of minor's contract.

In all cases other than those specified herein, the contract of a minor may be disaffirmed by the minor himself, either before his majority or within one (1) year's time afterwards; or, in case of his death within that period, by his heirs or personal representatives. Provided, that any minor between the ages of sixteen (16) and eighteen (18) who has paid for any repairing, supplying or equipping on any type of a motor vehicle may disaffirm said contract in like manner only by restoring the consideration to the party from whom it was received.
R.L.1910, § 885; Laws 1965, c. 294, § 1, emerg. eff. June 24, 1965; Laws 1972, c. 221, § 3, eff. Aug. 1, 1972.
2023 Oklahoma Statutes › Title 15. Contracts › §15-23. Rescission by person of unsound mind.

A conveyance or other contract of a person of unsound mind, but not entirely without understanding, made before his incapacity has been judicially determined, is subject to rescission without prejudice to the rights of third persons, as provided in the article on extinction of contracts.
R.L.1910, § 889.
2023 Oklahoma Statutes › Title 15. Contracts › §15-24. Judicial determination of incapacity, contracts after - Wills after restoration.

After his incapacity has been judicially determined, a person of unsound mind can make no conveyance or other contract, nor designate any power, nor waive any right, until his restoration to capacity is judicially determined. But if actually restored to capacity, he may make a will, though his restoration is not thus determined.
R.L.1910, § 890.
2023 Oklahoma Statutes › Title 15. Contracts › §15-32. Definitions.

As used in this act:
(1) "person" means individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity;
(2) "educational institution" means any university, college, community college, junior college, high school, technical, vocational or professional school, wherever located, approved or accredited by that officer, department, board, agency or other official entity of this state, authorized under law to approve or to accredit for educational purposes that particular type of university, college, school or institution of learning, or, in the absence, as to the particular type of institution, of any such officer, department, board, agency or other official entity, by the State Board of Education, for the purposes of this act, or by the appropriate official, department or agency of the state in which the institution is located; and
(3) "educational loan" means a loan or assistance for the purpose of directly furthering the obligor's education at an educational institution.
Laws 1970, c. 215, § 2, emerg. eff. April 15, 1970.
2023 Oklahoma Statutes › Title 15. Contracts › §15-33. Enforceable obligations.

Any written obligation signed by a minor who is (a) sixteen (16) years of age, with written approval of his parent or guardian, or (b) sixteen (16) years of age and does not reside with a parent or guardian, in consideration of an educational loan received by him from any person, is enforceable as if he were an adult at the time of execution, but only if, prior to the making of the educational loan, the educational institution has certified in writing to the person making the educational loan that the minor is enrolled, or has been accepted for enrollment, in the educational institution.
Laws 1970, c. 215, § 3, emerg. eff. April 15, 1970; Laws 1972, c. 221, § 4, eff. Aug. 1, 1972.
2023 Oklahoma Statutes › Title 15. Contracts › §15-55. Duress defined.

Duress consists in:
1. Unlawful confinement of the person of the party, or of husband or wife of such party, or of an ancestor, descendant, or adopted child of such party, husband or wife.
2. Unlawful detention of the property of any such person; or,
3. Confinement of such person, lawful in form, but fraudulently obtained, or fraudulently made unjustly, harassing or oppressive.
R.L.1910, § 900.
2023 Oklahoma Statutes › Title 15. Contracts › §15-56. Menace defined - Threats.

Menace consists in a threat:
1. Of such duress as is specified in the first and third
subdivisions of the last section.
2. Of unlawful and violent injury to the person or property of any such person as is specified in the last section; or,
3. Of injury to the character of any such person.
R.L.1910, § 901.
2023 Oklahoma Statutes › Title 15. Contracts › §15-58. Actual fraud defined.

Actual fraud, within the meaning of this chapter, consists in any of the following acts, committed by a party to the contract, or with his connivance, with intent to deceive another party thereto, or to induce him to enter into the contract:
1. The suggestion, as a fact, of that which is not true, by one who does not believe it to be true.
2. The positive assertion in a manner not warranted by the information of the person making it, of that which is not true, though he believe it to be true.
3. The suppression of that which is true, by one having knowledge or belief of the fact.
4. A promise made without any intention of performing it; or,
5. Any other act fitted to deceive.
R.L.1910, § 903.
2023 Oklahoma Statutes › Title 15. Contracts › §15-59. Constructive fraud defined.

Constructive fraud consists:
1. In any breach of duty which, without an actually fraudulent intent, gains an advantage to the person in fault, or any one claiming under him, by misleading another to his prejudice, or to the prejudice of any one claiming under him; or,
2. In any such act or omission as the law specially declares to be fraudulent, without respect to actual fraud.
R.L.1910, § 904.
2023 Oklahoma Statutes › Title 15. Contracts › §15-61. Undue influence defined.

Undue influence consists:
1. In the use, by one in whom a confidence is reposed by another, or who holds a real or apparent authority over him, of such confidence or authority for the purpose of obtaining an unfair advantage over him.
2. In taking an unfair advantage of another's weakness of mind; or,
3. In taking a grossly oppressive and unfair advantage of another's necessities or distress.
R.L.1910, § 906.
2023 Oklahoma Statutes › Title 15. Contracts › §15-63. Mistake of fact defined.

Mistake of fact is a mistake not caused by the neglect of a legal duty on the part of the person making the mistake, and consisting in:
1. An unconscious ignorance or forgetfulness of a fact past or present, material to the contract; or,
2. Belief in the present existence of a thing material to the contract, which does not exist, or in the past existence of such a thing, which has not existed.
R.L.1910, § 908.
2023 Oklahoma Statutes › Title 15. Contracts › §15-64. Mistake of law defined.

Mistakes of law constitute a mistake within the meaning of this article only when it arises from:
1. A misapprehension of the law by all parties, all supposing that they knew and understood it, and all making substantially the same mistake as to the law; or,
2. A misapprehension of the law by one party, of which the others are aware at the time of contracting, but which they do not rectify.
R.L.1910, § 909.
2023 Oklahoma Statutes › Title 15. Contracts › §15-73. How proposal revoked.

A proposal is revoked:
1. By the communication of notice of revocation by the proposer to the other party, before his acceptance has been communicated to the former.
2. By the lapse of the time prescribed in such proposal for its acceptance, or if no time is so prescribed the lapse of a reasonable time without communication of the acceptance.
3. By the failure of the acceptor to fulfill a condition precedent to acceptance; or,
4. By the death or insanity of the proposer.
R.L.1910, § 918.
2023 Oklahoma Statutes › Title 15. Contracts › §15-106. Good consideration defined.

Any benefit conferred, or agreed to be conferred upon the promisor, by any other person, to which the promisor is not lawfully entitled, or any prejudice suffered or agreed to be suffered by such person, other than such as he is at the time of consent lawfully bound to suffer, as an inducement to the promisor, is a good consideration for a promise.
R.L.1910, § 926.
2023 Oklahoma Statutes › Title 15. Contracts › §15-107. Moral or legal obligation on promisor good as consideration.

An existing legal obligation resting upon the promisor, or a moral obligation originating in some benefit conferred upon the promisor, or prejudice suffered by the promisee, is also a good consideration for a promise, to an extent corresponding with the extent of the obligation, but no further or otherwise.
R.L.1910, § 927.
2023 Oklahoma Statutes › Title 15. Contracts › §15-113. Contract void when consideration cannot be ascertained as agreed.

Where a contract provides an exclusive method by which its consideration is to be ascertained, which method is on its face impossible of execution, the entire contract is void: Provided, that where a contract provides an exclusive method by which its consideration is to be ascertained, which method appears possible on its face, but in fact is, or becomes impossible of execution, such provision only is void.
R.L.1910, § 933.
2023 Oklahoma Statutes › Title 15. Contracts › §15-135. Writing prevented by fraud - Enforcement against fraudulent party.

Where a contract, which is required by law to be in writing, is prevented from being put into writing by the fraud of a party thereto, any other party who is by such fraud led to believe that it is in writing, and acts upon such belief to his prejudice, may enforce it against the fraudulent party.
R.L.1910, § 940.
2023 Oklahoma Statutes › Title 15. Contracts › §15-136. Statute of frauds.

The following contracts are invalid, unless the same, or some note or memorandum thereof, be in writing and subscribed by the party to be charged, by an agent of the party or by a broker of the party pursuant to Sections 858-351 through 858-363 of Title 59 of the Oklahoma Statutes:
1. An agreement that, by its terms, is not to be performed within a year from the making thereof;
2. A special promise to answer for the debt, default or miscarriage of another, except in the cases provided for in the article on guaranty;
3. An agreement made upon consideration of marriage, other than a mutual promise to marry; or
4. An agreement for the leasing for a longer period than one (1) year, or for the sale of real property, or of an interest therein; and such agreement, if made by an agent or a broker of the party sought to be charged, is invalid, unless the authority of the agent or the broker be in writing, subscribed by the party sought to be charged.
R.L. 1910, § 941. Amended by Laws 2003, c. 31, § 1, eff. Nov. 1, 2003; Laws 2013, c. 240, § 1, eff. Nov. 1, 2013.
2023 Oklahoma Statutes › Title 15. Contracts › §15-140. Credit agreements - Actions to enforce or seek damages - limits to actions on oral agreements.

A. As used in this section:
1. "Credit agreement" means an agreement by a financial institution to lend money, extend credit or otherwise make any other financial accommodation, or to renew, extend, modify, rearrange or forebear the repayment of any such loan, extension of credit or financial accommodation, but does not include any promissory note, real estate mortgage, or security agreement.
2. "Financial institution" means any bank, savings and loan association, or credit union, or any holding company or subsidiary thereof.
3. "Lender" means a financial institution that makes a credit agreement with a borrower.
4. "Borrower" means a person who seeks a credit agreement with a lender or financial institution as defined herein or to whom money is loaned, credit is extended, or any other financial accommodation is made or for whom any such loan, extension of credit or financial accommodation is renewed, extended, modified, rearranged or forborne by a lender or financial institution as defined herein.
B. No lender or borrower may maintain an action to enforce or seek damages for the breach of any term or condition of credit agreement having a principal amount greater than Fifteen Thousand Dollars ($15,000.00), unless such term or condition has been agreed to in writing and signed by the party against whom it is sought to be enforced or against whom damages are sought.
C. The provisions of this section shall not be construed to preclude a lender from maintaining an action against a borrower, whether or not a credit agreement has been signed by the borrower, with respect to any of the following:
1. Credit extended on an "account", as such term is defined in Section 4-104 of Title 12A of the Oklahoma Statutes; or
2. Credit extended pursuant to a "lender credit card or similar arrangement" or a "revolving loan account", as such terms are defined, respectively, in Sections 1-301 and 3-108 of Title 14A of the Oklahoma Statutes, if the terms or conditions relevant thereto are in writing and are provided to the borrower prior to his usage of the card or account or otherwise in accordance with applicable law.
D. The provisions of this section shall be effective with respect to credit agreements entered into after the effective date of this act.
Added by Laws 1989, c. 148, § 1, emerg. eff. May 8, 1989.
2023 Oklahoma Statutes › Title 15. Contracts › §15-140.1. Debt cancellation agreement.

A. A "debt cancellation agreement" means a loan term or contractual arrangement modifying loan or retail installment contract terms under which a lender or other creditor agrees to cancel all or part of an obligation of the borrower to repay an extension of credit from the lender or other creditor upon the occurrence of a specified event. The agreement may be separate from or a part of other loan or retail installment contract documents.
B. A debt cancellation agreement shall not be considered a contract of, or for, insurance if it is not a contract whereby one undertakes to indemnify another or to pay a specified amount upon determinable contingencies, but merely cancels amounts owed by a borrower under a loan, retail installment contract or other credit agreement.
C. A debt cancellation agreement shall not be deemed to create a special relationship between the parties which would give rise to an action in tort to recover for breach of the duty of good faith and fair dealing. This section shall not be construed to preclude a breach of contract action for failure of the parties to comply with the implied duty of good faith and fair dealing in carrying out their obligations as set forth in the agreement.
Added by Laws 2008, c. 29, § 1, eff. Nov. 1, 2008. Amended by Laws 2008, c. 353, § 14, eff. Nov. 1, 2008; Laws 2012, c. 150, § 33, eff. Nov. 1, 2012.
2023 Oklahoma Statutes › Title 15. Contracts › §15-140.2. Definitions.

As used in this act:
1. "Commercial" means a transaction wherein the motor vehicle will primarily be used for business purposes rather than personal;
2. "Commissioner" means the Insurance Commissioner;
3. "Consumer" means an individual purchaser of a motor vehicle or borrower under a finance agreement, and includes a borrower or contract holder as herein defined as applicable;
4. "Finance agreement" means a loan, retail installment sales contract, or lease for the purchase, refinancing, or lease of a motor vehicle;
5. "Free look period" means the period of time from the effective date of the motor vehicle financial protection product until the date the motor vehicle financial protection product may be canceled without penalty, fees, or costs. This period of time shall not be shorter than thirty (30) days;
6. "Insurer" means an insurance company licensed, registered, or otherwise authorized to issue contractual liability insurance under the insurance laws of this state;
7. "Motor vehicle" means self-propelled or towed vehicles designed for personal or commercial use including, but not limited to, automobiles, trucks, motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles, campers, boards, personal watercraft, and related trailers;
8. "Motor vehicle financial protection product" means an agreement defined herein that protects a consumer's financial interest in his or her current or future motor vehicle and includes, but is not limited to, debt waiver and vehicle value protection agreements. A motor vehicle financial protection product shall not mean a service warranty or vehicle protection product warranty; and
9. "Person" means an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity.
Added by Laws 2022, c. 16, § 1, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 15. Contracts › §15-140.3. Motor vehicle financial protection products.

A. Motor vehicle financial protection products may be offered, sold, or given to consumers in this state in compliance with this act.
B. Notwithstanding any other provision of law, any amount charged or financed for a motor vehicle financial protection product is an authorized charge that must be separately stated and not be considered a financial charge or interest.
C. Neither the extension of credit, the terms of credit, nor the terms of the related motor vehicle sale or lease shall be conditioned upon the consumer's payment for or financing of any charge for a motor vehicle financial protection product. However, motor vehicle financial protection products may be discounted or given at no charge in connection with the purchase of other non-credit related goods or services.
Added by Laws 2022, c. 16, § 2, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 15. Contracts › §15-140.6. Promulgation of rules.

The Insurance Commissioner shall promulgate rules necessary to enforce the provisions of this act. After proper notice and opportunity for hearing the Commissioner may:
1. Order the creditor, provider, administrator, or any other person not in compliance with this act to cease and desist from product related operations which are in violation of this act; and
2. Impose a penalty not to exceed Five Hundred Dollars ($500.00) per violation and no more than Ten Thousand Dollars ($10,000.00) for aggregated violations of a similar nature. For purposes of this section, "violations of a similar nature" means the violation consisted of the same or similar course of conduct, action, or practice, irrespective of the number of times the action, conduct, or practice which is determined to be a violation of this act occurred.
Added by Laws 2022, c. 16, § 5, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 15. Contracts › §15-141.1. Short title.

This act shall be known and may be cited as the "Service Warranty Act".
Added by Laws 2012, c. 150, § 1, eff. Nov. 1, 2012. Amended by Laws 2014, c. 418, § 1, eff. Nov. 1, 2014.
2023 Oklahoma Statutes › Title 15. Contracts › §15-141.4. Licensure – Exemptions.

A. No person in this state shall act as a service warranty association unless licensed by the Insurance Commissioner.
B. A service warranty association shall pay to the Insurance Department a license fee of Four Hundred Dollars ($400.00) for such license for each year, or part thereof, the license is in force.
C. An insurer, while authorized to transact property or casualty insurance in this state, may also transact a service warranty business without additional qualifications or licensure as required by the Service Warranty Act, but shall be otherwise subject to the provisions of the Service Warranty Act.
D. A service warranty association may appoint an administrator or other designee to be responsible for any or all of the administration of service warranties and compliance with the Service Warranty Act.
E. The marketing, sale, offering for sale, issuance, making, proposing to make and administration of service warranties by associations and related service warranty sellers, administrators, and other persons shall be exempt from all provisions of the Insurance Code.
F. An agreement which provides specified scheduled maintenance services over a stated period of time does not constitute insurance or a service warranty.
Added by Laws 2012, c. 150, § 4, eff. Nov. 1, 2012. Amended by Laws 2017, c. 10, § 2, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 15. Contracts › §15-141.5. Requirements for licensure.

The Insurance Commissioner shall not issue or renew a license to any service warranty association unless the association:
1. Is a solvent association;
2. Furnishes the Insurance Department with satisfactory evidence that the management of the association is competent and trustworthy and can successfully manage the affairs of the association in compliance with law;
3. Proposes to use and uses in its business a name together with a trademark or emblem, if any, which is distinctive and not so similar to the name or trademark of any other person already doing business in this state as will tend to mislead or confuse the public;
4. Files the bond required by the Service Warranty Act; and
5. Is formed under the laws of this state or another state, district, territory, or possession of the United States, if the association is other than a natural person.
Added by Laws 2012, c. 150, § 5, eff. Nov. 1, 2012.
2023 Oklahoma Statutes › Title 15. Contracts › §15-141.8. Expiration and renewal of license.

Each license issued to a service warranty association shall expire on November 1 following the date of issuance. If the association is then qualified under the provisions of the Service Warranty Act, its license may be renewed annually, upon its request, and upon payment to the Insurance Commissioner of the license fee in the amount of Four Hundred Dollars ($400.00) in advance for each such license year.
Added by Laws 2012, c. 150, § 8, eff. Nov. 1, 2012.