reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 3 - Open-End Credit › Section 160:45-3-4 - Initial disclosure statement

Current through Vol. 41, No. 20, July 1, 2024
The creditor shall disclose to the consumer, in terminology consistent with that to be used on the periodic statement, each of the following items, to the extent applicable:
(1)
Finance charge.
The circumstances under which a finance charge will be imposed and an explanation of how it will be determined, as follows:
(A) A statement of when finance charges begin to accrue, including an explanation of whether or not any time period exists within which any credit extended may be repaid without incurring a finance charge. If such a time period is provided, a creditor may, at its option and without disclosure, impose no finance-charge when payment is received after the time period's expiration.
(B) A disclosure of each periodic rate that may be used to compute the finance charge, the range of balances to which it is applicable,
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and the corresponding annual percentage rate.
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When different periodic rates apply to different types of transactions, the types of transactions to which the periodic rates apply shall also be disclosed.
(C) An explanation of the method used to determine the balance on which the finance charge may be computed.
(D) An explanation of how the amount of any finance charge will be determined,
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including a description of how any finance charge other than the periodic rate will be determined.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 3 - Open-End Credit › Section 160:45-3-6 - Identification of transactions

Current through Vol. 41, No. 20, July 1, 2024
The creditor shall identify credit transactions on or with the first periodic statement that reflects the transaction by furnishing the following information, as applicable.
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(1)
Sale credit.
For each credit transaction involving the sale of property or services, the following rules shall apply:
(A)
Copy of credit document provided.
When an actual copy of the receipt or other credit document is provided with the first periodic statement reflecting the transaction, the transaction is sufficiently identified if the amount of the transaction and either the date of the transaction or the date of debiting the transaction to the consumer's account are disclosed on the copy or on the periodic statement.
(B)
Copy of credit document not provided - - creditor and seller same or related person(s).
When the creditor and the seller are the same person or related persons, and an actual copy of the receipt or other credit document is not provided with the periodic statement, the creditor shall disclose the amount and date of the transaction, and a brief identification
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of the property or services purchased.
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(C)
Copy of credit document not provided - creditor and seller not same or related person(s).
When the creditor and seller are not the same person or related persons, and an actual copy of the receipt or other credit document is not provided with the periodic statement, the creditor shall disclose the amount and date of the transaction; the seller's name; and the city, and state or foreign country where the transaction took place.
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Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 3 - Open-End Credit › Section 160:45-3-7 - Subsequent disclosure requirements

Current through Vol. 41, No. 20, July 1, 2024
(a)
Furnishing statement of billing rights.
(1)
Annual statement.
The creditor shall mail or deliver the billing rights statement required by 160:45-3-4(4) at least once per calendar year, at intervals of not less than 6 months nor more than 18 months, either to all consumers or to each consumer entitled to receive a periodic statement under 160:45-3-1(b)(2) for any one billing cycle.
(2)
Alternative summary statement.
As an alternative to paragraph (a)(1) of this section, the creditor may mail or deliver, on or with each periodic statement, an alternative summary statement in accordance with federal regulations, 12 CFR §226.9(a)(2).
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 3 - Open-End Credit › Section 160:45-3-8 - Prompt crediting of payments

Current through Vol. 41, No. 20, July 1, 2024
Payments shall be credited in accordance with federal regulations, 12 CFR §226.10.
Added at 17 Ok Reg 1587, eff 5-25-00; Amended at 18 Ok Reg 2361, eff 6-25-01
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 3 - Open-End Credit › Section 160:45-3-9 - Treatment of credit balances

Current through Vol. 41, No. 20, July 1, 2024
Credit balances shall be treated in accordance with federal regulations, 12 CFR §226.11.
Added at 17 Ok Reg 1587, eff 5-25-00; Amended at 18 Ok Reg 2361, eff 6-25-01
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 3 - Open-End Credit › Section 160:45-3-10 - Special credit card provisions

Current through Vol. 41, No. 20, July 1, 2024
(a)
Issuance of credit cards.
Credit cards shall be issued in accordance with federal regulations, 12 CFR §226.12(a).
(b)
Liability of cardholder for unauthorized use.
A cardholder's liability for unauthorized use shall be in accordance with federal regulations, 12 CFR §226.12(b).
(c)
Right of cardholder to assert claims or defenses against card issuer.
A cardholder's right to assert claims or defenses against a card issuer shall be in accordance with federal regulations, 12 CFR §226.12(c).
(d)
Offsets by card issuer prohibited.
Offsets by card issuer are prohibited in accordance with federal regulations, 12 CFR §226.12(d).
(e)
Prompt notification of returns and crediting of refunds.
Notification of returns and crediting of refunds shall be in accordance with federal regulations, 12 CFR §226.12(e).
(f)
Discounts: tie-in arrangements.
No card issuer may, by contract or otherwise---
(1) Prohibit any person who honors a credit card from offering a discount to a consumer to induce the consumer to pay by cash, check, or similar means rather than by use of a credit card or its underlying account for the purchase of property or services; or
(2) Require any person who honors the card issuer's credit card to open or maintain any account or obtain any other service not essential to the operation of the credit card plan from the card issuer or any other person, as a condition of participation in a credit card plan. If maintenance of an account for clearing purposes is determined to be essential to the operation of the credit card plan, it may be required only if no service charges or minimum balance requirements are imposed.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 3 - Open-End Credit › Section 160:45-3-11 - Billing-error resolution

Current through Vol. 41, No. 20, July 1, 2024
Billing-error resolution shall be in accordance with federal regulations, 12 CFR §226.13.
27/
Reserved
28/
Reserved
29/
Reserved
30/
Reserved
31/
Reserved
Amended at 17 Ok Reg 1587, eff 5-25-00; Amended at 18 Ok Reg 2361, eff 6-25-01
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 3 - Open-End Credit › Section 160:45-3-12 - Determination of annual percentage rate

Current through Vol. 41, No. 20, July 1, 2024
(a)
General rule.
The annual percentage rate is a measure of the cost of credit, expressed as a yearly rate. An annual percentage rate shall be considered accurate if it is not more than 1/8 of 1 percent point above or below the annual percentage rate determined in accordance with this section.
31a/
(b)
Annual percentage rate for 160:45-3-2 and 160:45-3-3 disclosures, for initial disclosures and for advertising purposes.
Where one or more periodic rates may be used to compute the finance charge, the annual percentage rate(s) to be disclosed for purposes of 160:45-3-2, 160:45-3-3, 160:45-3-4, and 160:45-3-14 shall be computed by multiplying each periodic rate by the number of periods in a year.
(c)
Annual percentage rate for periodic statements.
The annual percentage rate(s) to be disclosed for purposes of 160:45-3-5(4) shall be computed by multiplying each periodic rate by the number of periods in a year and, for purposes of 160:45-3-5(7), shall be determined as follows:
(1) If the finance charge is determined solely by applying one or more periodic rates, at the creditor's option, either -
(A) By multiplying each periodic rate by the number of periods in a year; or
(B) By dividing the total finance charge for the billing cycle by the sum of the balances to which the periodic rates were applied and multiplying the quotient (expressed as a percentage) by the number of billing cycles in a year.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 3 - Open-End Credit › Section 160:45-3-13 - Right of rescission

Current through Vol. 41, No. 20, July 1, 2024
(a)
Consumer's right to rescind.
(1)
General provisions.
(A) Except as provided in paragraph (a)(1)(B) of this section, in a credit plan in which a security interest is or will be retained or acquired in a consumer's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind: each credit extension made under the plan; the plan when the plan is opened; a security interest when added or increased to secure an existing plan; and the increase when a credit limit on the plan is increased.
(B) As provided in § 5-204(5) of the Code, the consumer does not have the right to rescind each credit extension made under the plan if such extension is made in accordance with a previously established credit limit for the plan.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 3 - Open-End Credit › Section 160:45-3-14 - Advertising

Current through Vol. 41, No. 20, July 1, 2024
(a)
Actually available terms.
If an advertisement for credit states specific credit terms, it shall state only those terms that actually are or will be arranged or offered by the creditor.
(b)
Advertisement of terms that require additional disclosures.
If any of the terms required to be disclosed under 160:45-3-4 is set forth in an advertisement, the advertisement shall also clearly and conspicuously set forth the following
36d/
(1) Any minimum, fixed, transaction, activity or similar charge that could be imposed.
(2) Any periodic rate that may be applied expressed as an annual percentage rate as determined under 160:45-3-12(b). If the plan provides for a variable periodic rate, that fact shall be disclosed.
(3) Any membership or participation fee that could be imposed.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 5 - Closed-End Credit › Section 160:45-5-1 - General disclosure requirements

Current through Vol. 41, No. 20, July 1, 2024
(a)
Form of disclosures.
(1) The creditor shall make the disclosures required by this subchapter clearly and conspicuously in writing, in a form that the consumer may keep. The disclosures required by this subchapter may be provided to the consumer in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) ( 15 U.S.C. §
											7001 et seq.). The disclosures required by 160:45-5-1(g), 160:45-5-3(b), and 160:45-5-8 may be provided to the consumer in electronic form without regard to the consumer consent or other provisions of the E-Sign Act in the circumstances set forth in those sections. The disclosures shall be grouped together, shall be segregated from everything else, and shall not contain any information not directly related 37/ to the disclosures required under 160:45-5-2. 38/ The itemization of the amount financed under 160:45-5-2(3)(A) must be separate from the other disclosures under 160:45-5-2.
(2) The terms "finance charge" and "annual percentage rate," when required to be disclosed under 160:45-5-2(4) and (5) together with a corresponding amount or percentage rate, shall be more conspicuous than any other disclosure, except the creditor's identity under 160:45-5-2(1).
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 5 - Closed-End Credit › Section 160:45-5-2 - Content of disclosures

Current through Vol. 41, No. 20, July 1, 2024
For each transaction, the creditor shall disclose the following information as applicable:
(1)
Creditor.
The identity of the creditor making the disclosures.
(2)
Amount financed.
The "amount financed," using that term, and a brief description such as "the amount of credit provided to you or on your behalf." The amount financed is calculated by--
(A) Determining the principal loan amount or the cash price (subtracting any downpayment);
(B) Adding any other amounts that are financed by the creditor and are not part of the finance charge; and
(C) Subtracting any prepaid finance charge.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 5 - Closed-End Credit › Section 160:45-5-3 - Certain mortgage and variable-rate transactions

Current through Vol. 41, No. 20, July 1, 2024
(a)
Mortgage transactions subject to RESPA.
(1)
Time of disclosures.
(A) In a mortgage transaction subject to the Real Estate Settlement Procedures Act ( 12 USC 2601 et seq.) that is secured by the consumer's dwelling, other than a home equity line of credit subject to 160:45-3-3 or mortgage transaction subject to paragraph (a)(5) of this section, the creditor shall make good faith estimates of the disclosures required by 160:45-5-2 and shall deliver or place them in the mail not later than the third business day after the creditor receives the consumer's written application.
(B)
Imposition of fees.
Except as provided in paragraph (a)(1)(C) of this section, neither a creditor nor any other person may impose a fee on the consumer in connection with the consumer's application for a mortgage transaction subject to paragraph (a)(1)(A) of this section before the consumer has received the disclosures required by paragraph (a)(1)(A) of this section. If the disclosures are mailed to the consumer, the consumer is considered to have received them three business days after they are mailed.
(C)
Exception to fee restriction.
A creditor or other person may impose a fee for obtaining the consumer's credit history before the consumer has received the disclosures required by paragraph (a)(1)(A) of this section, provided the fee is bona fide and reasonable in amount.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 5 - Closed-End Credit › Section 160:45-5-4 - Subsequent disclosure requirements

Current through Vol. 41, No. 20, July 1, 2024
(a)
Refinancings.
A refinancing occurs when an existing obligation that was subject to this subchapter is satisfied and replaced by a new obligation undertaken by the same consumer. A refinancing is a new transaction requiring new disclosures to the consumer. The new finance charge shall include any unearned portion of the old finance charge that is not credited to the existing obligation. The following shall not be treated as a refinancing:
(1) A renewal of a single payment obligation with no change in the original terms.
(2) A reduction in the annual percentage rate with a corresponding change in the payment schedule.
(3) An agreement involving a court proceeding.
(4) A change in the payment schedule or a change in collateral requirements as a result of the consumer'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 insurance of the types described in 160:45-1-4(d).
(5) The renewal of optional insurance purchased by the consumer and added to an existing transaction, if disclosures relating to the initial purchase were provided as required by this subchapter.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 5 - Closed-End Credit › Section 160:45-5-5 - Treatment of credit balances

Current through Vol. 41, No. 20, July 1, 2024
Credit balances shall be treated in accordance with federal regulations, 12 CFR §226.21.
Amended at 17 Ok Reg 1587, eff 5-25-00; Amended at 18 Ok Reg 2361, eff 6-25-01
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 5 - Closed-End Credit › Section 160:45-5-6 - Determination of annual percentage rate

Current through Vol. 41, No. 20, July 1, 2024
(a)
Accuracy of annual percentage rate.
(1) The annual percentage rate is a measure of the cost of credit, expressed as a yearly rate, that relates the amount and timing of value received by the consumer to the amount and timing of payments made. The annual percentage rate shall be determined in accordance with either the actuarial method or the United States Rule method. Explanations, equations and instructions for determining the annual percentage rate in accordance with the actuarial method are set forth in appendix J to this chapter.
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(2) As a general rule, the annual percentage rate shall be considered accurate if it is not more than 1/8 of 1 percentage point above or below the annual percentage rate determined in accordance with paragraph (a)(1) of this section.
(3) In an irregular transaction, the annual percentage rate shall be considered accurate if it is not more than 1/4 of 1 percentage point above or below the annual percentage rate determined in accordance with paragraph (a)(1) of this section.
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(4)
Mortgage loans.
If the annual percentage rate disclosed in a transaction secured by real property or a dwelling varies from the actual rate determined in accordance with paragraph (a)(1) of this section, in addition to the tolerances applicable under paragraphs (a)(2) and (3) of this section, the disclosed annual percentage rate shall also be considered accurate if -
(A) the rate results from the disclosed finance charge; and
(B)
Accuracy.
(i) the disclosed finance charge would be considered accurate under 160:45-5-2(4)(A); or
(ii) for purposes of rescission, if the disclosed finance charge would be considered accurate under 160:45-5-7(g) or (h), whichever applies.
(5)
Additional tolerance for mortgage loans.
In a transaction secured by real property or a dwelling, in addition to the tolerances applicable under paragraphs (a)(2) and (3) of this section, if the disclosed finance charge is calculated incorrectly but is considered accurate under 160:45-5-2(4)(A) or 1600:45-5-7(g) or (h), the disclosed annual percentage rate shall be considered accurate -
(A) if the disclosed finance charge is understated, and the disclosed annual percentage rate is also understated but it is closer to the actual annual percentage rate than the rate that would be considered accurate under paragraph (a)(4) of this section;
(B) if the disclosed finance charge is overstated, and the disclosed annual percentage rate is also overstated but it is closer to the actual annual percentage rate than the rate that would be considered accurate under paragraph (a)(4) of this section.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 5 - Closed-End Credit › Section 160:45-5-7 - Right of rescission

Current through Vol. 41, No. 20, July 1, 2024
(a)
Consumer's right to rescind.
(1) In a credit transaction in which a security interest is or will be retained or acquired in a consumer's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind the transaction, except for transactions described in paragraph (f) of this section.
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(2) To exercise the right to rescind, the consumer shall notify the creditor of the rescission by mail, telegram or other means of written communication. Notice is considered given when mailed, when filed for telegraphic transmission or, if sent by other means, when delivered to the creditor's designated place of business.
(3) The consumer may exercise the right to rescind until midnight of the third business day following consummation, delivery of the notice required by paragraph (b) of this section, or delivery of all material disclosures,
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whichever occurs last. If the required notice or material disclosures are not delivered, the right to rescind shall expire 3 years after consummation, upon transfer of all of the consumer's interest in the property, or upon sale of the property, whichever occurs first. In the case of certain administrative proceedings, the rescission period shall be extended in accordance with §5-204(1) of the Code.
(4) When more than one consumer in a transaction has the right to rescind, the exercise of the right by one consumer shall be effective as to all consumers.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 5 - Closed-End Credit › Section 160:45-5-8 - Advertising

Current through Vol. 41, No. 20, July 1, 2024
(a)
Actually available terms.
If an advertisement for credit states specific credit terms, it shall state only those terms that actually are or will be arranged or offered by the creditor.
(b)
Clear and conspicuous standard.
Disclosures required by this section shall be made clearly and conspicuously.
(c)
Advertisement of rate of finance charge.
If an advertisement states a rate of finance charge, it shall state the rate as an "annual percentage rate," using that term. If the annual percentage rate may be increased after consummation, the advertisement shall state that fact. If an advertisement is for credit not secured by a dwelling, the advertisement shall not state any other rate, except that a simple annual rate or periodic rate that is applied to an unpaid balance may be stated in conjunction with, but not more conspicuously than, the annual percentage rate. If an advertisement is for credit secured by a dwelling, the advertisement shall not state any other rate, except that a simple annual rate that is applied to an unpaid balance may be stated in conjunction with, but not more conspicuously than, the annual percentage rate.
(d)
Advertisement of terms that require additional disclosures.
(1)
Triggering terms.
If any of the following terms is set forth in an advertisement, the advertisement shall meet the requirements of paragraph (d)(2) of this section:
(A) The amount or percentage of any downpayment.
(B) The number of payments or period of repayment.
(C) The amount of any payment.
(D) The amount of any finance charge.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 5 - Closed-End Credit › Section 160:45-5-9 - Mortgage transfer disclosures

Current through Vol. 41, No. 20, July 1, 2024
(a)
Scope.
The disclosure requirements of this section apply to any covered person except as otherwise provided in this section. For purposes of this section:
(1)
"Covered person"
means any person, as defined in 160:45-1-2(a)(23), that becomes the owner of an existing mortgage loan by acquiring legal title to the debt obligation, whether through a purchase, assignment, or other transfer, and who acquires more than one mortgage loan in any twelve-month period. For purposes of this section, a servicer of a mortgage loan shall not be treated as the owner of the obligation if the servicer holds title to the loan or title is assigned to the servicer, solely for the administrative convenience of the servicer in servicing the obligation.
(2)
"Mortgage loan"
means any consumer credit transaction that is secured by the principal dwelling of a consumer.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 7 - Miscellaneous › Section 160:45-7-1 - Record retention

Current through Vol. 41, No. 20, July 1, 2024
(a)
General rule.
A creditor shall retain evidence of compliance with this chapter (other than advertising requirements under 160:45-3-14 and 160:45-5-8 ) for two years after the date disclosures are required to be made or action is required to be taken. The Department may require creditors under its jurisdictions to retain records for a longer period if necessary to carry out its enforcement responsibilities under the Code.
(b)
Inspection of records.
A creditor shall permit the Department with respect to that creditor to inspect its relevant records for compliance.
Amended at 17 Ok Reg 1587, eff 5-25-00
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 7 - Miscellaneous › Section 160:45-7-2 - Use of annual percentage rate in oral disclosures

Current through Vol. 41, No. 20, July 1, 2024
(a)
Open-end credit.
In an oral response to a consumer's inquiry about the cost of open-end credit, only the annual percentage rate or rates shall be stated, except that the periodic rate or rates also may be stated. If the annual percentage rate cannot be determined in advance because there are finance charges other than a periodic rate, the corresponding annual percentage rate shall be stated, and other cost information may be given.
(b)
Closed-end credit.
In an oral response to a consumer's inquiry about the cost of closed-end credit, only the annual percentage rate shall be stated, except that a simple annual rate or periodic rate also may be stated if it is applied to an unpaid balance. If the annual percentage rate cannot be determined in advance, the annual percentage rate for a sample transaction shall be stated, and other cost information for the consumer's specific transaction may be given.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 7 - Miscellaneous › Section 160:45-7-3 - Language of disclosures

Current through Vol. 41, No. 20, July 1, 2024
Disclosures required by this chapter may be made in a language other than English, provided that the disclosures are made available in English upon the consumer's request. This requirement for providing English disclosures on request does not apply to advertisements subject to 160:45-3-14 and 160:45-5-8.
Added at 17 Ok Reg 1587, eff 5-25-00; Amended at 21 Ok Reg 2678, eff 7-12-04
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 7 - Miscellaneous › Section 160:45-7-4 - Limitations on rates

Current through Vol. 41, No. 20, July 1, 2024
A creditor shall include in any consumer credit contract secured by a dwelling and subject to the Code and this chapter the maximum interest rate that may be imposed during the term of the obligation when -
(1) in the case of closed-end credit, the annual percentage rate may increase after consummation, or
(2) in the case of open-end credit, the annual percentage rate may increase during the plan.
Added at 17 Ok Reg 1587, eff 5-25-00
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 9 - Special Rules for Certain Home Mortgage Transactions › Section 160:45-9-1 - General rules

Current through Vol. 41, No. 20, July 1, 2024
(a)
Relation to other subchapters in this chapter.
The requirements and limitations of this subchapter are in addition to and not in lieu of those contained in other subchapters of this chapter.
(b)
Form of disclosures.
The creditor shall make the disclosures required by this subchapter clearly and conspicuously in writing, in a form that the consumer may keep. The disclosures required by this subchapter may be provided to the consumer in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) ( 15 U.S.C. §
										7001
et seq.
).
(c)
Timing of disclosure.
(1)
Disclosures for certain closed-end home mortgages.
The creditor shall furnish the disclosures required by 160:45-9-2 at least three business days prior to consummation of a mortgage transaction covered by 160:45-9-2.
(A)
Change in terms.
After complying with paragraph (c)(1) of this section and prior to consummation, if the creditor changes any term that makes the disclosures inaccurate, new disclosures shall be provided in accordance with the requirements of this subchapter.
(B)
Telephone disclosures.
A creditor may provide new disclosures by telephone if the consumer initiates the change and if, at consummation:
(i) The creditor provides new written disclosures; and
(ii) The consumer and creditor sign a statement that the new disclosures were provided by telephone at least three days prior to consummation.
(C)
Consumer's waiver of waiting period before consummation.
The consumer may, after receiving the disclosures required by paragraph (c)(1) of this section, modify or waive the three-day waiting period between delivery of those disclosures and consummation if the consumer determines that the extension of credit is needed to meet a bona fide personal financial emergency. To modify or waive the right, the consumer shall give the creditor a dated written statement that describes the emergency, specifically modifies or waives the waiting period, and bears the signature of all the consumers entitled to the waiting period. Printed forms for this purpose are prohibited.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 9 - Special Rules for Certain Home Mortgage Transactions › Section 160:45-9-2 - Requirements for certain closed-end home mortgages

Current through Vol. 41, No. 20, July 1, 2024
(a)
Coverage.
(1) Except as provided in paragraph (a)(2) of this section, the requirements of this section apply to a consumer credit transaction that is secured by the consumer's principal dwelling, and in which either:
(A) The annual percentage rate at consummation will exceed by more than 8 percentage points for first-lien loans, or by more than 10 percentage points for subordinate-lien loans, the yield on Treasury securities having comparable periods of maturity to the loan maturity as of the fifteenth day of the month immediately preceding the month in which the application for the extension of credit is received by the creditor; or
(B) The total points and fees payable by the consumer at or before loan closing will exceed the greater of 8 percent of the total loan amount
50
/, or $400; the $400 figure shall be adjusted annually on January 1 by the annual percentage change in the Consumer Price Index that was reported on the preceding June 1.
(i) The dollar amount for 1996 is $412.
(ii) The dollar amount for 1997 is $424.
(iii) The dollar amount for 1998 is $435.
(iv) The dollar amount for 1999 is $441.
(v) The dollar amount for 2000 is $451.
(vi) The dollar amount for 2001 is $465.
(vii) The dollar amount for 2002 is $480.
(viii) The dollar amount for 2003 is $488.
(ix) The dollar amount for 2004 is $499.
(x) The dollar amount for 2005 is $510.
(xi) The dollar amount for 2006 is $528.
(xii) The dollar amount for 2007 is $547.
(xiii) The dollar amount for 2008 is $561.
(xiv) The dollar amount for 2009 is $583.
(xv) The dollar amount for 2010 is $579.
(xvi) The dollar amount for 2011 is $592.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 9 - Special Rules for Certain Home Mortgage Transactions › Section 160:45-9-3 - Requirements for reverse mortgages

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definition.
For purposes of this subchapter,
reverse-mortgage transaction
means a nonrecourse consumer credit obligation in which -
(1) a mortgage, deed of trust, or equivalent consensual security interest securing one or more advances is created in the consumer's principal dwelling; and
(2) any principal, interest, or shared appreciation or equity is due and payable (other than in the case of default) only after -
(A) the consumer dies;
(B) the dwelling is transferred; or
(C) the consumer ceases to occupy the dwelling as a principal dwelling.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 9 - Special Rules for Certain Home Mortgage Transactions › Section 160:45-9-4 - Prohibited acts or practices in connection with credit subject to 160:45-9-2

Current through Vol. 41, No. 20, July 1, 2024
(a)
Prohibited acts or practices for loans subject to 160:45-9-2.
A creditor extending mortgage credit subject to 160:45-9-2 shall not:
(1)
Home improvement contracts.
Pay a contractor under a home improvement contract from the proceeds of a mortgage covered by 160:45-9-2, other than:
(A) By an instrument payable to the consumer or jointly to the consumer and the contractor; or
(B) At the election of the consumer, through a third-party escrow agent in accordance with terms established in a written agreement signed by the consumer, the creditor, and the contractor prior to the disbursement.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 9 - Special Rules for Certain Home Mortgage Transactions › Section 160:45-9-5 - Prohibited acts or practices in connection with higher-priced mortgage loans

Current through Vol. 41, No. 20, July 1, 2024
(a)
Higher-priced mortgage loans.
(1) For purposes of this section, a higher-priced mortgage loan is a consumer credit transaction secured by the consumer's principal dwelling with an annual percentage rate that exceeds the average prime offer rate for a comparable transaction as of the date the interest rate is set by 1.5 or more percentage points for loans secured by a first lien on a dwelling, or by 3.5 or more percentage points for loans secured by a subordinate lien on a dwelling.
(2) "Average prime offer rate" means an annual percentage rate that is derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage transactions that have low-risk pricing characteristics. The Board publishes average prime offer rates for a broad range of types of transactions in a table updated at least weekly as well as the methodology the Board uses to derive these rates.
(3) Notwithstanding paragraph (a)(1) of this section, the term "higher-priced mortgage loan" does not include a transaction to finance the initial construction of a dwelling, a temporary or "bridge" loan with a term of twelve months or less, such as a loan to purchase a new dwelling where the consumer plans to sell a current dwelling within twelve months, a reverse-mortgage transaction subject to 160:45-9-3, or a home equity line of credit subject to 160:45-3-3.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 9 - Special Rules for Certain Home Mortgage Transactions › Section 160:45-9-6 - Prohibited acts or practices in connection with credit secured by a consumer's principal dwelling

Current through Vol. 41, No. 20, July 1, 2024
(a)
Mortgage broker defined.
For purposes of this section, the term "mortgage broker" means a person, other than an employee of a creditor, who for compensation or other monetary gain, or in expectation of compensation or other monetary gain, arranges, negotiates, or otherwise obtains an extension of consumer credit for another person. The term includes a person meeting this definition, even if the consumer credit obligation is initially payable to such person, unless the person provides the funds for the transaction at consummation out of the person's own resources, out of deposits held by the person, or by drawing on a bona fide warehouse line of credit.
(b)
Misrepresentation of value of consumer's dwelling.
(1)
Coercion of appraiser.
In connection with a consumer credit transaction secured by a consumer's principal dwelling, no creditor or mortgage broker, and no affiliate of a creditor or mortgage broker shall directly or indirectly coerce, influence, or otherwise encourage an appraiser to misstate or misrepresent the value of such dwelling.
(A) Examples of actions that violate this paragraph (b)(1) include:
(i) Implying to an appraiser that current or future retention of the appraiser depends on the amount at which the appraiser values a consumer's principal dwelling;
(ii) Excluding an appraiser from consideration for future engagement because the appraiser reports a value of a consumer's principal dwelling that does not meet or exceed a minimum threshold;
(iii) Telling an appraiser a minimum reported value of a consumer's principal dwelling that is needed to approve the loan;
(iv) Failing to compensate an appraiser because the appraiser does not value a consumer's principal dwelling at or above a certain amount; and
(v) Conditioning an appraiser's compensation on loan consummation.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 9 - Special Rules for Certain Home Mortgage Transactions › Section 160:45-9-7 - Mortgage transfer disclosures [EXPIRED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 27 Ok Reg 595, eff 1-8-10 through 7-14-10 (emergency)1
1This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency action enacting a new Section, the Section is no longer effective. Therefore, on 7-15-10 (after the 7-14-10 expiration of this emergency action), Section 160:45-9-7 was no longer effective. For the official text of the emergency rule that was effective from 1-8-10 through 7-14-10, see 27 Ok Reg 595.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 11 - Electronic Communication [Revoked] › Section 160:45-11-1 - Requirements for electronic communication [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 21 Ok Reg 2678, eff 7-12-04; Revoked at 25 Ok Reg 2164, eff 7-11-08
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 13 - Special Rules for Private Education Loans [Expired] › Section 160:45-13-1 - Special disclosure requirements for private education loans [EXPIRED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 27 Ok Reg 492, eff 2-14-10 through 7-14-10 (emergency)1
1This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency action enacting a new Section, the Section is no longer effective. Therefore, on 7-15-10 (after the 7-14-10 expiration of this emergency action), Section 160:45-13-1 was no longer effective. For the official text of the emergency rule that was effective from 2-14-10 through 7-14-10, see 27 Ok Reg 492.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 13 - Special Rules for Private Education Loans [Expired] › Section 160:45-13-2 - Content of disclosures [EXPIRED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 27 Ok Reg 492, eff 2-14-10 through 7-14-10 (emergency)1
1This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency action enacting a new Section, the Section is no longer effective. Therefore, on 7-15-10 (after the 7-14-10 expiration of this emergency action), Section 160:45-13-2 was no longer effective. For the official text of the emergency rule that was effective from 2-14-10 through 7-14-10, see 27 Ok Reg 492.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Subchapter 13 - Special Rules for Private Education Loans [Expired] › Section 160:45-13-3 - Limitations on private education loans [EXPIRED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 27 Ok Reg 492, eff 2-14-10 through 7-14-10 (emergency)1
1This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency action enacting a new Section, the Section is no longer effective. Therefore, on 7-15-10 (after the 7-14-10 expiration of this emergency action), Section 160:45-13-3 was no longer effective. For the official text of the emergency rule that was effective from 2-14-10 through 7-14-10, see 27 Ok Reg 492.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Appendix D - Multiple-Advance Construction Loans

Current through Vol. 41, No. 20, July 1, 2024
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Revoked and reenacted at 17 Ok Reg 1587, eff 5-25-00
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Appendix F - Annual Percentage Rate Computations for Certain Open-End Credit Plans

Current through Vol. 41, No. 20, July 1, 2024
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Revoked and reenacted at 17 Ok Reg 1587, eff 5-25-00; Revoked and reenacted at 21 Ok Reg 2678, eff 7-12-04
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Appendix G - Open-End Model Forms and Clauses

Current through Vol. 41, No. 20, July 1, 2024
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Revoked and reenacted at 17 Ok Reg 1587, eff 5-25-00; Revoked and reenacted at 18 Ok Reg 2361, eff 6-25-01
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Appendix H - Closed-End Model Forms and Clauses

Current through Vol. 41, No. 20, July 1, 2024
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Amended at (not published Ok Reg), eff 9-3-96 through 7-14-97 (emergency)1 2; Revoked and reenacted at 17 Ok Reg 1587, eff 5-25-00; Revoked and reenacted at 18 Ok Reg 2361, eff 6-25-01; Revoked and reenacted at 21 Ok Reg 2678, eff 7-12-04; Revoked and reenacted at 27 Ok Reg 492, eff 2-14-10 (emergency) ; Revoked and reenacted at 27 Ok Reg 1743, eff 7-1-10
1This emergency action was not submitted by the agency in publishable format following approval of the emergency action by the Governor on 9-3-96 and, therefore, has never been published in The Oklahoma Register.
2This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency action revoking and reenacting an Appendix, the last permanent text is reinstated. Therefore, on 7-15-97 (after the 7-14-97 expiration of this emergency action), the text of Appendix H reverted back to the permanent text that was effective prior to enactment of the emergency action on 9-3-96, as was last published in the 1996 Edition of the OAC, and remained as such until revoked and reenacted by permanent action on 5-25-00.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Appendix J - Annual Percentage Rate Computations for Closed-End Credit Transactions

Current through Vol. 41, No. 20, July 1, 2024
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Revoked and reenacted at 17 Ok Reg 1587, eff 5-25-00; Revoked and reenacted at 18 Ok Reg 2361, eff 6-25-01
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Appendix K - Total-Annual-Loan-Cost Rate Computations for Reverse-Mortgage Transactions

Current through Vol. 41, No. 20, July 1, 2024
Added at (not published Ok Reg), eff 9-3-96 through 7-14-97 (emergency)1 2; Added at 17 Ok Reg 1587, eff 5-25-00
1This emergency action was not submitted by the agency in publishable format following approval of the emergency action by the Governor on 9-3-96 and, therefore, has never been published in The Oklahoma Register.
2This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency action enacting a new Appendix, the Appendix is no longer effective. Therefore, on 7-15-97 (after the 7-14-97 expiration of the emergency action), Appendix K was no longer effective, and remained as such until added by permanent action on 5-25-00.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 45 - Truth in Lending Rules › Appendix L - Assumed Loan Periods for Computations of Total-Annual-Loan-Cost Rates

Current through Vol. 41, No. 20, July 1, 2024
Added at (not published Ok Reg), eff 9-3-96 through 7-14-97 (emergency)1 2; Added at 17 Ok Reg 1587, eff 5-25-00
1This emergency action was not submitted by the agency in publishable format following approval of the emergency action by the Governor on 9-3-96 and, therefore, has never been published in The Oklahoma Register.
2This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency action enacting a new Appendix, the Appendix is no longer effective. Therefore, on 7-15-97 (after the 7-14-97 expiration of the emergency action), Appendix L was no longer effective, and remained as such until added by permanent action on 5-25-00.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 50 - Health Spas › Subchapter 1 - General Provisions › Section 160:50-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules in this chapter provide regulations relating to the registration of health spas.
Added at 8 Ok Reg 3531, eff 8-28-91 (emergency); Added at 9 Ok Reg 2289, eff 6-25-92; Amended at 16 Ok Reg 2160, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 50 - Health Spas › Subchapter 1 - General Provisions › Section 160:50-1-1.1 - Severability

Current through Vol. 41, No. 20, July 1, 2024
If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the chapter and the application of such provision to persons or circumstances other than those to which it is held invalid shall not be affected thereby.
Added at 16 Ok Reg 2160, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 50 - Health Spas › Subchapter 1 - General Provisions › Section 160:50-1-3 - Authority and coverage [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 8 Ok Reg 3531, eff 8-28-91 (emergency); Added at 9 Ok Reg 2289, eff 6-25-92; Revoked at 16 Ok Reg 2160, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 50 - Health Spas › Subchapter 3 - Registration › Section 160:50-3-1 - Registration required [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 8 Ok Reg 3531, eff 8-28-91 (emergency); Added at 9 Ok Reg 2289, eff 6-25-92; Revoked at 16 Ok Reg 2160, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 50 - Health Spas › Subchapter 3 - Registration › Section 160:50-3-1.1 - Registration forms

Current through Vol. 41, No. 20, July 1, 2024
(a)
Application.
(1) The license application shall be completed by the entity seeking a health spa license and shall include all fees, forms and exhibits requested.
(2) The Administrator may require any applicant to provide additional information. An application is not considered final until all requested information has been submitted. An application that is not reviewed for any failure on the part of the applicant shall be deemed to be a withdrawal of the application.