Title 14A, Title 14A — Consumer Credit Code

Subject to the provisions on rebate upon prepayment (Section 3- 210), the debtor may prepay in full the unpaid balance of a consumer loan, refinancing, or consolidation at any time without penalty. Added by Laws 1969, c. 352, § 3-209, eff. July 1, 1969.

(1) Except as provided in subsection (2), upon prepayment in full of the unpaid balance of a precomputed consumer loan, refinancing, or consolidation, an amount not less than the unearned portion of the loan finance charge calculated according to this section shall be rebated to …

Counseling Revolving Fund and Personal Financial Literacy Education Revolving Fund. A. Each licensee authorized to make small loans shall pay thirty cents ($0.30) for each loan entered into to be deposited into the Consumer Credit Counseling Revolving Fund and the Personal Financ…

(1) For purposes of this part, this part covers and consumer loan includes a loan secured primarily by an interest in land without regard to the rate of the loan finance charge if the loan is otherwise a consumer loan as defined by Section 3-104 of this title; a loan in which the…

Effective July 1, 2014, the lender shall disclose to the debtor to whom credit is extended with respect to a consumer loan the information required by the Federal Consumer Credit Protection Act as defined in Section 1-302 of Title 14A of the Oklahoma Statutes. Added by Laws 2014,…

order of withdrawal or share draft. The seller or lender shall disclose to the buyer or debtor the fact that such a fee will be charged and collected for dishonored checks, negotiable orders of withdrawal or share drafts issued by the buyer or debtor. Added by Laws 1984, c. 51, §…

The seller or lender shall disclose to the buyer or debtor in the credit card agreement or similar arrangement if over-the-limit fees permitted by law will be charged and collected for exceeding the designated credit limit on a revolving charge account or revolving loan account. …

The disclosure of an amount or percentage which is greater than the amount or percentage required to be disclosed under this part does not in itself constitute a violation of this part if the overstatement is not materially misleading and is not used to avoid meaningful disclosur…

(1) Except as otherwise specifically provided, if a lender is required to give to a debtor a statement of the rate of the loan finance charge, the lender shall state the rate in terms of an annual percentage rate as defined in subsection (2) or in terms of a corresponding nominal…

With respect to a consumer loan, other than a loan made pursuant to a revolving loan account, if the lender receives a request for an extension of credit by mail or telephone without personal solicitation, the lender complies with this part if the lender's printed material distri…

(1) This section applies to a consumer loan not made pursuant to a revolving loan account under Section 3-309 of this title. (2) The lender shall give to the debtor the following information: (a) The identity of the lender required to make disclosure. (b) (i) The amount financed,…

(1) Except as rules adopted by the Administrator not inconsistent with the Federal Consumer Credit Protection Act may otherwise prescribe, if the lender refinances an existing balance owing with respect to a consumer loan, refinancing or consolidation pursuant to the provisions o…

If a lender expressly agrees in writing with a subsequent debtor to accept that debtor as a primary obligor on an existing transaction in which a mortgage, deed of trust, or equivalent consensual security interest was created or retained in the original debtor's principal dwellin…

(1) Before opening any account under a revolving loan account plan, the creditor shall give to the consumer the following information: (a) conditions under which a loan finance charge may be made, including the time period, if any, within which any credit extended may be repaid w…

solicitation. Disclosure in credit and charge card applications and solicitation: (1) Any application to open a credit card account for any person under a revolving loan account plan, or a solicitation to open such an account without requiring an application that is mailed to con…

plans secured by consumer's principal dwelling. Disclosure requirements for revolving loan account plans secured by consumer's principal dwelling. (1) In the case of any revolving loan account plan which provides for any extension of credit which is secured by the consumer's prin…

plan subject to variable rate and secured by consumer's principal dwelling - Termination of account - Change of terms or conditions - Refunding of fees. (1) In the case of extensions of credit under a revolving loan account plan which are subject to a variable rate and are secure…

(1) In addition to other disclosures required under this title, for each subsection 10 mortgage referred to in subsection (10) of Section 1-301 of this title, the creditor shall provide the following disclosures in conspicuous type size: (a) "You are not required to complete this…

(1) In addition to the disclosures required under Title 14A of the Oklahoma Statutes, for each reverse mortgage, the creditor shall, not less than three (3) days prior to consummation of the transaction, disclose to the consumer in conspicuous type a good faith estimate of the pr…

(1) In the case of any extension of credit that is secured by the dwelling of a consumer, which is also subject to the Real Estate Settlement Procedures Act, 12 U.S.C. Sections 2601 et seq., good- faith estimates of the disclosures required by this part shall be made in accordanc…

(1) No lender shall engage in this state in false or misleading advertising concerning the terms or conditions of credit with respect to a consumer loan. (2) Without limiting the generality of subsection (1), and without requiring a statement of rate of loan finance charge if the…

mortgage loan. Not later than thirty (30) days after the date on which a residential mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, incl…

This part applies to consumer loans. Section 3-309.3 of Part 3 of this article contains certain limitations upon the terms of extensions of credit under revolving loan account plans which are subject to either a fixed or a variable rate and are secured by a consumer's principal d…

With respect to a consumer loan, other than one pursuant to a revolving loan account, if any scheduled payment is more than twice as large as the average of earlier scheduled payments, the debtor has the right to refinance the amount of that payment at the time it is due without …

(1) A lender may not take an assignment of earnings of the debtor for payment or as security for payment of a debt arising out of a consumer loan. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the debtor. …

Except as provided by the provisions on limitations on attorney's fees as to certain supervised loans (Section 3-514), with respect to a consumer loan the agreement may provide for the payment by the debtor of reasonable attorney's fees not in excess of fifteen percent (15%) of t…

Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer loan may not provide for charges as a result of default by the debtor other than those authorized by this act. A provision in violation of this section is unenfor…

The debtor is authorized to pay the original lender until he receives notification of assignment of rights to payment pursuant to a consumer loan and that payment is to be made to the assignee. A notification which does not reasonably identify the rights assigned is ineffective. …

A debtor may not authorize any person to confess judgment on a claim arising out of a consumer loan. An authorization in violation of this section is void. Added by Laws 1969, c. 352, § 3-407, eff. July 1, 1969.

(1) If a lender makes a change in the terms of a revolving loan account without complying with this section any additional cost or charge to the debtor resulting from the change is an excess charge and subject to the remedies available to debtors (Section 5-202) and to the Admini…

A lender may not use multiple agreements with intent to avoid disclosure of an annual percentage rate pursuant to the provisions on disclosure and advertising (Part 3). The excess amount of loan finance charge provided for in agreements in violation of this section is an excess c…

- Preemption. (1) Limitation on terms on subsection 10 mortgages. A subsection 10 mortgage referred to in subsection (10) of Section 1- 301 of Title 14A of the Oklahoma Statutes shall not contain a demand feature that permits the creditor to terminate the loan in advance of the o…

interest. A creditor may not refinance any consumer loan to the same borrower into a loan subject to subsection (10) of Section 1-301 of Title 14A of the Oklahoma Statutes, unless the refinancing is in the borrower’s interest. Factors to be considered in determining whether the r…

(1) "Supervised loan" means a consumer loan in which the rate of the loan finance charge exceeds ten percent (10%) per year as determined according to the provisions on loan finance charge for consumer loans (Section 3-201). (2) "Supervised lender" means a person authorized to ma…

actions against unlicensed persons. (1) Unless a person is a supervised financial organization or has first obtained a license from the Administrator authorizing the person to make supervised loans, a person shall not engage in the business of: (a) making supervised loans; or (b)…

statutory agent – Bond - Criminal history check. (1) Application for a license shall be under oath, shall give the approximate location from which the business is to be conducted, and shall contain such relevant information as the Administrator of Consumer Credit may require. Whe…

(1) On filing such application, bond, and payment of the required fees, the Administrator of Consumer Credit shall investigate the facts and if the Administrator shall find the financial responsibility, experience, character and general fitness of the applicant are such as to com…

disclosures required of licensee. (1) The Administrator of Consumer Credit shall appoint an independent hearing examiner to conduct all administrative hearings involving alleged violations of this title. The independent hearing examiner shall have authority to exercise all powers…

Investigations. (1) At such times as the Administrator of Consumer Credit shall deem necessary, the Administrator or a duly authorized representative shall make an examination of the place or places of business of each licensee and shall inquire into and examine the loans, transa…

Except as otherwise provided, the general act of this state governing administrative procedures (Title 75, Oklahoma Statutes, Chapters 7 and 8) applies to and governs all administrative action taken by the Administrator pursuant to this part. Added by Laws 1969, c. 352, § 3-507, …

(1) With respect to a supervised loan, including a loan pursuant to a revolving loan account, a supervised lender may contract for and receive a loan finance charge not exceeding that permitted by this section. (2) The loan finance charge, calculated according to the actuarial me…

Thousand Dollars or less. 1. On loans having a principal of Three Thousand Dollars ($3,000.00) or less, a supervised lender may charge in lieu of the loan finance charges specified in Section 3-508A of this title, the following amounts: a. on any amount up to and including One Hu…

A. In addition to the loan finance charges permitted by Sections 3-508A and 3-508B of Title 14A of the Oklahoma Statutes, a lender may contract for and receive a convenience fee from any borrower making his or her payment by debit card, electronic funds transfer, electronic check…

A lender may not, whether acting independently or in concert with one or more other lenders, use multiple agreements or split a loan (including any refinancing thereof) into multiple loans with intent to obtain a higher rate or amount of loan finance charge under Section 3-508A o…

(1) With respect to a supervised loan in which the principal is One Thousand Dollars ($1,000.00) or less, and the loan finance charge calculated according to the actuarial method exceeds twenty- one percent (21%) per year on the unpaid balances of principal, a lender may not cont…

Supervised loans, not made pursuant to a revolving loan account, in which the principal is One Thousand Dollars ($1,000.00) or less and the rate of the loan finance charge calculated according to the actuarial method exceeds eighteen percent (18%) on the unpaid balances of the pr…

A. 1. Except as provided in subsection B of this section, a licensee who is authorized to make supervised loans under this Part shall not engage in the business of making sales of goods at any location where supervised loans are made; provided, however, a licensee may make sales …

Except as otherwise provided, all provisions of this act applying to consumer loans apply to supervised loans. Added by Laws 1969, c. 352, § 3-513, eff. July 1, 1969.

With respect to a supervised loan in which the principal is One Thousand Dollars ($1,000.00) or less, the agreement may not provide for the payment by the debtor of attorney's fees; however, a court may award reasonable attorney's fees to a prevailing litigant in any transaction …

Restrictions on interest in motor vehicles as security. With respect to a supervised loan made under the provisions of Section 3-508B of this title in which the principal is Three Hundred Dollars ($300.00) or less, a lender may not contract for an interest in motor vehicles as se…