Title 14A, Title 14A — Consumer Credit Code

The parties to a loan other than a consumer loan may agree in writing signed by the parties that the loan is subject to the provisions of this act applying to consumer loans. If the parties so agree, the loan is a consumer loan for the purposes of this act. Added by Laws 1969, c.…

With respect to a loan other than a consumer loan, the parties may contract for the payment by the debtor of any loan finance charge, not in excess of the rate of loan finance charge specified in Section 5-107(2). Added by Laws 1969, c. 352, § 3-605, eff. July 1, 1969. Amended by…

Transparency and Improvement Act. Sections 7 through 11 of this act shall be known and may be cited as the "Oklahoma Private Student Loan Transparency and Improvement Act". Added by Laws 2013, c. 99, § 7, eff. July 1, 2013.

(1) The term "covered educational institution" means any educational institution that offers a postsecondary educational degree, certificate, or program of study (including any institution of higher education) and includes an agent, officer, or employee of the educational institu…

A private educational lender may not, directly or indirectly: (a) offer or provide any gift to a covered educational institution in exchange for any advantage or consideration provided to such private educational lender related to its private educational loan activities; or (b) e…

(1) A private educational lender may not use the name, emblem, mascot, or logo of the covered educational institution, or other words, pictures, or symbols readily identified with the covered educational institution, in the marketing of private education loans in any way that imp…

Cancellation period. (1) In any application for a private education loan, or a solicitation for a private education loan without requiring an application, the private educational lender shall disclose to the borrower, clearly and conspicuously: (a) the potential range of rates of…

DEFINITIONS. As used in this act: 1. "Administrator" means the Administrator of Consumer Credit; 2. "Advertise" means to publish or disseminate a written, electronic, or printed communication, or to publish, disseminate, circulate, or place directly or indirectly before the publi…

NONAPPLICABILITY OF ACT. Except as specifically provided by this act, this act does not apply to the following persons who enter into a consumer litigation funding agreement with a consumer: 1. An immediate family member of the consumer; 2. An accountant who provides accounting s…

AGREEMENT REQUIRED. A person who is not described by Section 2 of this act may not enter into a litigation funding transaction with a consumer except under a consumer litigation funding agreement that complies with this act. Added by Laws 2013, c. 386, § 3, eff. Nov. 1, 2013. NOT…

DUTY OF ATTORNEY. An attorney representing a consumer in the legal claim is not under a duty to assign any portion of payments from a settlement, judgment, award, or verdict to the consumer litigation funder unless the attorney has agreed to do so in writing. Added by Laws 2013, …

claim. FORM OF AGREEMENT; REQUIREMENT OF EXISTING LEGAL CLAIM. A. A consumer litigation funding agreement shall: 1. Be in writing; 2. Contain the initials of the consumer on each page; and 3. Be otherwise complete when presented to the consumer for signature. B. A consumer litiga…

RIGHT OF RESCISSION. A consumer litigation funding agreement shall contain inside a text box, in bold type, a right of rescission permitting the consumer to cancel the agreement without penalty or further obligation if, not later than the fifth business day after the funding date…

DISCLOSURES. A. A consumer litigation funding agreement shall contain the disclosures required by this section. The disclosures shall be clear and conspicuous and in at least twelve-point bold type, except as provided by subsection F of this section. B. On the front page of the a…

LICENSE REQUIRED; APPLICATION. A. A consumer litigation funder shall obtain a license from the Administrator before engaging in an activity in this state that shall be performed under a consumer litigation funding agreement that complies with this act. B. A consumer litigation fu…

BOND; LETTER OF CREDIT. A. The Administrator may require an applicant or license holder to file a bond with the application in an amount not to exceed Fifty Thousand Dollars ($50,000.00). B. The bond terms shall run concurrent with the licensing period. The bond shall provide tha…

ISSUANCE OF LICENSE. The Administrator may not issue a license under this act unless the Administrator, following an investigation, determines that the character and fitness of the applicant or of the applicant funder's officers and directors warrant belief that the business will…

HEARING. A. On written request, the Administrator shall set a hearing before an independent hearing examiner to determine an applicant's qualifications for licensure if: 1. The Administrator has notified the applicant in writing of the denial of the application; or 2. The Adminis…

RENEWAL OF LICENSE. A consumer litigation funder shall renew its license on December 1 every two (2) years by paying a renewal fee as determined by the Administrator. Added by Laws 2013, c. 386, § 13, eff. Nov. 1, 2013. NOTE: Editorially renumbered from Title 14A, § 3-713 to avoi…

PROHIBITED ACTIVITIES OR CONDUCT. A consumer litigation funder may not: 1. Pay or offer to pay a commission, referral fee, or other form of consideration to an attorney, law firm, medical provider, chiropractor, or physical therapist or an employee of such a person for referring …

VIOLATION OF ACT. A. If a court finds that a consumer litigation funder has not been properly licensed pursuant to the Uniform Consumer Credit Code or has intentionally violated Sections 3-801 through 3-817 of the Uniform Consumer Credit Code with respect to a litigation funding …

As soon as practicable after the effective date of this act, but not later than July 1, 2014, the Commission on Consumer Credit shall adopt the rules and procedures necessary to implement this act. Added by Laws 2013, c. 386, § 16, eff. Nov. 1, 2013. NOTE: Editorially renumbered …

The changes in law made by this act apply only to a consumer litigation funding agreement entered into on or after the effective date of this act. A consumer litigation funding agreement entered into before the effective date of this act is governed by the law in effect on the da…

This article shall be known and may be cited as Uniform Consumer Credit Code - Insurance. Added by Laws 1969, c. 352, § 4-101, eff. July 1, 1969.

(1) Except as provided in subsection (2), this article applies to insurance provided or to be provided in relation to a consumer credit sale (Section 2-104), a consumer lease (Section 2-106), or a consumer loan (Section 3-104). (2) The provision on cancellation by a creditor (Sec…

As used in the Uniform Consumer Credit Code, "consumer credit insurance" means insurance, other than insurance on property as provided for in Section 4-301 of this title, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include: (a) insura…

Excess amount of charge. (1) Except as otherwise provided in this article and subject to the provisions on additional charges (Section 2-202 and Section 3- 202) and maximum charges (Part 2 of Article 2 and Article 3), a creditor may agree to provide insurance, and may contract fo…

creditor. If a creditor agrees with a debtor to provide insurance (1) the insurance shall be evidenced by an individual policy or certificate of insurance delivered to the debtor, or sent to him at his address as stated by him, within thirty (30) days after the term of the insura…

(1) In applying the provisions of the act on unconscionability (Sections 5-108 and 6-111) to a separate charge for insurance, consideration shall be given, among other factors, to (a) potential benefits to the debtor including the satisfaction of his obligations; (b) the creditor…

(1) Except as provided in subsection (2), if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by the insurer, as computed at the time the charge to the debtor is deter…

(1) Upon prepayment in full of a consumer credit sale or consumer loan by the proceeds of consumer credit insurance, the debtor or his estate is entitled to a refund of any portion of a separate charge for insurance which by reason of prepayment is retained by the creditor or ret…

If a creditor requires insurance, upon notice to the creditor the debtor shall have the option of providing the required insurance through an existing policy of insurance owned or controlled by the debtor, or through a policy to be obtained and paid for by the debtor, but the cre…

refinancing, or consolidation - Duplicate charges. (1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral (Section 2-204 or Section 3-204), a refinancing (Section 2-205 or Section 3-205), or a consolidation (Section 2-206 or S…

Department. The Administrator and the Insurance Department are authorized and directed to consult and assist one another in maintaining compliance with this article. They may jointly pursue investigations, prosecute suits, and take other official action, as may seem to them appro…

(1) To the extent that its responsibility under this article requires, the Insurance Department shall cause to be issued rules with respect to insurers, and with respect to refunds (Section 4- 108), forms, schedules of premium rates and charges (Section 4-203) and its approval or…

subsection 10 mortgage – Conditions - Disclosure. A creditor shall not sell any individual or group credit life, accident and health or unemployment insurance product on a prepaid single premium basis in conjunction with a subsection 10 mortgage referred to in subsection (10) of …

(1) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not such evidence is required, the term of the insurance shall commence no later than when the debtor becomes obligated to the…

(1) Except as provided in subsection (2) (a) in the case of consumer credit insurance providing life coverage, the amount of insurance may not initially exceed the debt; or (b) in the case of any other consumer credit insurance, the total amount of periodic benefits payable may n…

(1) A creditor may not use a form, or a schedule of premium rates or charges for consumer credit insurance, the filing of which is required by this section, if the Insurance Department has disapproved the form or schedule and has notified the insurer of its disapproval. A credito…

(1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless: (a) the insurance covers a substantial risk of loss of or damage to property related to the credit transaction; (b) the amount, terms, and conditions of th…

If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the debtor is on the debtor only to the extent of any deficiency in the effective coverage of the insurance, even thou…

A creditor may not contract for or receive a separate charge for insurance against liability unless the insurance covers a substantial risk of liability arising out of the ownership or use of property related to the credit transaction. Added by Laws 1969, c. 352, § 4-303, eff. Ju…

A creditor shall not request cancellation of a policy of property or liability insurance except after the debtor's default or in accordance with a written authorization by the debtor, and in either case the cancellation does not take effect until written notice is delivered to th…

This article shall be known and may be cited as Uniform Consumer Credit Code - Remedies and Penalties. Added by Laws 1969, c. 352, § 5-101, eff. July 1, 1969.

This part applies to actions or other proceedings to enforce rights arising from consumer credit sales, consumer leases and consumer loans; and, in addition, to extortionate extensions of credit (Section 5-107). Added by Laws 1969, c. 352, § 5-102, eff. July 1, 1969.

sales. (1) This section applies to a consumer credit sale of goods or services. (2) If the seller repossesses or voluntarily accepts surrender of goods which were the subject of the sale and in which he has a security interest and the cash price of the goods repossessed or surren…

Prior to entry of judgment in an action against the debtor for debt arising from a consumer credit sale, a consumer lease, or a consumer loan, the creditor may not attach unpaid earnings of the debtor by garnishment or like proceedings. Added by Laws 1969, c. 352, § 5-104, eff. J…

(1) For the purpose of this part (a) "disposable earnings" means that part of the earnings of an individual remaining after the deduction from those earnings of amounts required by law to be withheld; and (b) "garnishment" means any legal or equitable procedure through which the …

No employer shall discharge an employee for the reason that a creditor of the employee has subjected or attempted to subject unpaid earnings of the employee to garnishment or like proceedings directed to the employer for the purpose of paying a judgment arising from a consumer cr…

(1) If it is the understanding of the creditor and the debtor at the time an extension of credit is made that delay in making repayment or failure to make repayment could result in the use of violence or other criminal means to cause harm to the person, reputation, or property of…