Title 15 — Title 15 — Contracts

All distinctions between sealed and unsealed instruments are abolished. R.L.1910, § 944.

All other persons are adults. R.L.1910, § 880.

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…

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…

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 und…

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 ch…

policies. A. As used in this section: 1. “Administrator” means a person, other than an insurer or creditor that performs administrative or operational functions pursuant to debt waiver programs; 2. “Borrower” means a debtor, retail buyer, or lessee, under a finance agreement; 3. …

A. As used in this section: 1. “Administrator” means the person who may be responsible for the administrative or operational function of vehicle value protection agreements including, but not limited to, the adjudication of claims or benefits requested by contract holders; 2. “Co…

The Insurance Commissioner shall promulgate rules necessary to enforce the provisions of Section 140.2 et seq. of this title. After proper notice and opportunity for hearing the Commissioner may take either or both of the following actions: 1. Order the creditor, provider, admini…

insurance. The Legislature finds that motor vehicle financial protection products shall not be insurance. All motor vehicle financial protection products issued prior to and after the effective date of this act shall not be construed as insurance. Added by Laws 2022, c. 16, § 6, …

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.

Insurance Commissioner - Publication of revocation or suspension. A. Suspension or revocation of the license of a service warranty association shall be by order of the Insurance Commissioner mailed to the association by certified mail with return receipt requested. The associatio…

A. A suspension of the license of a service warranty association shall be for such period, not to exceed one (1) year, as is fixed in the order of suspension, unless such suspension or the order upon which the suspension is based is modified, rescinded, or reversed. B. During the…

If the Insurance Commissioner finds that one or more grounds exist for the discretionary revocation or suspension of a certificate of authority issued under the Service Warranty Act, the Commissioner may, in lieu of such suspension or revocation, impose a fine upon the insurer or…

OS 15-141.13v1 (HB 2715, Laws 2016, c. 72, § 1). OS 15-141.13v2 (SB 541, Laws 2024, c. 225, § 7).

A. No service warranty form or related form shall be issued or used in this state unless the form has been filed with and approved by the Insurance Commissioner. B. Each filing of a form shall be made not less than thirty (30) days in advance of its issuance or use. At the expira…

A. No service warranty form or related form shall be issued or used in this state unless the form has been filed with the Insurance Commissioner. Service warranty forms shall not be subject to prior approval and shall be filed with the Insurance Commissioner for informational pur…

A. In addition to the license fees provided in the Service Warranty Act for service warranty associations each service warranty association and insurer shall annually, on or before the first day of May, file with the Insurance Commissioner its annual financial statement as of a d…

A. Service warranty associations licensed pursuant to the Service Warranty Act are subject to periodic examination by the Insurance Commissioner, in the same manner and subject to the same terms and conditions that apply to insurers. B. The Commissioner is not required to examine…

As a minimum requirement for permanent office records, each licensed service warranty association shall maintain: 1. A complete set of accounting records, including but not limited to, a general ledger, cash receipts and disbursements journals, accounts receivable registers and a…

Service warranty associations shall be required to designate an agent in this state for service of process. Added by Laws 2012, c. 150, § 17, eff. Nov. 1, 2012.

representatives. Each service warranty association or insurer shall maintain a registry of the name and business address of each sales representative utilized by it in this state. Upon request by the Insurance Commissioner and with ten (10) days' notice to the service warranty as…

A. If, pursuant to procedures provided in the Service Warranty Act, it is found that one or more grounds exist for the suspension, revocation, or refusal to renew or continue any registration issued under the Service Warranty Act, on a first offense and except when such suspensio…

As used in the Service Warranty Act: 1. "Commissioner" means the Insurance Commissioner; 2. "Consumer product" means tangible personal property primarily used for personal, family, or household purposes; 3. "Department" means the Insurance Department; 4. "Gross income" means the …

A. Nothing in the Service Warranty Act shall be deemed to authorize any service warranty association to transact any insurance business or otherwise to engage in any type of insurance unless the association is authorized under a certificate of authority issued by the Insurance Co…

A service warranty shall contain a disclosure statement containing substantially the following information: "This is not an insurance contract. Coverage afforded under this contract is not guaranteed by the Oklahoma Insurance Guaranty Association". Added by Laws 2012, c. 150, § 2…

Any dissolution or liquidation of an association subject to the provisions of the Service Warranty Act shall be under the supervision of the Insurance Commissioner, who shall have all powers granted under the laws of this state with respect to the dissolution and liquidation of p…

penalties. Except as otherwise provided in the Service Warranty Act, any person who knowingly makes a false or otherwise fraudulent application for license or registration, or who knowingly violates any provision of the Service Warranty Act, in addition to being subject to any ap…

A. Any person damaged by a violation of the provisions of the Service Warranty Act may bring a civil action against a person violating such provisions in the district court of the county in which the alleged violator resides or has its principal place of business or in the county…

No person shall engage in this state in any trade practice which is defined in Section 26 of this act to be an unfair method of competition or an unfair or deceptive act or practice involving the business of service warranty. Added by Laws 2012, c. 150, § 25, eff. Nov. 1, 2012.

acts. For purposes of the Service Warranty Act, the following methods, acts, or practices are defined as unfair methods of competition and unfair or deceptive acts or practices: 1. MISREPRESENTATION AND FALSE ADVERTISING OF SERVICE WARRANTIES - Knowingly making, issuing, circulat…

The Insurance Commissioner shall have the authority to examine and investigate the affairs of every person involved in the business of service warranty in this state in order to determine whether such person has been or is engaged in any unfair method of competition or in any unf…

A. Whenever the Insurance Commissioner has reason to believe that any person has engaged, or is engaging, in this state in any unfair method of competition or any unfair or deceptive act or practice as defined in Section 26 of this act, or is engaging in the business of service w…

A. After the hearing, the Insurance Commissioner shall enter a final order. If it is determined that the person charged has engaged in an unfair or deceptive act or practice or the unlawful transaction of service warranty business, the Commissioner also shall issue an order requi…

The Insurance Commissioner shall enforce the provisions of the Service Warranty Act and shall adopt and promulgate rules and procedures to implement the provisions of the Service Warranty Act. Added by Laws 2012, c. 150, § 3, eff. Nov. 1, 2012.

In addition to the penalties and other enforcement provisions of the Service Warranty Act, if any person violates any provision of Section 4 or Section 18 of this act or any rule adopted pursuant thereto, the Insurance Commissioner may resort to a proceeding for injunction in the…

The provisions of the Service Warranty Act are cumulative to rights under the general civil and common law, and no action of the Insurance Commissioner shall abrogate such rights to damages or other relief in any court. Added by Laws 2012, c. 150, § 31, eff. Nov. 1, 2012.

All active examination or investigatory records of the Insurance Commissioner made or received pursuant to the Service Warranty Act shall be deemed privileged and confidential and are not subject to public inspection for so long as is reasonably necessary to complete the examinat…

penalties. A. Claim files of service warranty associations licensed pursuant to the Service Warranty Act shall be subject to examination by the Insurance Commissioner or by duly appointed designees. The claim files shall contain all notes and work papers pertaining to a claim in …

The Insurance Commissioner may issue a cease and desist order, ex parte, if: 1. The Commissioner believes that: a. an unauthorized service warranty association is engaging in the business of service warranties in violation of the Service Warranty Act, or b. an unauthorized person…

A. Upon issuance of an emergency cease and desist order under Section 4 of this act, the Insurance Commissioner shall serve on the person affected by the order, by registered or certified mail, return receipt requested, to the person's last-known address, or by other lawful means…

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 th…

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 trustwor…

ratios. A. An association licensed pursuant to the Service Warranty Act shall maintain a funded, unearned reserve account, consisting of unencumbered assets, equal to a minimum of twenty-five percent (25%) of the gross written provider fees received on all warranty contracts in f…

Audited financial statements. A. An application for license as a service warranty association shall be made to, and filed with, the Insurance Commissioner on printed forms as prescribed and furnished by the Insurance Commissioner. B. In addition to information relative to its qua…

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 electronic submission of a renewal app…

A. The license of any service warranty association may be revoked or suspended, or the Insurance Commissioner may refuse to renew any such license, if it is determined that the association has violated any lawful rule or order of the Commissioner or any provision of the Service W…

A child conceived, but not born, is to be deemed an existing person so far as may be necessary for its interest in the event of its subsequent birth. R.L.1910, § 881.

rules. All contracts, whether public or private, are to be interpreted by the same rules, except as otherwise provided by law. R.L.1910, § 945.

A contract must be so interpreted as to give effect to the mutual intention of the parties, as it existed at the time of contracting, so far as the same is ascertainable and lawful. R.L.1910, § 946.