Okla. Stat. tit. 14A, § 14A-3-309.3: Index or rate of interest on revolving loan account

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 secured by

a consumer's principal dwelling, the index or other rate of interest

to which changes in the annual percentage rate are related shall be

based on an index or rate of interest which is publicly available

and is not under the control of the creditor.

(2) A creditor may not unilaterally terminate any account under

a revolving loan account plan under which extensions of credit are

secured by a consumer's principal dwelling and require the immediate

repayment of any outstanding balance at such time, except in the

case of:

(a) fraud or material misrepresentation on the part of the

consumer in connection with the account;

(b) failure by the consumer to meet the repayment terms of

the agreement for any outstanding balance; or

(c) any other action or failure to act by the consumer

which adversely affects the creditor's security for

the account or any right of the creditor in such

security.

This subsection does not apply to reverse mortgage transactions.

(3) (a) No revolving loan account plan under which extensions

of credit are secured by a consumer's principal

dwelling may contain a provision which permits a

creditor to change unilaterally any term required to

be disclosed under subsection (1) of Section 3-309.2

of this title or any other term, except a change in

insignificant terms such as the address of the

creditor for billing purposes.

(b) Notwithstanding the provisions of paragraph (a) of

this subsection, a creditor may make any of the

following changes:

(i) Change the index and margin applicable to

extensions of credit under such plan if the index

used by the creditor is no longer available and

the substitute index and margin would result in a

substantially similar interest rate,

(ii) Prohibit additional extensions of credit or

reduce the credit limit applicable to an account

under the plan during any period in which the

value of the consumer's principal dwelling which

secures any outstanding balance is significantly

less than the original appraisal value of the

dwelling,

(iii) Prohibit additional extensions of credit or

reduce the credit limit applicable to the account

during any period in which the creditor has

reason to believe that the consumer will be

unable to comply with the repayment requirements

of the account due to a material change in the

consumer's financial circumstances,

(iv) Prohibit additional extensions of credit or

reduce the credit limit applicable to the account

during any period in which the consumer is in

default with respect to any material obligation

of the consumer under the agreement,

(v) Prohibit additional extensions of credit or

reduce the credit limit applicable to the account

during any period in which:

(aa) the creditor is precluded by government

action from imposing the annual percentage

rate provided for in the account agreement,

or

(bb) any government action is in effect which

adversely affects the priority of the

creditor's security interest in the account

to the extent that the value of the

creditor's secured interest in the property

is less than one hundred twenty percent

(120%) of the amount of the credit limit

applicable to the account.

(vi) Any change that will benefit the consumer.

effect which

adversely affects the priority of the

creditor's security interest in the account

to the extent that the value of the

creditor's secured interest in the property

is less than one hundred twenty percent

(120%) of the amount of the credit limit

applicable to the account.

(vi) Any change that will benefit the consumer.

(c) Upon the request of the consumer and at the time an

agreement is entered into by a consumer to open an

account under a revolving loan account plan under

which extensions of credit are secured by the

consumer's principal dwelling, the consumer shall be

given a list of the categories of contract obligations

which are deemed by the creditor to be material

obligations of the consumer under the agreement for

purposes of subparagraph (iv) of paragraph (b) of this

subsection.

(d) (i) For purposes of subparagraph (vi) of paragraph

(b) of this subsection, a change shall be deemed

to benefit the consumer if the change is

unequivocally beneficial to the consumer and the

change is beneficial through the entire term of

the agreement,

(ii) The Administrator may, by rule, determine

categories of changes that benefit the consumer.

(4) If any term or condition described in subsection (1) of

Section 3-309.2 of this title which is disclosed to a consumer in

connection with an application to open an account under a revolving

loan account plan described in such section, other than a variable

feature of the plan, changes before the account is opened, and if,

as a result of such change, the consumer elects not to enter into

the plan agreement, the creditor shall refund all fees paid by the

consumer in connection with such application.

(5) (a) No nonrefundable fee may be imposed by a creditor or

any other person in connection with any application by

a consumer to establish an account under any revolving

loan account plan which provides for extensions of

credit which are secured by a consumer's principal

dwelling before the end of the three-day period

beginning on the date such consumer receives the

disclosure required under subsection (1) of Section 2-

310.2 of this title and the pamphlet required under

subsection (3) of Section 2-310.2 of this title with

respect to such application.

(b) For purposes of determining when a nonrefundable fee

may be imposed in accordance with this subsection if

the disclosures and pamphlet referred to in paragraph

(a) of this subsection are mailed to the consumer, the

date of the receipt of the disclosures by such

consumer shall be deemed to be three (3) business days

after the date of mailing by the creditor.