Okla. Stat. tit. 14A, § 14A-3-411: Refinancing loan to subsection 10 mortgage – Borrower’s

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 refinancing is in the borrower's interest include, but are not

limited to, whether:

(a) the borrower's new monthly payment is lower than the total

of all monthly obligations being financed, taking into account the

costs and fees;

(b) there is a change in the amortization period of the new

loan;

(c) the borrower receives cash in excess of the costs and fees

of refinancing;

(d) the borrower's note rate of interest is reduced;

(e) there is a change from an adjustable to a fixed rate loan,

taking into account costs and fees; or

(f) the refinancing is necessary to respond to a bona fide

personal need or an order of a court of competent jurisdiction.

A creditor is prohibited from engaging in acts or practices to

evade this provision, including a pattern or practice of arranging

for the refinancing of its own loans by affiliated or unaffiliated

creditors, or modifying a loan agreement, whether or not the

existing loan is satisfied and replaced by the new loan, and

charging a fee.