Okla. Stat. tit. 15, § 15-140.1: Debt cancellation agreement

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 or other creditor upon the

occurrence of a specified event. The agreement may be separate from

or a part of other loan or retail installment contract documents.

B. A debt cancellation agreement shall not be considered a

contract of, or for, insurance if it is not a contract whereby one

undertakes to indemnify another or to pay a specified amount upon

determinable contingencies, but merely cancels amounts owed by a

borrower under a loan, retail installment contract or other credit

agreement.

C. A debt cancellation agreement shall not be deemed to create

a special relationship between the parties which would give rise to

an action in tort to recover for breach of the duty of good faith

and fair dealing. This section shall not be construed to preclude a

breach of contract action for failure of the parties to comply with

the implied duty of good faith and fair dealing in carrying out

their obligations as set forth in the agreement.