{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-1-9-616","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-1-9-616","heading":"Explanation of calculation of surplus or deficiency","body":"EXPLANATION OF CALCULATION OF SURPLUS OR DEFICIENCY\n\n(a) In this section:\n\n(1) \"Explanation\" means a record that:\n\n(A) states the amount of the surplus or deficiency;\n\n(B) provides an explanation in accordance with subsection\n\n(c) of this section of how the secured party\n\ncalculated the surplus or deficiency;\n\n(C) states, if applicable, that future debits, credits,\n\ncharges, including additional credit service charges\n\nor interest, rebates, and expenses may affect the\n\namount of the surplus or deficiency; and\n\n(D) provides a telephone number or mailing address from\n\nwhich additional information concerning the\n\ntransaction is available.\n\n(2) \"Request\" means a record:\n\n(A) signed by a debtor or consumer obligor;\n\n(B) requesting that the recipient provide an explanation;\n\nand\n\n(C) sent after disposition of the collateral under Section\n\n1-9-610 of this title.\n\n(b) In a consumer-goods transaction in which the debtor is\n\nentitled to a surplus or a consumer obligor is liable for a\n\ndeficiency under Section 1-9-615 of this title, the secured party\n\nshall:\n\n(1) send an explanation to the debtor or consumer obligor, as\n\napplicable, after the disposition and:\n\n(A) before or when the secured party accounts to the\n\ndebtor and pays any surplus or first makes demand in a\n\nrecord on the consumer obligor after the disposition\n\nfor payment of the deficiency; and\n\n(B) within fourteen (14) days after receipt of a request;\n\nor\n\n(2) in the case of a consumer obligor who is liable for a\n\ndeficiency, within fourteen (14) days after receipt of a request,\n\nsend to the consumer obligor a record waiving the secured party's\n\nright to a deficiency.\n\n(c) To comply with subparagraph (B) of paragraph (1) of\n\nsubsection (a) of this section, an explanation must provide the\n\nfollowing information in the following order:\n\n(1) the aggregate amount of obligations secured by the security\n\ninterest under which the disposition was made, and, if the amount\n\nreflects a rebate of unearned interest or credit service charge, an\n\nindication of that fact, calculated as of a specified date:\n\n(A) if the secured party takes or receives possession of\n\nthe collateral after default, not more than thirty-\n\nfive (35) days before the secured party takes or\n\nreceives possession; or\n\n(B) if the secured party takes or receives possession of\n\nthe collateral before default or does not take\n\npossession of the collateral, not more than thirty-\n\nfive (35) days before the disposition;\n\n(2) the amount of proceeds of the disposition;\n\n(3) the aggregate amount of the obligations after deducting the\n\namount of proceeds;\n\n(4) the amount, in the aggregate or by type, and types of\n\nexpenses, including expenses of retaking, holding, preparing for\n\ndisposition, processing, and disposing of the collateral, and\n\nattorney fees secured by the collateral which are known to the\n\nsecured party and relate to the current disposition;\n\n(5) the amount, in the aggregate or by type, and types of\n\ncredits, including rebates of interest or credit service charges, to\n\nwhich the obligor is known to be entitled and which are not\n\nreflected in the amount in paragraph (1) of this subsection; and\n\n(6) the amount of the surplus or deficiency.\n\n(d) A particular phrasing of the explanation is not required.\n\nAn explanation complying substantially with the requirements of\n\nsubsection (a) of this section is sufficient, even if it includes\n\nminor errors that are not seriously misleading.\n\n(e) A debtor or consumer obligor is entitled without charge to\n\none response to a request under this section during any six-month\n\nperiod in which the secured party did not send to the debtor or\n\nconsumer obligor an explanation pursuant to paragraph (1) of\n\nsubsection (b) of this section. The secured party may require\n\npayment of a charge not exceeding Twenty-five Dollars ($25.00) for\n\neach additional response.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a0664cf37754e804ac61fd3f223a15618409af57403e755d4a6252311bbafa84","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-1-9-615","next":"us-ok/okla.-stat.-tit.-12a-12a-1-9-617"},"notice":"GroundRules: Original legal text. Not legal advice."}