{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-1-301","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-1-301","heading":"General definitions","body":"In addition to definitions appearing in subsequent articles, in\n\nthis title:\n\n(1) \"Actuarial Method\" means the method, defined by rules\n\nadopted by the Administrator, of allocating payments made on a debt\n\nbetween principal or amount financed and loan finance charge or\n\ncredit service charge pursuant to which a payment is applied first\n\nto the accumulated loan finance charge or credit service charge and\n\nthe balance is applied to the unpaid principal or unpaid amount\n\nfinanced.\n\n(2) \"Administrator\" means the Administrator designated in the\n\narticle (Article 6) on administration under Section 6-103 of this\n\ntitle.\n\n(3) \"Agreement\" means the bargain of the parties in fact as\n\nfound in their language or by implication from other circumstances\n\nincluding course of dealing or usage of trade or course of\n\nperformance.\n\n(4) \"Agricultural purpose\" means a purpose related to the\n\nproduction, harvest, exhibition, marketing, transportation,\n\nprocessing, or manufacture of agricultural products by a natural\n\nperson who cultivates, plants, propagates, or nurtures the\n\nagricultural products. \"Agricultural products\" includes\n\nagricultural, horticultural, viticultural, and dairy products,\n\nlivestock, wildlife, poultry, bees, forest products, fish and\n\nshellfish, and any products thereof, including processed and\n\nmanufactured products, and any and all products raised or produced\n\non farms and any processed or manufactured products thereof.\n\n(5) \"Closing costs\" with respect to a debt secured by an\n\ninterest in land includes:\n\n(a) fees or premiums for title examination, title\n\ninsurance or similar purposes including surveys;\n\n(b) fees for preparation of a deed, settlement statement\n\nor other documents;\n\n(c) escrows for future payments of taxes and insurance;\n\n(d) fees for notarizing deeds and other documents;\n\n(e) appraisal fees; and\n\n(f) credit reports.\n\n(6) \"Conspicuous\": A term or clause is \"conspicuous\" when it\n\nis so written that a reasonable person against whom it is to operate\n\nought to have noticed it. Whether a term or clause is conspicuous\n\nor not is for decision by the court.\n\n(7) \"Credit\" means the right granted by a creditor to a debtor\n\nto defer payment of debt or to incur debt and defer its payment.\n\n(8) \"Earnings\" means compensation paid or payable to an\n\nindividual or for the individual's account for personal services\n\nrendered or to be rendered by the individual, whether denominated as\n\nwages, salary, commission, bonus, or otherwise, and includes\n\nperiodic payments pursuant to a pension, retirement, or disability\n\nprogram.\n\n(9) \"Lender credit card or similar arrangement\" means an\n\narrangement or loan agreement, other than a seller credit card,\n\npursuant to which a lender gives a debtor the privilege of using a\n\ncredit card, letter of credit, or other credit confirmation or\n\nidentification in transactions out of which debt arises:\n\n(a) by a lender's honoring a draft or similar order for\n\nthe payment of money drawn or accepted by the debtor;\n\n(b) by the lender's payment or agreement to pay the\n\ndebtor's obligations; or\n\n(c) by the lender's purchase from the obligee of the\n\ndebtor's obligations.\n\n(10) (a) \"Subsection 10 mortgage\" means a consumer credit\n\ntransaction that is secured by the consumer's\n\nprincipal dwelling, other than a residential mortgage\n\ntransaction, a reverse mortgage transaction, or a\n\ntransaction under an open-end credit plan, if:\nder's payment or agreement to pay the\n\ndebtor's obligations; or\n\n(c) by the lender's purchase from the obligee of the\n\ndebtor's obligations.\n\n(10) (a) \"Subsection 10 mortgage\" means a consumer credit\n\ntransaction that is secured by the consumer's\n\nprincipal dwelling, other than a residential mortgage\n\ntransaction, a reverse mortgage transaction, or a\n\ntransaction under an open-end credit plan, if:\n\n(i) the annual percentage rate at consummation of the\n\ntransaction will exceed by more than eight (8)\n\npercentage points for first-lien loans, or by\n\nmore than ten (10) percentage points for\n\nsubordinate-lien loans, the yield on treasury\n\nsecurities having comparable periods of maturity\n\non the fifteenth day of the month immediately\n\npreceding the month in which the application for\n\nthe extension of credit is received by the\n\ncreditor; or\n\n(ii) the total points and fees payable by the consumer\n\nat or before closing will exceed the greater of:\n\n(aa) eight percent (8%) of the total loan amount;\n\nor\n\n(bb) Four Hundred Dollars ($400.00).\n\n(b) After the two-year period beginning on the effective\n\ndate of the regulations promulgated under Section 155\n\nof the Riegle Community Development and Regulatory\n\nImprovement Act of 1994, and no more frequently than\n\nbiennially after the first increase or decrease under\n\nthis subsection, the Administrator may by rule\n\nincrease or decrease the number of percentage points\n\nspecified in subparagraph (i) of paragraph (a) of this\n\nsubsection, if the Administrator determines that the\n\nincrease or decrease is consistent with the consumer\n\nprotections against abusive lending provided by the\n\namendments made by subtitle B of Title I of the Riegle\n\nCommunity Development and Regulatory Improvement Act\n\nof 1994 and is warranted by the need for credit.\n\nSuch an increase or decrease may not result in the\n\nnumber of percentage points referred to in this\n\nsubsection being less than eight (8) percentage points\n\nor greater than twelve (12) percentage points.\n\nIn determining whether to increase or decrease the\n\nnumber of percentage points, the Administrator shall\n\nconsult with representatives of consumers, including\n\nlow-income consumers, and lenders.\n\n(c) The amount specified in division (bb) of subparagraph\n\n(ii) of paragraph (a) of this subsection shall be\n\nadjusted annually on January 1 by the annual\n\npercentage change in the Consumer Price Index, as\n\nreported on June 1 of the year preceding such\n\nadjustment.\n\n(d) For purposes of subparagraph (ii) of paragraph (a) of\n\nthis subsection, points and fees shall include:\n\n(i) all items included in the finance charge, except\n\ninterest or the time-price differential;\n\n(ii) all compensation paid to mortgage brokers;\n\n(iii) each of the charges listed in 15 U.S.C., Section\n\n1605(e), except an escrow for future payment of\n\ntaxes, unless:\n\n(aa) the charge is reasonable;\n\n(bb) the creditor receives no direct or indirect\n\ncompensation; and\n\n(cc) the charge is paid to a third party\n\nunaffiliated with the creditor;\n\n(iv) premiums or other charges for credit life,\n\naccident, health, or loss-of-income insurance, or\n\ndebt-cancellation coverage, whether or not the\n\ndebt-cancellation coverage is insurance under\n\napplicable law, that provides for cancellation of\n\nall or part of the consumer's liability in the\n\nevent of the loss of life, health, or income or\n\nin the case of accident, written in connection\n\nwith the credit transaction; and\n\n(v) such other charges as the Administrator\n\ndetermines to be appropriate.\n\n(e) The provisions of this subsection shall not be\n\nconstrued to limit the rate of interest or the finance\n\ncharge that a person may charge a consumer for any\n\nextension of credit.\n\n(11) \"Official fees\" means:\ns of life, health, or income or\n\nin the case of accident, written in connection\n\nwith the credit transaction; and\n\n(v) such other charges as the Administrator\n\ndetermines to be appropriate.\n\n(e) The provisions of this subsection shall not be\n\nconstrued to limit the rate of interest or the finance\n\ncharge that a person may charge a consumer for any\n\nextension of credit.\n\n(11) \"Official fees\" means:\n\n(a) fees and charges prescribed by law which actually are\n\nor will be paid to public officials for determining\n\nthe existence of or for perfecting, releasing, or\n\nsatisfying a security interest related to a consumer\n\ncredit sale, consumer lease, or consumer loan; or\n\n(b) premiums payable for insurance in lieu of perfecting a\n\nsecurity interest otherwise required by the creditor\n\nin connection with the sale, lease, or loan if the\n\npremium does not exceed the fees and charges described\n\nin paragraph (a) which would otherwise be payable.\n\n(12) \"Organization\" means a corporation, government or\n\ngovernmental subdivision or agency, trust, estate, partnership,\n\ncooperative or association.\n\n(13) \"Payable in installments\" means that payment is required\n\nor permitted by agreement to be made in:\n\n(a) two or more periodic payments, excluding a down\n\npayment, with respect to a debt arising from a\n\nconsumer credit sale pursuant to which a credit\n\nservice charge is made;\n\n(b) four or more periodic payments, excluding a down\n\npayment, with respect to a debt arising from a\n\nconsumer credit sale pursuant to which no credit\n\nservice charge is made; or\n\n(c) two or more periodic payments with respect to a debt\n\narising from a consumer loan.\n\nIf any periodic payment other than the down payment under an\n\nagreement requiring or permitting two or more periodic payments is\n\nmore than twice the amount of any other periodic payment, excluding\n\nthe down payment, the consumer credit sale, consumer lease, or\n\nconsumer loan is \"payable in installments.\"\n\n(14) \"Person\" includes a natural person or an individual, and\n\nan organization, joint venture or any legal entity however\n\norganized.\n\n(15) (a) \"Person related to\" with respect to an individual\n\nmeans:\n\n(i) the spouse of the individual;\n\n(ii) a brother, brother-in-law, sister, sister-\n\nin-law of the individual;\n\n(iii) an ancestor or lineal descendant of the\n\nindividual or the individual's spouse; and\n\n(iv) any other relative, by blood or marriage, of\n\nthe individual or the individual's spouse\n\nwho shares the same home with the\n\nindividual.\n\n(b) \"Person related to\" with respect to an organization\n\nmeans:\n\n(1) a person directly or indirectly controlling,\n\ncontrolled by or under common control with\n\nthe organization;\n\n(2) an officer or director of the organization\n\nor a person performing similar functions\n\nwith respect to the organization or to a\n\nperson related to the organization;\n\n(3) the spouse of a person related to the\n\norganization; and\n\n(4) a relative by blood or marriage of a person\n\nrelated to the organization who shares the\n\nsame home with such person.\n\n(16) \"Presumed\" or \"presumption\" means that the trier of fact\n\nmust find the existence of the fact presumed unless and until\n\nevidence is introduced which would support a finding of its\n\nnonexistence.\n\n(17) \"Residential mortgage transaction\" means a transaction in\n\nwhich a mortgage, deed of trust, purchase money security interest\n\narising under an installment sales contract, or equivalent\n\nconsensual security interest is created or retained against the\n\nconsumer's dwelling to finance the acquisition or initial\n\nconstruction of such dwelling.\n\n(18) \"Reverse mortgage transaction\" means a nonrecourse\n\ntransaction in which a mortgage, deed of trust, or equivalent\n\nconsensual security interest is created against the consumer's\n\nprincipal dwelling:\n\n(a) securing one or more advances; and\nconsensual security interest is created or retained against the\n\nconsumer's dwelling to finance the acquisition or initial\n\nconstruction of such dwelling.\n\n(18) \"Reverse mortgage transaction\" means a nonrecourse\n\ntransaction in which a mortgage, deed of trust, or equivalent\n\nconsensual security interest is created against the consumer's\n\nprincipal dwelling:\n\n(a) securing one or more advances; and\n\n(b) with respect to which the payment of any principal,\n\ninterest, and shared appreciation or equity is due and\n\npayable (other than in the case of default) only\n\nafter:\n\n(i) the transfer of the dwelling;\n\n(ii) the consumer ceases to occupy the dwelling as a\n\nprincipal dwelling; or\n\n(iii) the death of the consumer.\n\n(19) \"Seller credit card\" means an arrangement pursuant to\n\nwhich a person gives to a buyer or lessee the privilege of using a\n\ncredit card, letter of credit or other credit confirmation or\n\nidentification primarily for the purpose of purchasing or leasing\n\ngoods or services from that person, or:\n\n(a) from a person related to that person;\n\n(b) from others licensed or franchised to do business\n\nunder the person's business or trade name or\n\ndesignation; or\n\n(c) from any other persons with the consent of that\n\nperson.\n\n(20) \"Supervised financial organization\" means a person, other\n\nthan an insurance company or other organization primarily engaged in\n\nan insurance business:\n\n(a) organized, chartered, or holding an authorization\n\ncertificate under the laws of a state or of the United\n\nStates which authorizes the person to make loans and\n\nto receive deposits, including a savings, share,\n\ncertificate or deposit account; and\n\n(b) subject to supervision by an official or agency of\n\nthis state or the United States other than the\n\nOklahoma Securities Commission.","path":["OK Code","Title 14A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os14A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"17030a663590f94c1c0a6c25bf7494c28d774ee49ce35b5f5a51104d47fc0d31","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-1-202","next":"us-ok/okla.-stat.-tit.-14a-14a-1-302"},"notice":"GroundRules: Original legal text. Not legal advice."}