{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-2-201","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-2-201","heading":"Credit service charge for consumer credit sales other","body":"than revolving charge accounts.\n\n(1) With respect to a consumer credit sale, other than a sale\n\npursuant to a revolving charge account, a seller may contract for\n\nand receive a credit service charge not exceeding that permitted by\n\nthis section.\n\n(2) The credit service charge, calculated according to the\n\nactuarial method, may not exceed the equivalent of the greater of\n\neither of the following:\n\n(a) the total of\n\n(i) thirty percent (30%) per year on that part of the\n\nunpaid balances of the amount financed which is\n\nThree Hundred Dollars ($300.00) or less;\n\n(ii) twenty-one percent (21%) per year on that part of\n\nthe unpaid balances of the amount financed which\n\nis more than Three Hundred Dollars ($300.00) but\n\ndoes not exceed One Thousand Dollars ($1,000.00);\n\nand\n\n(iii) fifteen percent (15%) per year on that part of\n\nthe unpaid balances of the amount financed which\n\nis more than One Thousand Dollars ($1,000.00); or\n\n(b) twenty-one percent (21%) per year on the unpaid\n\nbalances of the amount financed.\n\n(3) This section does not limit or restrict the manner of\n\ncontracting for the credit service charge, whether by way of add-on,\n\ndiscount, or otherwise, so long as the rate of the credit service\n\ncharge does not exceed that permitted by this section. If the sale\n\nis precomputed\n\n(a) the credit service charge may be calculated on the\n\nassumption that all scheduled payments will be made\n\nwhen due; and\n\n(b) the effect of prepayment is governed by the provisions\n\non rebate upon prepayment (Section 2-210).\n\n(4) For the purposes of this section, the term of a sale\n\nagreement commences with the date the credit is granted or, if goods\n\nare delivered or services performed ten (10) days or more after that\n\ndate, with the date of commencement of delivery or performance.\n\nDifferences in the lengths of months are disregarded and a day may\n\nbe counted as one-thirtieth (1/30) of a month. Subject to\n\nclassifications and differentiations the seller may reasonably\n\nestablish, a part of a month in excess of fifteen (15) days may be\n\ntreated as a full month if periods of fifteen (15) days or less are\n\ndisregarded and that procedure is not consistently used to obtain a\n\ngreater yield than would otherwise be permitted.\n\n(5) Subject to classifications and differentiations the seller\n\nmay reasonably establish, he may make the same credit service charge\n\non all amounts financed within a specified range. A credit service\n\ncharge so made does not violate subsection (2) if\n\n(a) when applied to the median amount within each range,\n\nit does not exceed the maximum permitted by subsection\n\n(2); and\n\n(b) when applied to the lowest amount within each range,\n\nit does not produce a rate of credit service charge\n\nexceeding the rate calculated according to paragraph\n\n(a) by more than eight percent (8%) of the rate\n\ncalculated according to paragraph (a).\n\n(6) Notwithstanding subsection (2), the seller may contract for\n\nand receive a minimum credit service charge of not more than Five\n\nDollars ($5.00) when the amount financed does not exceed Seventy-\n\nfive Dollars ($75.00) or not more than Seven Dollars and fifty cents\n\n($7.50) when the amount financed exceeds Seventy-five Dollars\n\n($75.00).","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":"fee72f5e66654ee7a85bd61fb62ed6ec11f50909551fe0b088cbdb3c817fb79c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-2-112","next":"us-ok/okla.-stat.-tit.-14a-14a-2-202"},"notice":"GroundRules: Original legal text. Not legal advice."}