{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-2-208","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-2-208","heading":"Advances to perform covenants of buyer","body":"(1) If the agreement with respect to a consumer credit sale,\n\nrefinancing, or consolidation contains covenants by the buyer to\n\nperform certain duties pertaining to insuring or preserving\n\ncollateral and the seller pursuant to the agreement pays for\n\nperformance of the duties on behalf of the buyer, the seller may add\n\nthe amounts paid to the debt. In the case of covenants as to duties\n\nother than the payment of taxes and insuring the collateral, the\n\nseller shall give written notice to the buyer setting forth the\n\nduties to be performed and a statement of the amount to be charged\n\nfor the performance of said duties. Said written notice shall be by\n\ncertified mail to the last-known address of the buyer, at least\n\nthirty (30) days prior to the commencement of the performance of the\n\nspecified duties, unless otherwise agreed in writing by the seller\n\nand the buyer. The buyer, prior to commencement of performance,\n\nshall have the option to make alternative arrangements for\n\ncompliance with the covenants. Within a reasonable time after\n\nadvancing any sums, he shall state to the buyer in writing the\n\namount of the sums advanced, any charges with respect to this\n\namount, and any revised payment schedule and, if the duties of the\n\nbuyer performed by the seller pertain to insurance, a brief\n\ndescription of the insurance paid for by the seller including the\n\ntype and amount of coverages. No further information need be given.\n\n(2) A credit service charge may be made for sums advanced\n\npursuant to subsection (1) at a rate not exceeding the rate stated\n\nto the buyer pursuant to the provisions on disclosure (Part 3) with\n\nrespect to the sale, refinancing, or consolidation, except that with\n\nrespect to a revolving charge account the amount of the advance may\n\nbe added to the unpaid balance of the account and the seller may\n\nmake a credit service charge not exceeding that permitted by the\n\nprovisions on credit service charge for revolving charge accounts\n\n(Section 2-207).","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":"80365c8ae12d3bec543752cc2156465991cef1de3e84aa3e9aae0d18626a4252","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-2-207","next":"us-ok/okla.-stat.-tit.-14a-14a-2-209"},"notice":"GroundRules: Original legal text. Not legal advice."}