{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-2-210","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-2-210","heading":"Rebate upon prepayment","body":"(1) Except as provided in subsection (2), upon prepayment in\n\nfull of the unpaid balance of a precomputed consumer credit sale,\n\nrefinancing, or consolidation, an amount not less than the unearned\n\nportion of the credit service charge calculated according to this\n\nsection shall be rebated to the buyer. If the rebate otherwise\n\nrequired is less than One Dollar ($1.00), no rebate need be made.\n\n(2) Upon prepayment in full of a consumer credit sale,\n\nrefinancing, or consolidation, other than one pursuant to a\n\nrevolving charge account, if the credit service charge then earned\n\nis less than any permitted minimum credit service charge (subsection\n\n(6) of Section 2-201) contracted for, whether or not the sale,\n\nrefinancing, or consolidation is precomputed, the seller may collect\n\nor retain the minimum charge, as if earned, not exceeding the credit\n\nservice charge contracted for.\n\n(3) Except as otherwise provided in this subsection with\n\nrespect to a sale of an interest in land or a consumer credit sale\n\nsecured by an interest in land, the unearned portion of the credit\n\nservice charge\n\n(a) in a consumer credit sale payable according to its\n\noriginal terms in more than sixty-one (61) months\n\nshall be determined (i) by applying, according to the\n\nactuarial method, the disclosed annual percentage rate\n\nto the actual unpaid balances of the amount financed\n\nfor the actual time that the unpaid balances were\n\noutstanding as of the date of prepayment, giving\n\neffect to each payment, to determine the earned\n\nportion of the credit service charge, and (ii)\n\nsubtracting that earned portion from the credit\n\nservice charge to determine the unearned portion of\n\nthe credit service charge, or\n\n(b) in a consumer credit sale payable according to its\n\noriginal terms in sixty-one (61) months or less, is a\n\nfraction of the credit service charge of which the\n\nnumerator is the sum of the periodic balances\n\nscheduled to follow the computational period in which\n\nprepayment occurs, and the denominator is the sum of\n\nall periodic balances under either the sale agreement\n\nor, if the balance owing resulted from a refinancing\n\n(Section 2-205) or a consolidation (Section 2-206),\n\nunder the refinancing agreement or consolidation\n\nagreement. In the case of a sale of an interest in\n\nland or a consumer credit sale secured by an interest\n\nin land, reasonable sums actually paid or payable to\n\npersons not related to the seller for customary\n\nclosing costs included in the credit service charge\n\nare deducted from the credit service charge before the\n\ncalculation prescribed by this subsection is made.\n\n(4) In this section:\n\n(a) \"periodic balance\" means the amount scheduled to be\n\noutstanding on the last day of a computational period\n\nbefore deducting the payment, if any, scheduled to be\n\nmade on that day;\n\n(b) \"computational period\" means one (1) month if one-half\n\n(1/2) or more of the intervals between scheduled\n\npayments under the agreement is one (1) month or more,\n\nand otherwise means one (1) week;\n\n(c) the \"interval\" to the due date of the first scheduled\n\ninstallment or the final scheduled payment date is\n\nmeasured from the date of a sale, refinancing, or\n\nconsolidation, or any later date prescribed for\n\ncalculating maximum credit service charges (subsection\n\n(4) of Section 2-201), and includes either the first\n\nor last day of the interval; and\n\n(d) if the interval to the due date of the first scheduled\n\ninstallment does not exceed one (1) month by more than\n\nfifteen (15) days when the computational period is one\n\n(1) month, or eleven (11) days when the computational\n\nperiod is one (1) week, the interval shall be\n\nconsidered as one computational period.\n\n(5) This subsection applies only if the schedule of payments is\n\nnot regular.\n\n(a) If the computational period is one (1) month and\nst scheduled\n\ninstallment does not exceed one (1) month by more than\n\nfifteen (15) days when the computational period is one\n\n(1) month, or eleven (11) days when the computational\n\nperiod is one (1) week, the interval shall be\n\nconsidered as one computational period.\n\n(5) This subsection applies only if the schedule of payments is\n\nnot regular.\n\n(a) If the computational period is one (1) month and\n\n(i) if the number of days in the interval to the due\n\ndate of the first scheduled installment is less\n\nthan one (1) month by more than five (5) days, or\n\nmore than one (1) month by more than five (5) but\n\nnot more than fifteen (15) days, the unearned\n\ncredit service charge shall be increased by an\n\nadjustment for each day by which the interval is\n\nless than one (1) month and, at the option of the\n\nseller, may be reduced by an adjustment for each\n\nday by which the interval is more than one (1)\n\nmonth; the adjustment for each day shall be one-\n\nthirtieth (1/30) of that part of the credit\n\nservice charge earned in the computational period\n\nprior to the due date of the first scheduled\n\ninstallment assuming that period to be one (1)\n\nmonth; and\n\n(ii) if the interval to the final scheduled payment\n\ndate is a number of computational periods plus an\n\nadditional number of days less than a full month,\n\nthe additional number of days shall be considered\n\na computational period only if sixteen (16) days\n\nor more. This subparagraph applies whether or\n\nnot subparagraph (i) applies.\n\n(b) Notwithstanding paragraph (a), if the computational\n\nperiod is one (1) month, the number of days in the\n\ninterval to the due date of the first installment\n\nexceeds one (1) month by not more than fifteen (15)\n\ndays, and the schedule of payments is otherwise\n\nregular, the seller may, at his option, exclude the\n\nextra days and the charge for the extra days in\n\ncomputing the unearned credit service charge; but if\n\nhe does so and a rebate is required before the due\n\ndate of the first scheduled installment, he shall\n\ncompute the earned charge for each elapsed day as one-\n\nthirtieth (1/30) of the amount the earned charge would\n\nhave been if the first interval had been one (1)\n\nmonth.\n\n(c) If the computational period is one (1) week and\n\n(i) if the number of days in the interval to the due\n\ndate of the first scheduled installment is less\n\nthan five (5) days, or more than nine (9) but not\n\nmore than eleven (11) days, the unearned credit\n\nservice charge shall be increased by an\n\nadjustment for each day by which the interval is\n\nless than seven (7) days and, at the option of\n\nthe seller may be reduced by an adjustment for\n\neach day by which the interval is more than seven\n\n(7) days; the adjustment for each day shall be\n\none-seventh (1/7) of that part of the credit\n\nservice charge earned in the computational period\n\nprior to the due date of the first scheduled\n\ninstallment assuming that period to be one (1)\n\nweek; and\n\n(ii) if the interval to the final scheduled payment\n\ndate is a number of computational periods plus an\n\nadditional number of days less than a full week,\n\nthe additional number of days shall be considered\n\na computational period only if four (4) days or\n\nmore. This subparagraph applies whether or not\n\nsubparagraph (i) applies.\n\n(6) If a deferral (Section 2-204) has been agreed to, the\n\nunearned portion of the credit service charge shall be computed\n\nwithout regard to the deferral. The amount of deferral charge\n\nearned at the date of prepayment shall also be calculated. If the\n\ndeferral charge earned is less than the deferral charge paid, the\n\ndifference shall be added to the unearned portion of the credit\n\nservice charge. If any part of a deferral charge has been earned\n\nbut has not been paid, that part shall be subtracted from the\n\nunearned portion of the credit service charge, or shall be added to\n\nthe unpaid balance.\nte of prepayment shall also be calculated. If the\n\ndeferral charge earned is less than the deferral charge paid, the\n\ndifference shall be added to the unearned portion of the credit\n\nservice charge. If any part of a deferral charge has been earned\n\nbut has not been paid, that part shall be subtracted from the\n\nunearned portion of the credit service charge, or shall be added to\n\nthe unpaid balance.\n\n(7) This section does not preclude the collection or retention\n\nby the seller of delinquency charges (Section 2-203).\n\n(8) If the maturity is accelerated for any reason and judgment\n\nis obtained, the buyer is entitled to the same rebate as if payment\n\nhad been made on the date judgment is entered.\n\n(9) Upon prepayment in full of a consumer credit sale by the\n\nproceeds of consumer credit insurance (Section 4-103), the buyer or\n\nhis estate is entitled to the same rebate as though the buyer had\n\nprepaid the agreement on the date the proceeds of the insurance are\n\npaid to the seller.","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":"e29ed830a7882ebaecf12fd51c864ba03d6e550fdeca9f09c0f5e6ec5592356a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-2-209","next":"us-ok/okla.-stat.-tit.-14a-14a-2-211"},"notice":"GroundRules: Original legal text. Not legal advice."}