{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-2-304","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-2-304","heading":"Calculation of rate to be disclosed","body":"(1) Except as otherwise specifically provided, if a seller is\n\nrequired to give to a buyer a statement of the rate of the credit\n\nservice charge he shall state the rate in terms of an annual\n\npercentage rate as defined in subsection (2) or in terms of a\n\ncorresponding nominal annual percentage rate as defined in\n\nsubsection (3), whichever is appropriate.\n\n(2) \"Annual percentage rate\"\n\n(a) with respect to a consumer credit sale other than one\n\nmade pursuant to a revolving charge account, is either\n\n(i) that nominal annual percentage rate which, when\n\napplied to the unpaid balances of the amount\n\nfinanced calculated according to the actuarial\n\nmethod, will yield a sum equal to the amount of\n\nthe credit service charge; or\n\n(ii) that rate determined by any method prescribed by\n\nrule by the Administrator as a method which\n\nmaterially simplifies computation while retaining\n\nreasonable accuracy as compared with the rate\n\ndetermined pursuant to subparagraph (i);\n\n(b) with respect to a consumer credit sale made pursuant\n\nto a revolving charge account, is the quotient\n\nexpressed as a percentage of the total credit service\n\ncharge for the period to which it related divided by\n\nthe amount upon which the credit service charge for\n\nthat period is based, multiplied by the number of\n\nthese periods in a year.\n\n(3) \"Corresponding nominal annual percentage rate\" is the\n\npercentage or percentages used to calculate the credit service\n\ncharge for one billing cycle or other period pursuant to a revolving\n\ncharge account multiplied by the number of billing cycles or periods\n\nin a year.\n\n(4) If a seller is permitted to make the same credit service\n\ncharge for all amounts financed within a specified range (subsection\n\n(5) of Section 2-201) or for all balances within a specified range\n\n(subsection (2) of Section 2-207), he shall state the annual\n\npercentage rate or corresponding nominal annual percentage rate,\n\nwhichever is appropriate, as applied to the median amount of the\n\nrange within which the actual amount financed or balance is\n\nincluded.\n\n(5) A statement of rate complies with this part if it does not\n\nvary from the accurately computed rate by more than the following\n\ntolerances:\n\n(a) the annual percentage rate may be rounded to the\n\nnearest quarter of one percent (1/4 of 1%) or may fall\n\nwithin a tolerance not greater than one-eighth of one\n\npercent (1/8 of 1%) more or less than the actual rate\n\nfor consumer credit sales payable in substantially\n\nequal installments when a seller determines the total\n\ncredit service charge on the basis of a single add-on,\n\ndiscount, periodic, or other rate, and the rate is\n\nconverted into an annual percentage rate under\n\nprocedures prescribed by rule by the Administrator;\n\n(b) the Administrator may authorize by rule the use of\n\nrate tables or charts which may provide for the\n\ndisclosure of annual percentage rates which vary from\n\nthe rate determined in accordance with paragraph (a)\n\nby not more than the tolerances the Administrator may\n\nallow; the Administrator may not allow a tolerance\n\ngreater than eight percent (8%) of that rate except to\n\nsimplify compliance where irregular payments are\n\ninvolved; and\n\n(c) in case a seller determines the annual percentage rate\n\nin a manner other than as described in paragraph (a)\n\nor (b), the Administrator may authorize by rule other\n\nreasonable tolerances.","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":"d06615b17fc7cbba17ce0f001ce56d9c175108eba599f74055e6d5fed7bc4142","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-2-303","next":"us-ok/okla.-stat.-tit.-14a-14a-2-305"},"notice":"GroundRules: Original legal text. Not legal advice."}