{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-2-306","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-2-306","heading":"Consumer credit sales not pursuant to revolving charge","body":"account.\n\n(1) This section applies to a consumer credit sale not made\n\npursuant to a revolving charge account (Section 2-310).\n\n(2) The seller shall give to the buyer the following\n\ninformation:\n\n(a) the identity of the seller required to make\n\ndisclosure;\n\n(b) (i) the amount financed, using that term, which shall\n\nbe the amount of credit of which the buyer has\n\nactual use. This amount shall be computed as\n\nfollows, but the computations need not be\n\ndisclosed and shall not be disclosed with the\n\ndisclosures required to be conspicuously\n\nsegregated in accordance with the rule of the\n\nAdministrator. (aa) Take the cash price of the\n\ngoods, services, or interest in land less the\n\namount of the down payment paid in money and the\n\nportion paid by an allowance for property traded\n\nin; (bb) add any charges which are not part of\n\nthe finance charge, or of the cash price and\n\nwhich are financed by the buyer, including the\n\ncost of any items excluded from the finance\n\ncharge pursuant to Section 2-202; and (cc)\n\nsubtract any charges which are part of the\n\nfinance charge but which will be paid by the\n\nbuyer before or at the time of the consummation\n\nof the transaction or have been withheld from the\n\nproceeds of the credit.\n\n(ii) In conjunction with the disclosure of the amount\n\nfinanced, a seller shall provide a statement of\n\nthe buyer's right to obtain, upon a written\n\nrequest, a written itemization of the amount\n\nfinanced. The statement shall include spaces for\n\na \"yes\" and \"no\" indication to be initialed by\n\nthe buyer to indicate whether the buyer wants a\n\nwritten itemization of the amount financed. Upon\n\nreceiving an affirmative indication, the seller\n\nshall provide, at the time other disclosures are\n\nrequired to be furnished, a written itemization\n\nof the amount financed. For this purpose,\n\nitemization of the amount financed means a\n\ndisclosure to the extent applicable of: (aa) any\n\namount that is or will be paid directly to the\n\nbuyer, (bb) the amount that is or will be\n\ncredited to the buyer's account to discharge\n\nobligations owed to the seller, (cc) each amount\n\nthat is or will be paid to third persons by the\n\nseller on the buyer's behalf, together with an\n\nidentification of or reference to the third\n\nperson, and (dd) the total amount of any charges\n\ndescribed in the preceding subparagraph (i)(cc).\n\n(c) the finance charge not itemized, using that term;\n\n(d) the finance charge expressed as an \"annual percentage\n\nrate\" using that term except in the case of a finance\n\ncharge which does not exceed Five Dollars ($5.00) when\n\nthe amount financed does not exceed Seventy-five\n\nDollars ($75.00) or Seven Dollars and fifty cents\n\n($7.50) when the amount financed exceeds Seventy-five\n\nDollars ($75.00);\n\n(e) the sum of the amount financed and the finance charge,\n\nwhich shall be termed the \"total of payments\";\n\n(f) the number, amount, and due dates or period of\n\npayments scheduled to repay the total of payments;\n\n(g) the \"total sale price\" using that term, which shall be\n\nthe total of the cash price of the property or\n\nservices, additional charges, and the finance charge;\n\n(h) descriptive explanations of the terms \"amount\n\nfinanced\", \"finance charge\", \"annual percentage rate\",\n\n\"total of payments\", and \"total sale price\", including\n\nin the latter case a reference to the amount of the\n\ndown payment, as specified in the rules of the\n\nAdministrator;\n\n(i) any dollar charge or percentage amount which may be\n\nimposed by the seller solely on account of late\n\npayments other than a deferral or extension charge;\n\n(j) where the credit is secured, a statement that a\n\nsecurity interest has been taken in the property which\n\nis purchased as part of the credit transaction, or\n\nproperty not purchased as part of the credit\n\ntransaction identified by item or type;\nny dollar charge or percentage amount which may be\n\nimposed by the seller solely on account of late\n\npayments other than a deferral or extension charge;\n\n(j) where the credit is secured, a statement that a\n\nsecurity interest has been taken in the property which\n\nis purchased as part of the credit transaction, or\n\nproperty not purchased as part of the credit\n\ntransaction identified by item or type;\n\n(k) a statement indicating whether or not the buyer is\n\nentitled to a rebate of any finance charge upon\n\nrefinancing or prepayment in full pursuant to\n\nacceleration or otherwise if the obligation involves a\n\nprecomputed finance charge, and a statement indicating\n\nwhether or not a penalty will be imposed in those same\n\ncircumstances if the obligation involves a finance\n\ncharge computed from time to time by application of a\n\nrate to the unpaid principal balance;\n\n(l) a statement that the buyer should refer to the\n\nappropriate contract document for any information the\n\ndocument provides about nonpayment, default, the right\n\nto accelerate the maturity of the debt, and prepayment\n\nrebates and penalties; and\n\n(m) in any transaction in which a mortgage, deed of trust,\n\npurchase money security interest arising under an\n\ninstallment sales contract, or equivalent consensual\n\nsecurity interest is created or retained against the\n\nbuyer's dwelling to finance the acquisition or initial\n\nconstruction of the dwelling, a statement indicating\n\nwhether a subsequent purchaser or assignee of the\n\nbuyer may assume the debt obligation on its original\n\nterms and conditions.","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":"73e4f84338ef94da60f5c5cd53bf82aa3191dd71612108226cc1ea982a69912d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-2-305","next":"us-ok/okla.-stat.-tit.-14a-14a-2-307"},"notice":"GroundRules: Original legal text. Not legal advice."}