{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-2-310","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-2-310","heading":"Revolving charge accounts","body":"(1) Before opening any account under a revolving charge account\n\nplan, the creditor shall give to the consumer the following\n\ninformation:\n\n(a) conditions under which a credit service charge may be\n\nmade, including the time period, if any, within which\n\nany credit extended may be repaid without incurring a\n\ncredit service charge, except that the creditor may,\n\nat his election and without disclosure, impose no such\n\ncredit service charge if payment is received after the\n\ntermination of such period. If no time period is\n\nprovided, the creditor shall disclose that fact;\n\n(b) method of determining the balance upon which a credit\n\nservice charge will be computed;\n\n(c) method of determining the amount of the credit service\n\ncharge, including any minimum or fixed amount imposed\n\nas a finance charge, and where one or more periodic\n\nrates may be used to compute the credit service\n\ncharge, each such rate and the range of balances to\n\nwhich it is applicable;\n\n(d) corresponding nominal annual percentage rate pursuant\n\nto subsection (3) of Section 2-304 of this title; if\n\nmore than one corresponding nominal annual percentage\n\nrate may be used, each corresponding nominal annual\n\npercentage rate shall be stated;\n\n(e) identification of additional charges which may be made\n\nand the method by which they will be determined;\n\n(f) in cases where the creditor may retain or acquire a\n\nsecurity interest in property to secure the balances\n\nresulting from credit extensions made pursuant to the\n\nrevolving charge account, a statement that a security\n\ninterest has been or will be taken in the property\n\npurchased 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(g) a statement in a form prescribed by and describing the\n\nprotection provided by Sections 161 and 170 of the\n\nFederal Consumer Credit Protection Act to an obligor\n\nand the responsibilities of a creditor under Sections\n\n162 and 170 of the Federal Consumer Credit Protection\n\nAct; and\n\n(h) in the case of any account under a revolving charge\n\naccount plan which provides for any extension of\n\ncredit which is secured by the consumer's principal\n\ndwelling, any information which:\n\n(i) is required to be disclosed under subsection (1)\n\nof Section 2-310.2 of this title; and\n\n(ii) the Administrator determines is not described in\n\nany other paragraph of this subsection.\n\n(2) If there is an outstanding balance at the end of the\n\nbilling cycle or if a credit service charge is made with respect to\n\nthe billing cycle, the creditor shall give to the consumer the\n\nfollowing information within a reasonable time after the end of the\n\nbilling cycle:\n\n(a) outstanding balance at the beginning of the billing\n\ncycle;\n(2) If there is an outstanding balance at the end of the\n\nbilling cycle or if a credit service charge is made with respect to\n\nthe billing cycle, the creditor shall give to the consumer the\n\nfollowing information within a reasonable time after the end of the\n\nbilling cycle:\n\n(a) outstanding balance at the beginning of the billing\n\ncycle;\n\n(b) amount and date of each extension of credit during the\n\nbilling cycle and a brief identification of each\n\nextension of credit on or accompanying the statement\n\nin a form prescribed by regulations of the\n\nAdministrator to enable the consumer to identify the\n\ntransaction, or relate it to copies of sale vouchers\n\nor similar instruments previously furnished; except\n\nthat a creditor's failure to disclose information in\n\naccordance with this paragraph shall not be deemed a\n\nfailure to comply with this part if the creditor\n\nmaintains procedures reasonably adapted to procure and\n\nprovide such information and the creditor responds to\n\nand treats any inquiry for clarification or\n\ndocumentation as a billing error and an erroneously\n\nbilled amount in accordance with Section 161 of the\n\nFederal Consumer Credit Protection Act. In lieu of\n\ncomplying with the requirements of the previous\n\nsentence, and to the extent permitted by rules of the\n\nAdministrator, in the case of any transaction in which\n\nthe creditor and the person responsible for providing\n\ndisclosure are the same as defined by the\n\nAdministrator and the person's revolving charge\n\naccount plan has fewer than fifteen thousand (15,000)\n\naccounts, the creditor may elect to provide only the\n\namount and date of each extension of credit during the\n\nbilling cycle and the seller's name and location where\n\nthe transaction took place if a brief identification\n\nof the transaction has been previously furnished and\n\nthe creditor responds to and treats any inquiry for\n\nclarification or documentation as a billing error and\n\nan erroneously billed amount in accordance with\n\nSection 161 of the Federal Consumer Credit Protection\n\nAct.\n\n(c) amount credited to the account during the billing\n\ncycle;\n\n(d) amount of credit service charge debited during the\n\nbilling cycle, with an itemization or explanation to\n\nshow the total amount of credit service charge, if\n\nany, due to the application of one or more periodic\n\npercentages and the amount, if any, imposed as a\n\nminimum or fixed charge;\n\n(e) the periodic percentage used to calculate the credit\n\nservice charge; if more than one periodic percentage\n\nis used, each percentage and the amount of the balance\n\nto which each applies shall be disclosed;\n\n(f) the balance on which the credit service charge is\n\ncomputed and a statement of how the balance is\n\ndetermined; if the balance is determined without first\n\ndeducting all amounts credited during the period, that\n\nfact and the amounts credited shall also be stated;\n\n(g) if the credit service charge for the billing cycle\n\nexceeds fifty cents ($0.50) for a monthly or longer\n\nbilling cycle, or the pro rata part of the fifty cents\n\n($0.50) for a billing cycle shorter than monthly, the\n\ncredit service charge expressed as an annual\n\npercentage rate pursuant to paragraph (b) of\n\nsubsection (2) of Section 2-304 of this title; if more\n\nthan one periodic percentage is used to calculate the\n\ncredit service charge, the creditor, in lieu of\n\nstating a single annual percentage rate, may state\n\nmore than one annual percentage rate and the amount of\n\nthe balance to which each annual percentage rate\n\napplies;\n\n(h) if the credit service charge for the billing cycle\n\ndoes not exceed fifty cents ($0.50) for a monthly or\n\nlonger billing cycle, or the pro rata part of fifty\n\ncents ($0.50) for a billing cycle shorter than\n\nmonthly, the corresponding nominal annual percentage\n\nrate pursuant to subsection (3) of Section 2-304 of\n\nthis title;\namount of\n\nthe balance to which each annual percentage rate\n\napplies;\n\n(h) if the credit service charge for the billing cycle\n\ndoes not exceed fifty cents ($0.50) for a monthly or\n\nlonger billing cycle, or the pro rata part of fifty\n\ncents ($0.50) for a billing cycle shorter than\n\nmonthly, the corresponding nominal annual percentage\n\nrate pursuant to subsection (3) of Section 2-304 of\n\nthis title;\n\n(i) outstanding balance at the end of the billing cycle;\n\n(j) date by which or period, if any, within which payment\n\nmust be made to avoid additional credit service\n\ncharges, except that the creditor may, at his election\n\nand without disclosure, impose no such additional\n\ncredit service charge if payment is received after\n\nsuch date or the termination of such period; and\n\n(k) address to be used by the creditor for the purpose of\n\nreceiving billing inquiries.","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":"ae72df537a85753b30d6a46e438dcf75dac8b634f767d0f2ed74c12513e078e9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-2-309","next":"us-ok/okla.-stat.-tit.-14a-14a-2-310.1"},"notice":"GroundRules: Original legal text. Not legal advice."}