{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-2-310.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-2-310.3","heading":"Index or rate of interest on revolving loan account","body":"plan subject to variable rate and secured by consumer's principal\n\ndwelling - Termination of account - Change of terms or conditions -\n\nRefunding of fees.\n\n(1) In the case of extensions of credit under a revolving\n\ncharge account plan which are subject to a variable rate and are\n\nsecured by a consumer's principal dwelling, the index or other rate\n\nof interest to which changes in the annual percentage rate are\n\nrelated shall be based on an index or rate of interest which is\n\npublicly available and is not under the control of the creditor.\n\n(2) A creditor may not unilaterally terminate any account under\n\na revolving charge account plan under which extensions of credit are\n\nsecured by a consumer's principal dwelling and require the immediate\n\nrepayment of any outstanding balance at such time, except in the\n\ncase of:\n\n(a) fraud or material misrepresentation on the part of the\n\nconsumer in connection with the account;\n\n(b) failure by the consumer to meet the repayment terms of\n\nthe agreement for any outstanding balance; or\n\n(c) any other action or failure to act by the consumer\n\nwhich adversely affects the creditor's security for\n\nthe account or any right of the creditor in such\n\nsecurity.\n\n(3) (a) No revolving charge account plan under which\n\nextensions of credit are secured by a consumer's\n\nprincipal dwelling may contain a provision which\n\npermits a creditor to change unilaterally any term\n\nrequired to be disclosed under subsection (1) of\n\nSection 2-310.2 of this title or any other term,\n\nexcept a change in insignificant terms such as the\n\naddress of the creditor for billing purposes.\n\n(b) Notwithstanding the provisions of paragraph (a) of\n\nthis subsection, a creditor may make any of the\n\nfollowing changes:\n\n(i) Change the index and margin applicable to\n\nextensions of credit under such plan if the index\n\nused by the creditor is no longer available and\n\nthe substitute index and margin would result in a\n\nsubstantially similar interest rate,\n\n(ii) Prohibit additional extensions of credit or\n\nreduce the credit limit applicable to an account\n\nunder the plan during any period in which the\n\nvalue of the consumer's principal dwelling which\n\nsecures any outstanding balance is significantly\n\nless than the original appraisal value of the\n\ndwelling,\n\n(iii) Prohibit additional extensions of credit or\n\nreduce the credit limit applicable to the account\n\nduring any period in which the creditor has\n\nreason to believe that the consumer will be\n\nunable to comply with the repayment requirements\n\nof the account due to a material change in the\n\nconsumer's financial circumstances,\n\n(iv) Prohibit additional extensions of credit or\n\nreduce the credit limit applicable to the account\n\nduring any period in which the consumer is in\n\ndefault with respect to any material obligation\n\nof the consumer under the agreement,\n\n(v) Prohibit additional extensions of credit or\n\nreduce the credit limit applicable to the account\n\nduring any period in which:\n\n(aa) the creditor is precluded by government\n\naction from imposing the annual percentage\n\nrate provided for in the account agreement,\n\nor\n\n(bb) any government action is in effect which\n\nadversely affects the priority of the\n\ncreditor's security interest in the account\n\nto the extent that the value of the\n\ncreditor's secured interest in the property\n\nis less than one hundred twenty percent\n\n(120%) of the amount of the credit limit\n\napplicable to the account.\n\n(vi) Any change that will benefit the consumer.\nthe account agreement,\n\nor\n\n(bb) any government action is in effect which\n\nadversely affects the priority of the\n\ncreditor's security interest in the account\n\nto the extent that the value of the\n\ncreditor's secured interest in the property\n\nis less than one hundred twenty percent\n\n(120%) of the amount of the credit limit\n\napplicable to the account.\n\n(vi) Any change that will benefit the consumer.\n\n(c) Upon the request of the consumer and at the time an\n\nagreement is entered into by a consumer to open an\n\naccount under a revolving charge account plan under\n\nwhich extensions of credit are secured by the\n\nconsumer's principal dwelling, the consumer shall be\n\ngiven a list of the categories of contract obligations\n\nwhich are deemed by the creditor to be material\n\nobligations of the consumer under the agreement for\n\npurposes of paragraph (b)(iv) of this subsection.\n\n(d) (i) For purposes of paragraph (b)(vi) of this\n\nsubsection, a change shall be deemed to benefit\n\nthe consumer if the change is unequivocally\n\nbeneficial to the consumer and the change is\n\nbeneficial through the entire term of the\n\nagreement,\n\n(ii) The Administrator may, by rule, determine\n\ncategories of changes that benefit the consumer.\n\n(4) If any term or condition described in subsection (1) of\n\nSection 2-310.2 of this title which is disclosed to a consumer in\n\nconnection with an application to open an account under a revolving\n\ncharge account plan described in such section, other than a variable\n\nfeature of the plan, changes before the account is opened, and if,\n\nas a result of such change, the consumer elects not to enter into\n\nthe plan agreement, the creditor shall refund all fees paid by the\n\nconsumer in connection with such application.\n\n(5) (a) No nonrefundable fee may be imposed by a creditor or\n\nany other person in connection with any application by\n\na consumer to establish an account under any revolving\n\ncharge account plan which provides for extensions of\n\ncredit which are secured by a consumer's principal\n\ndwelling before the end of the three-day period\n\nbeginning on the date such consumer receives the\n\ndisclosure required under subsection (1) of Section 2-\n\n310.2 of this title and the pamphlet required under\n\nsubsection (3) of Section 2-310.2 of this title with\n\nrespect to such application.\n\n(b) For purposes of determining when a nonrefundable fee\n\nmay be imposed in accordance with this subsection if\n\nthe disclosures and pamphlet referred to in paragraph\n\n(a) of this subsection are mailed to the consumer, the\n\ndate of the receipt of the disclosures by such\n\nconsumer shall be deemed to be three (3) business days\n\nafter the date of mailing by the creditor.","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":"160d4e26f4dfb840879d61d1fb3f61a9c4bd688e2340ac53330e0718ace4c703","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-2-310.2","next":"us-ok/okla.-stat.-tit.-14a-14a-2-311"},"notice":"GroundRules: Original legal text. Not legal advice."}