{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-2-416","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-2-416","heading":"Change in terms of revolving charge accounts","body":"(1) If a seller makes a change in the terms of a revolving\n\ncharge account without complying with this section any additional\n\ncost or charge to the buyer resulting from the change is an excess\n\ncharge and subject to the remedies available to debtors (Section 5-\n\n202) and to the Administrator (Section 6-113).\n\n(2) A seller may change the terms of a revolving charge account\n\nwhether or not the change is authorized by prior agreement. Except\n\nas provided in subsection (3), the seller shall give to the buyer\n\nwritten notice of any change at least three times, with the first\n\nnotice at least six (6) months before the effective date of the\n\nchange.\n\n(3) The notice specified in subsection (2) is not required if:\n\n(a) the buyer after receiving notice of the change agrees\n\nin writing to the change;\n\n(b) the buyer elects to pay an amount designated on a\n\nbilling statement (subsection (2) of Section 2-310) as\n\nincluding a new charge for a benefit offered to the\n\nbuyer when the benefit and charge constitute the\n\nchange in terms and when the billing statement also\n\nstates the amount payable if the new charge is\n\nexcluded;\n\n(c) the change involves no significant cost to the buyer;\n\n(d) the buyer has previously consented in writing to the\n\nkind of change made and notice of the change is given\n\nto the buyer at least fifteen (15) days prior to the\n\neffective date of the change;\n\n(e) the change applies only to purchases made or\n\nobligations incurred after a date specified in a\n\nnotice of the change given at least fifteen (15) days\n\nprior to the effective date of the change; or\n\n(f) the change involves late payment charges or over-the-\n\nlimit charges.\n\n(4) The notice provided for in this section is given to the\n\nbuyer when mailed to the buyer at the address used by the seller for\n\nsending periodic billing statements.","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":"d59ff0d56fa324d00648c42ee6d5ef7d1c79d2becacb735c5ca42d5179800107","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-2-415","next":"us-ok/okla.-stat.-tit.-14a-14a-2-501"},"notice":"GroundRules: Original legal text. Not legal advice."}