{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-201","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-201","heading":"Loan finance charge for consumer loans other than","body":"supervised loans.\n\n(1) With respect to a consumer loan other than a supervised\n\nloan (Section 3-501), a lender may contract for and receive a loan\n\nfinance charge, calculated according to the actuarial method, not\n\nexceeding ten percent (10%) per year on the unpaid balances of the\n\nprincipal.\n\n(2) This section does not limit or restrict the manner of\n\ncontracting for the loan finance charge, whether by way of add-on,\n\ndiscount, or otherwise, so long as the rate of the loan finance\n\ncharge does not exceed that permitted by this section. If the loan\n\nis precomputed\n\n(a) the loan finance charge may be calculated on the\n\nassumption that all scheduled payments will be made\n\nwhen due; and\n\n(b) the effect of prepayment is governed by the provisions\n\non rebate upon prepayment (Section 3-210).\n\n(3) For the purposes of this section, the term of a loan\n\ncommences with the date the loan is made. Differences in the\n\nlengths of months are disregarded and a day may be counted as one-\n\nthirtieth (1/30) of a month. Subject to classifications and\n\ndifferentiations the lender may reasonably establish, a part of a\n\nmonth in excess of fifteen (15) days may be treated as a full month\n\nif periods of fifteen (15) days or less are disregarded and if that\n\nprocedure is not consistently used to obtain a greater yield than\n\nwould otherwise be permitted.\n\n(4) With respect to a consumer loan made pursuant to a\n\nrevolving loan account\n\n(a) the loan finance charge shall be deemed not to exceed\n\nten percent (10%) per year if the loan finance charge\n\ncontracted for and received does not exceed a charge\n\nin each monthly billing cycle which is five-sixths of\n\none percent (5/6 of 1%) of an amount no greater than\n\n(i) the average daily balance of the debt;\n\n(ii) the unpaid balance of the debt on the same day of\n\nthe billing cycle; or\n\n(iii) subject to subsection (5), the median amount\n\nwithin a specified range within which the average\n\ndaily balance or the unpaid balance of the debt,\n\non the same day of the billing cycle, is\n\nincluded: for the purposes of this subparagraph\n\nand subparagraph (ii), a variation of not more\n\nthan four (4) days from month to month is \"the\n\nsame day of the billing cycle\";\n\n(b) if the billing cycle is not monthly, the loan finance\n\ncharge shall be deemed not to exceed ten percent (10%)\n\nper year if the loan finance charge contracted for and\n\nreceived does not exceed a percentage which bears the\n\nsame relation to five-sixths of one percent (5/6 of\n\n1%) as the number of days in the billing cycle bears\n\nto thirty (30); and\n\n(c) notwithstanding subsection (1), if there is an unpaid\n\nbalance on the date as of which the loan finance\n\ncharge is applied, the lender may contract for and\n\nreceive a charge not exceeding fifty cents ($0.50) if\n\nthe billing cycle is monthly or longer, or the pro\n\nrata part of fifty cents ($0.50) which bears the same\n\nrelation to fifty cents ($0.50) as the number of days\n\nin the billing cycle bears to thirty (30) if the\n\nbilling cycle is shorter than monthly, but no charge\n\nmay be made pursuant to this paragraph if the lender\n\nhas made an annual charge for the same period as\n\npermitted by the provisions on additional charges\n\n(paragraph (c) of subsection (1) of Section 3-202).\n\n(5) Subject to classifications and differentiations the lender\n\nmay reasonably establish, he may make the same loan finance charge\n\non all amounts financed within a specified range. A loan finance\n\ncharge so made does not violate subsection (1) if\n\n(a) when applied to the median amount within each range,\n\nit does not exceed the maximum permitted by subsection\n\n(1); and\n\n(b) when applied to the lowest amount within each range,\n\nit does not produce a rate of loan finance charge\n\nexceeding the rate calculated according to paragraph\n\n(a) by more than eight percent (8%) of the rate\n\ncalculated according to paragraph (a).","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":"b5124351045f6f2a8816778c76fb9c45cf473718bd598caa4515fbe5dee6bbc2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-109","next":"us-ok/okla.-stat.-tit.-14a-14a-3-202"},"notice":"GroundRules: Original legal text. Not legal advice."}