{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-203","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-203","heading":"Delinquency charges","body":"(1) With respect to a precomputed consumer loan, refinancing,\n\nor consolidation, the parties may contract for a delinquency charge\n\non any installment not paid in full within ten (10) days after its\n\nscheduled due date in an amount not less than Five Dollars ($5.00)\n\nnor more than any of the following, whichever is greater:\n\n(a) five percent (5%) of the unpaid amount of the\n\ninstallment,\n\n(b) the dollar amount provided by rule of the\n\nAdministrator for this section pursuant to Section 1-\n\n106 of this title, or\n\n(c) the deferral charge (subsection (1) of Section 3-204)\n\nthat would be permitted to defer the unpaid amount of\n\nthe installment for the period that it is delinquent.\n\n(2) A delinquency charge under paragraph (a) of subsection (1)\n\nmay be collected only once on an installment however long it remains\n\nin default. No delinquency charge may be collected if the\n\ninstallment has been deferred and a deferral charge (Section 3-204)\n\nhas been paid or incurred. A delinquency charge may be collected at\n\nthe time it accrues or at any time thereafter.\n\n(3) No delinquency charge may be collected on an installment\n\nwhich is paid in full within ten (10) days after its scheduled\n\ninstallment due date even though an earlier maturing installment or\n\na delinquency charge on an earlier installment may not have been\n\npaid in full. For purposes of this subsection payments are applied\n\nfirst to current installments and then to delinquent installments.\n\n(4) If two installments or parts thereof of a precomputed loan\n\nare in default for ten (10) days or more, the lender may elect to\n\nconvert the loan from a precomputed loan to one in which the loan\n\nfinance charge is based on unpaid balances. In this event he shall\n\nmake a rebate pursuant to the provisions on rebate upon prepayment\n\n(Section 3-210) as of the maturity date of the first delinquent\n\ninstallment, and thereafter may make a loan finance charge as\n\nauthorized by the provisions on loan finance charge for consumer\n\nloans (Section 3-201) or the provisions on loan finance charge for\n\nsupervised loans (Section 3-508A), whichever is appropriate. The\n\namount of the rebate shall not be reduced by the amount of any\n\npermitted minimum charge (Section 3-210). If the lender proceeds\n\nunder this subsection, any delinquency or deferral charges made with\n\nrespect to installments due at or after the maturity date of the\n\nfirst delinquent installment shall be rebated, and no further\n\ndelinquency or deferral charges shall be made.\n\n(5) With respect to a consumer loan, refinancing or\n\nconsolidation, which is not precomputed, including a revolving loan\n\naccount accessed by lender credit card or similar arrangement, the\n\nparties may contract for a delinquency charge on any installment not\n\npaid in full within ten (10) days after its scheduled due date in an\n\namount not less than Five Dollars ($5.00) nor more than the greater\n\nof five percent (5%) of the unpaid amount of the payment or the\n\ndollar amount provided by the rule of the Administrator in effect\n\nfor this section pursuant to Section 1-106 of this title. No more\n\nthan one delinquency charge may be imposed in each billing cycle and\n\nit may be collected at any time after it accrues either\n\nindependently of any payment made on the account or from a payment\n\nmade if the lender discloses delinquency charges to the debtor as\n\nthey are imposed and informs the debtor of the full amount that the\n\ndebtor must pay for the applicable period in order to remain current\n\non the account.","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":"41d045763d0cfe2e2ea262da2fcf6b054650c9e8a644f7c47a117c898a3d66a3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-202.1","next":"us-ok/okla.-stat.-tit.-14a-14a-3-203.1"},"notice":"GroundRules: Original legal text. Not legal advice."}