{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-208","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-208","heading":"Advances to perform covenants of debtor","body":"(1) If the agreement with respect to a consumer loan,\n\nrefinancing, or consolidation contains covenants by the debtor to\n\nperform certain duties pertaining to insuring or preserving\n\ncollateral and if the lender pursuant to the agreement pays for\n\nperformance of the duties on behalf of the debtor the lender may add\n\nthe amounts paid to the debt. In the case of covenants as to duties\n\nother than the payment of taxes and insuring the collateral, the\n\nlender shall give written notice to the debtor setting forth the\n\nduties to be performed and a statement of the amount to be charged\n\nfor the performance of said duties. Said written notice shall be by\n\ncertified mail to the last-known address of the debtor, at least\n\nthirty (30) days prior to the commencement of the performance of the\n\nspecified duties, unless otherwise agreed in writing by the lender\n\nand debtor. The debtor, prior to commencement of performance, shall\n\nhave the option to make alternative arrangements for compliance with\n\nthe covenants. Within a reasonable time after advancing any sums,\n\nhe shall state to the debtor in writing the amount of the sums\n\nadvanced, any charges with respect to this amount, and any revised\n\npayment schedule, and, if the duties of the debtor performed by the\n\nlender pertain to insurance, a brief description of the insurance\n\npaid for by the lender including the type and amount of coverages.\n\nNo further information need be given.\n\n(2) A loan finance charge may be made for sums advanced\n\npursuant to subsection (1) at a rate not exceeding the rate stated\n\nto the debtor pursuant to the provisions on disclosure (Part 3) with\n\nrespect to the loan, refinancing, or consolidation, except that with\n\nrespect to a revolving loan account the amount of the advance may be\n\nadded to the unpaid balance of the debt and the lender may make a\n\nloan finance charge not exceeding that permitted by the provisions\n\non loan finance charge for consumer loans (Section 3-201) or for\n\nsupervised loans (Section 3-508A), whichever is appropriate.","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":"39deb53d24b7f28e8048f3426c3663489c55e0ba1a033bb50a74316879ab1967","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-207","next":"us-ok/okla.-stat.-tit.-14a-14a-3-209"},"notice":"GroundRules: Original legal text. Not legal advice."}