{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-210","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-210","heading":"Revolving charge accounts","body":"(1) Except as provided in subsection (2), upon prepayment in\n\nfull of the unpaid balance of a precomputed consumer loan,\n\nrefinancing, or consolidation, an amount not less than the unearned\n\nportion of the loan finance charge calculated according to this\n\nsection shall be rebated to the debtor. If the rebate otherwise\n\nrequired is less than One Dollar ($1.00), no rebate need be made.\n\n(2) Upon prepayment in full of a consumer loan other than one\n\npursuant to a revolving loan account, a refinancing, or\n\nconsolidation, whether or not precomputed, the lender may collect or\n\nretain a minimum charge within the limits stated in this subsection\n\nif the loan finance charge earned at the time of prepayment is less\n\nthan any minimum charge contracted for. The minimum charge may not\n\nexceed the amount of loan finance charge contracted for, or Five\n\nDollars ($5.00) in a transaction which had a principal of Seventy-\n\nfive Dollars ($75.00) or less, or Seven Dollars and fifty cents\n\n($7.50) in a transaction which had a principal of more than Seventy-\n\nfive Dollars ($75.00).\n\n(3) Except as otherwise provided in this subsection with\n\nrespect to a loan primarily secured by an interest in land, the\n\nunearned portion of the loan finance charge\n\n(a) in a consumer loan payable according to its original\n\nterms in more than sixty-one (61) months shall be\n\ndetermined (i) by applying, according to the actuarial\n\nmethod, the disclosed annual percentage rate to the\n\nactual unpaid balances of the amount financed for the\n\nactual time that the unpaid balances were outstanding\n\nas of the date of prepayment, giving effect to each\n\npayment, to determine the unearned portion of the loan\n\nfinance charge, and (ii) subtracting that earned\n\nportion from the loan finance charge to determine the\n\nunearned portion of the loan finance charge, or\n\n(b) in a consumer loan payable according to its original\n\nterms in sixty-one (61) months or less, is a fraction\n\nof the loan finance charge of which the numerator is\n\nthe sum of the periodic balances scheduled to follow\n\nthe computational period in which prepayment occurs,\n\nand the denominator is the sum of all periodic\n\nbalances under either the loan agreement or, if the\n\nbalance owing resulted from a refinancing (Section 3-\n\n205) or a consolidation (Section 3-206), under the\n\nrefinancing agreement or consolidation agreement. In\n\nthe case of a loan primarily secured by an interest in\n\nland, reasonable sums actually paid or payable to\n\npersons not related to the lender for customary\n\nclosing costs included in the loan finance charge are\n\ndeducted from the loan finance charge before the\n\ncalculation prescribed by this subsection is made.\n\n(4) In this section:\n\n(a) \"periodic balance\" means the amount scheduled to be\n\noutstanding on the last day of a computational period\n\nbefore deducting the payment, if any, scheduled to be\n\nmade on that day;\n\n(b) \"computational period\" means one (1) month if one-half\n\n(1/2) or more of the intervals between scheduled\n\npayments under the agreement is one (1) month or more,\n\nand otherwise means one (1) week;\n\n(c) the \"interval\" to the due date of the first scheduled\n\ninstallment or the final scheduled payment date is\n\nmeasured from the date of a loan, refinancing, or\n\nconsolidation, and includes either the first or last\n\nday of the interval; and\n\n(d) if the interval to the due date of the first scheduled\n\ninstallment does not exceed one (1) month by more than\n\nfifteen (15) days when the computational period is one\n\n(1) month, or eleven (11) days when the computational\n\nperiod is one (1) week, the interval shall be\n\nconsidered as one computational period.\n\n(5) This subsection applies only if the schedule of payments is\n\nnot regular.\n\n(a) If the computational period is one (1) month and\nst scheduled\n\ninstallment does not exceed one (1) month by more than\n\nfifteen (15) days when the computational period is one\n\n(1) month, or eleven (11) days when the computational\n\nperiod is one (1) week, the interval shall be\n\nconsidered as one computational period.\n\n(5) This subsection applies only if the schedule of payments is\n\nnot regular.\n\n(a) If the computational period is one (1) month and\n\n(i) if the number of days in the interval to the due\n\ndate of the first scheduled installment is less\n\nthan one (1) month by more than five (5) days, or\n\nmore than one (1) month by more than five (5) but\n\nnot more than fifteen (15) days, the unearned\n\nloan finance charge shall be increased by an\n\nadjustment for each day by which the interval is\n\nless than one (1) month and, at the option of the\n\nlender, may be reduced by an adjustment for each\n\nday by which the interval is more than one (1)\n\nmonth; the adjustment for each day shall be one-\n\nthirtieth (1/30) of that part of the loan finance\n\ncharge earned in the computational period prior\n\nto the due date of the first scheduled\n\ninstallment assuming that period to be one (1)\n\nmonth; and\n\n(ii) if the interval to the final scheduled payment date is\n\na number of computational periods plus an\n\nadditional number of days less than a full month,\n\nthe additional number of days shall be considered\n\na computational period only if sixteen (16) days\n\nor more. This subparagraph applies whether or\n\nnot subparagraph (i) applies. (b)Notwithstanding\n\nparagraph (a), if the computational period is one\n\n(1) month, the number of days in the interval to\n\nthe due date of the first installment exceeds one\n\n(1) month by not more than fifteen (15) days, and\n\nthe schedule of payments is otherwise regular,\n\nthe lender may, at his option, exclude the extra\n\ndays and the charge for the extra days in\n\ncomputing the unearned loan finance charge; but\n\nif he does so and a rebate is required before the\n\ndue date of the first scheduled installment, he\n\nshall compute the earned charge for each elapsed\n\nday as one-thirtieth (1/30) of the amount the\n\nearned charge would have been if the first\n\ninterval had been one (1) month.\n\n(c) If the computational period is one (1) week and\n\n(i) if the number of days in the interval to the due\n\ndate of the first scheduled installment is less\n\nthan five (5) days, or more than nine (9) days\n\nbut not more than eleven (11) days, the unearned\n\nloan finance charge shall be increased by an\n\nadjustment for each day by which the interval is\n\nless than seven (7) days and, at the option of\n\nthe lender, may be reduced by an adjustment for\n\neach day by which the interval is more than seven\n\n(7) days; the adjustment for each day shall be\n\none-seventh (1/7) of that part of the loan\n\nfinance charge earned in the computational period\n\nprior to the due date of the first scheduled\n\ninstallment assuming that period to be one (1)\n\nweek; and\n\n(ii) if the interval to the final scheduled payment\n\ndate is a number of computational periods plus an\n\nadditional number of days less than a full week,\n\nthe additional number of days shall be considered\n\na computational period only if four (4) days or\n\nmore. This subparagraph applies whether or not\n\nsubparagraph (i) applies.\n\n(6) If a deferral (Section 3-204) has been agreed to, the\n\nunearned portion of the loan finance charge shall be computed\n\nwithout regard to the deferral. The amount of deferral charge\n\nearned at the date of prepayment shall also be calculated. If the\n\ndeferral charge earned is less than the deferral charge paid, the\n\ndifference shall be added to the unearned portion of the loan\n\nfinance charge. If any part of a deferral charge has been earned\n\nbut has not been paid, that part shall be subtracted from the\n\nunearned portion of the loan finance charge, or shall be added to\n\nthe unpaid balance.\ne date of prepayment shall also be calculated. If the\n\ndeferral charge earned is less than the deferral charge paid, the\n\ndifference shall be added to the unearned portion of the loan\n\nfinance charge. If any part of a deferral charge has been earned\n\nbut has not been paid, that part shall be subtracted from the\n\nunearned portion of the loan finance charge, or shall be added to\n\nthe unpaid balance.\n\n(7) This section does not preclude the collection or retention\n\nby the lender of delinquency charges (Section 3-203).\n\n(8) If the maturity is accelerated for any reason and judgment\n\nis obtained, the debtor is entitled to the same rebate as if the\n\npayment had been made on the date judgment is entered.\n\n(9) Upon prepayment in full of a consumer loan by the proceeds\n\nof consumer credit insurance (Section 4-103), the debtor or his\n\nestate is entitled to the same rebate as though the debtor had\n\nprepaid the agreement on the date the proceeds of the insurance are\n\npaid to the lender.","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":"07fa11f0d49143b1114066ff64c6935c654b519f86875785471f6c2053beee6d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-209","next":"us-ok/okla.-stat.-tit.-14a-14a-3-211"},"notice":"GroundRules: Original legal text. Not legal advice."}