{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-304","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-304","heading":"Calculation of rate to be disclosed","body":"(1) Except as otherwise specifically provided, if a lender is\n\nrequired to give to a debtor a statement of the rate of the loan\n\nfinance charge, the lender shall state the rate in terms of an\n\nannual percentage rate as defined in subsection (2) or in terms of a\n\ncorresponding nominal annual percentage rate as defined in\n\nsubsection (3), whichever is appropriate.\n\n(2) \"Annual percentage rate\"\n\n(a) with respect to a consumer loan other than one made\n\npursuant to a revolving loan account, is either:\n\n(i) that nominal annual percentage rate which, when\n\napplied to the unpaid balances of the principal\n\ncalculated according to the actuarial method,\n\nwill yield a sum equal to the amount of the loan\n\nfinance charge; or\n\n(ii) that rate determined by any method prescribed by\n\nrule by the Administrator as a method which\n\nmaterially simplifies computation while retaining\n\nreasonable accuracy as compared with the rate\n\ndetermined pursuant to subparagraph (i);\n\n(b) with respect to a consumer loan made pursuant to a\n\nrevolving loan account, is the quotient expressed as a\n\npercentage of the total loan finance charge for the\n\nperiod to which it relates divided by the amount upon\n\nwhich the loan finance charge for that period is\n\nbased, multiplied by the number of these periods in a\n\nyear.\n\n(3) \"Corresponding nominal annual percentage rate\" is the\n\npercentage or percentages used to calculate the loan finance charge\n\nfor one billing cycle or other period pursuant to a revolving loan\n\naccount multiplied by the number of billing cycles or periods in a\n\nyear.\n\n(4) If a lender is permitted to make the same loan finance\n\ncharge for all principal amounts within a specified range under\n\nsubsection (5) of Section 3-201 of this title or for all balances\n\nwithin a specified range, under subsection (4) of Section 3-201 and\n\nsubsection (5) of Section 3-508A of this title, the lender shall\n\nstate the annual percentage rate or corresponding nominal annual\n\npercentage rate, whichever is appropriate, as applied to the median\n\namount of the range within which the actual principal amount or\n\nbalance is included.\n\n(5) A statement of rate complies with this part if it does not\n\nvary from the accurately computed rate by more than the following\n\ntolerances:\n\n(a) the annual percentage rate may be rounded to the\n\nnearest quarter of one percent (1/4 of 1%) or may fall\n\nwithin a tolerance not greater than one-eighth of one\n\npercent (1/8 of 1%) more or less than the actual rate\n\nfor consumer loans payable in substantially equal\n\ninstallments when a lender determines the total loan\n\nfinance charge on the basis of a single add-on,\n\ndiscount, periodic, or other rate, and the rate is\n\nconverted into an annual percentage rate under\n\nprocedures prescribed by rule by the Administrator;\n\n(b) the Administrator may authorize by rule the use of\n\nrate tables or charts which may provide for the\n\ndisclosure of annual percentage rates which vary from\n\nthe rate determined in accordance with paragraph (a)\n\nby not more than the tolerances the Administrator may\n\nallow; the Administrator may not allow a tolerance\n\ngreater than eight percent (8%) of that rate except to\n\nsimplify compliance where irregular payments are\n\ninvolved; and\n\n(c) in case a lender determines the annual percentage rate\n\nin a manner other than as described in paragraph (a)\n\nor (b), the Administrator may authorize by rule other\n\nreasonable tolerances.\n\n(6) In connection with credit transactions not under an open-end\n\ncredit plan that are secured by real property or a dwelling, the\n\ndisclosure of the finance charge and other disclosures affected by\n\nany finance charge:\n\n(a) shall be treated as being accurate for purposes of this\n\ntitle if the amount disclosed as the finance charge:\ndministrator may authorize by rule other\n\nreasonable tolerances.\n\n(6) In connection with credit transactions not under an open-end\n\ncredit plan that are secured by real property or a dwelling, the\n\ndisclosure of the finance charge and other disclosures affected by\n\nany finance charge:\n\n(a) shall be treated as being accurate for purposes of this\n\ntitle if the amount disclosed as the finance charge:\n\n(i) does not vary from the actual finance charge by\n\nmore than One Hundred Dollars ($100.00); or\n\n(ii) is greater than the amount required to be\n\ndisclosed under this title; and\n\n(b) shall be treated as being accurate for purposes of\n\nSection 5-204 of this title if:\n\n(i) except as provided in subparagraph (ii) of this\n\nparagraph, the amount disclosed as the finance\n\ncharge does not vary from the actual finance\n\ncharge by more than an amount equal to one-half\n\nof one percent (1/2 of 1%) of the total amount of\n\ncredit extended; or\n\n(ii) in the case of a transaction, other than a\n\nsubsection 10 mortgage referred to in subsection\n\n(10) of Section 1-301 of this title, which:\n\n(aa) is a refinancing of the principal balance\n\nthen due and any accrued and unpaid finance\n\ncharges of a residential mortgage\n\ntransaction as defined in subsection (17) of\n\nSection 1-301 of this title, or is any\n\nsubsequent refinancing of such a\n\ntransaction; and\n\n(bb) does not provide any new consolidation or\n\nnew advance;\n\nif the amount disclosed as the finance charge does not vary from the\n\nactual finance charge by more than an amount equal to one percent\n\n(1%) of the total amount of credit extended.","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":"994d066b8d1b067c1a0325580eccc34934c6b8d989cf4698d57dc34d94d37e9e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-303","next":"us-ok/okla.-stat.-tit.-14a-14a-3-305"},"notice":"GroundRules: Original legal text. Not legal advice."}