{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-306","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-306","heading":"Consumer loans not pursuant to revolving loan account","body":"(1) This section applies to a consumer loan not made pursuant\n\nto a revolving loan account under Section 3-309 of this title.\n\n(2) The lender shall give to the debtor the following\n\ninformation:\n\n(a) The identity of the lender required to make\n\ndisclosure.\n\n(b) (i) The amount financed, using that term, which shall\n\nbe the amount of credit of which the debtor has\n\nactual use. This amount shall be computed as\n\nfollows, but the computations need not be\n\ndisclosed and shall not be disclosed with the\n\ndisclosures conspicuously segregated in\n\naccordance with the rule of the Administrator:\n\n(aa) take the principal amount of the loan;\n\n(bb) add any charges which are not part of the\n\nfinance charge or of the principal amount of\n\nthe loan and which are financed by the\n\ndebtor, including the cost of any items\n\nexcluded from the finance charge pursuant to\n\nSection 3-202 of this title; and\n\n(cc) subtract any charges which are part of the\n\nfinance charge but which will be paid by the\n\ndebtor before or at the time of the\n\nconsummation of the transaction, or have\n\nbeen withheld from the proceeds of the\n\ncredit.\n\n(ii) In conjunction with the disclosure of the amount\n\nfinanced, a lender shall provide a statement of\n\nthe debtor's right to obtain, upon a written\n\nrequest, a written itemization of the amount\n\nfinanced. The statement shall include spaces for\n\na \"yes\" and \"no\" indication to be initialed by\n\nthe debtor to indicate whether the debtor wants a\n\nwritten itemization of the amount financed. Upon\n\nreceiving an affirmative indication, the lender\n\nshall provide, at the time other disclosures are\n\nrequired to be furnished, a written itemization\n\nof the amount financed. For the purposes of this\n\nsubparagraph, \"itemization of the amount\n\nfinanced\" means a disclosure of the following\n\nitems, to the extent applicable:\n\n(aa) the amount that is or will be paid directly\n\nto the debtor;\n\n(bb) the amount that is or will be credited to\n\nthe debtor's account to discharge\n\nobligations owed to the lender;\n\n(cc) each amount that is or will be paid to third\n\npersons by the lender on the debtor's\n\nbehalf, together with an identification of\n\nor reference to the third person; and\n\n(dd) the total amount of any charges described in\n\nthe division (cc) of subparagraph (i) of\n\nthis paragraph.\n\n(c) The \"finance charge\", not itemized, using that term.\n\n(d) The finance charge expressed as an \"annual percentage\n\nrate\", using that term. This shall not be required if\n\nthe amount financed does not exceed Seventy-five\n\nDollars ($75.00) and the finance charge does not\n\nexceed Five Dollars ($5.00), or if the amount financed\n\nexceeds Seventy-five Dollars ($75.00) and the finance\n\ncharge does not exceed Seven Dollars and fifty cents\n\n($7.50).\n\n(e) The sum of the amount financed and the finance charge,\n\nwhich shall be termed the \"total of payments\".\n\n(f) The number, amount, and due dates or period of\n\npayments scheduled to repay the total of payments.\n\n(g) Descriptive explanations of the terms \"amount\n\nfinanced\", \"finance charge\", \"annual percentage rate\"\n\nand \"total of payments\", as specified by the\n\nAdministrator.\n\n(h) Where the credit is secured, a statement that a\n\nsecurity interest has been taken in (i) the property\n\nwhich is purchased as part of the credit transaction,\n\nor (ii) property not purchased as part of the credit\n\ntransaction identified by item or type.\n\n(i) Any dollar charge or percentage amount which may be\n\nimposed by a lender solely on account of a late\n\npayment, other than a deferral or extension charge.\ncredit is secured, a statement that a\n\nsecurity interest has been taken in (i) the property\n\nwhich is purchased as part of the credit transaction,\n\nor (ii) property not purchased as part of the credit\n\ntransaction identified by item or type.\n\n(i) Any dollar charge or percentage amount which may be\n\nimposed by a lender solely on account of a late\n\npayment, other than a deferral or extension charge.\n\n(j) A statement indicating whether or not the debtor is\n\nentitled to a rebate of any finance charge upon\n\nrefinancing or prepayment in full pursuant to\n\nacceleration or otherwise, if the obligation involves\n\na precomputed finance charge. A statement indicating\n\nwhether or not a penalty will be imposed in those same\n\ncircumstances if the obligation involves a finance\n\ncharge computed from time to time by application of a\n\nrate to the unpaid principal balance.\n\n(k) A statement that the debtor should refer to the\n\nappropriate contract document for any information such\n\ndocument provides about nonpayment, default, the right\n\nto accelerate the maturity of the debt, and prepayment\n\nrebates and penalties.\n\n(l) In any transaction in which a mortgage, deed of trust,\n\nor equivalent consensual security interest is created\n\nor retained against the debtor's dwelling to finance\n\nthe acquisition or initial construction of the\n\ndwelling, a statement indicating whether a subsequent\n\npurchaser or assignee of the debtor may assume the\n\ndebt obligation on its original terms and conditions.\n\n(m) In the case of any variable interest rate residential\n\nmortgage transaction, in disclosures provided at\n\napplication as prescribed by the Administrator for a\n\nvariable rate transaction secured by the consumer's\n\nprincipal dwelling, at the option of the creditor, a\n\nstatement that the periodic payments may increase or\n\ndecrease substantially, and the maximum interest rate\n\nand payment for a ten-thousand-dollar loan originated\n\nat a recent interest rate, as determined by the\n\nAdministrator, assuming the maximum periodic increases\n\nin rates and payments under the program, or a\n\nhistorical example illustrating the effects of\n\ninterest rate changes implemented according to the\n\nloan program.\n\n(3) Except as rules of the Administrator may provide, if a\n\nlender makes a binding commitment to make a consumer loan by\n\nallowing the debtor to draw on the lender and at the time the\n\ncommitment is made the amount of the loan has not been determined,\n\nthe lender shall then give to the debtor a statement of the terms\n\nunder which the loan will be made, including the rate of the loan\n\nfinance charge calculated in accordance with the provisions on\n\ncalculation of rate under Section 3-304 of this title. If the rate\n\nof the loan finance charge varies according to the amount of the\n\nloan, the lender shall state the minimum and maximum annual\n\npercentage rates which would be applicable to the amounts which\n\ncould be drawn pursuant to the commitment. If additional charges\n\nunder Section 3-202 of this title may be made, the lender shall also\n\nstate the conditions under which the charges may be made, the amount\n\nor method of computing the charges, and a brief description or\n\nidentification of the charges. Within a reasonable time after the\n\nloan is made, and in any event on or before the due date of the\n\nfirst installment, the lender shall give the information required by\n\nthis section.","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":"550253082ba52d35c57b895bf8998fe3898ecacf6dd8287adf323719081ce534","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-305","next":"us-ok/okla.-stat.-tit.-14a-14a-3-307"},"notice":"GroundRules: Original legal text. Not legal advice."}