{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-309","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-309","heading":"Revolving loan accounts","body":"(1) Before opening any account under a revolving loan account\n\nplan, the creditor shall give to the consumer the following\n\ninformation:\n\n(a) conditions under which a loan finance charge may be\n\nmade, including the time period, if any, within which\n\nany credit extended may be repaid without incurring a\n\nloan finance charge, except that the creditor may, at\n\nhis election and without disclosure, impose no such\n\nloan finance charge if payment is received after the\n\ntermination of such period. If no time period is\n\nprovided, the creditor shall disclose that fact;\n\n(b) method of determining the balance upon which a loan\n\nfinance charge will be computed;\n\n(c) method of determining the amount of the loan finance\n\ncharge including any minimum or fixed amount imposed\n\nas a finance charge, and where one or more periodic\n\nrates may be used to compute the loan finance charge,\n\neach such rate and the range of balances to which it\n\nis applicable;\n\n(d) corresponding nominal annual percentage rate pursuant\n\nto subsection (3) of Section 3-304 of this title; if\n\nmore than one corresponding nominal annual percentage\n\nrate may be used, each corresponding nominal annual\n\npercentage rate shall be stated;\n\n(e) identification of additional charges which may be made\n\nand the method by which they will be determined;\n\n(f) in cases where the creditor may retain or acquire a\n\nsecurity interest in property to secure the balances\n\nresulting from credit extensions made pursuant to the\n\nrevolving loan account, a statement that a security\n\ninterest has been or will be taken in the property\n\npurchased as part of the credit transaction or\n\nproperty not purchased as part of the credit\n\ntransaction identified by item or type;\n\n(g) a statement in a form prescribed by and describing the\n\nprotection provided by Sections 161 and 170 of the\n\nFederal Consumer Credit Protection Act to an obligor\n\nand the responsibility of a creditor under Sections\n\n162 and 170 of the Federal Consumer Credit Protection\n\nAct; and\n\n(h) in the case of any account under a revolving loan\n\naccount plan which provides for any extension of\n\ncredit which is secured by the consumer's principal\n\ndwelling, any information which:\n\n(i) is required to be disclosed under subsection (1)\n\nof Section 3-309.2 of this title; and\n\n(ii) the Administrator determines is not described in\n\nany other paragraph of this subsection.\n\n(2) If there is an outstanding balance at the end of the\n\nbilling cycle or if a loan finance charge is made with respect to\n\nthe billing cycle, the creditor shall give to the consumer the\n\nfollowing information within a reasonable time after the end of the\n\nbilling cycle:\n\n(a) outstanding balance at the beginning of the billing\n\ncycle;\n\n(b) the amount and date of each extension of credit made\n\nduring the billing cycle and a brief identification of\n\neach extension of credit on or accompanying the\n\nstatement in a form prescribed by regulations of the\n\nAdministrator to enable the consumer to identify the\n\ntransaction, or relate it to copies of sale vouchers\n\nor similar instruments previously furnished, except\n\nthat a creditor's failure to disclose information in\n\naccordance with this paragraph shall not be deemed a\n\nfailure to comply with this part if the creditor\n\nmaintains procedures reasonably adapted to procure and\n\nprovide such information and the creditor responds to\n\nand treats any inquiry for clarification or\n\ndocumentation as a billing error and an erroneously\n\nbilled amount in accordance with Section 161 of the\n\nFederal Consumer Credit Protection Act. In lieu of\n\ncomplying with the requirements of the previous\n\nsentence and to the extent permitted by rule of the\n\nAdministrator, in the case of any transaction in which\n\nthe creditor and a seller are related persons as\n\ndefined by the Administrator and the revolving loan\n\naccount plan has fewer than fifteen thousand (15,000)\ncordance with Section 161 of the\n\nFederal Consumer Credit Protection Act. In lieu of\n\ncomplying with the requirements of the previous\n\nsentence and to the extent permitted by rule of the\n\nAdministrator, in the case of any transaction in which\n\nthe creditor and a seller are related persons as\n\ndefined by the Administrator and the revolving loan\n\naccount plan has fewer than fifteen thousand (15,000)\n\naccounts, the creditor may elect to provide only the\n\namount and date of each extension of credit during the\n\nbilling cycle and the seller's name and location where\n\nthe transaction took place if a brief identification\n\nof the transaction has been previously furnished and\n\nthe creditor responds to and treats any inquiry for\n\nclarification or documentation as a billing error and\n\nan erroneously billed amount in accordance with\n\nSection 161 of the Federal Consumer Credit Protection\n\nAct;\n\n(c) amount credited to the account during the billing\n\ncycle;\n\n(d) amount of loan finance charge debited during the\n\nbilling cycle, with an itemization or explanation to\n\nshow the total amount of loan finance charge, if any,\n\ndue to the application of one or more periodic\n\npercentages and the amount, if any, imposed as a\n\nminimum or fixed charge;\n\n(e) the periodic percentage used to calculate the loan\n\nfinance charge; if more than one periodic percentage\n\nis used, each percentage and the amount of the balance\n\nto which each applies shall be disclosed;\n\n(f) the balance on which the loan finance charge is\n\ncomputed and a statement of how the balance is\n\ndetermined; if the balance is determined without first\n\ndeducting all amounts credited during the period, that\n\nfact and the amounts credited shall also be stated;\n\n(g) if the loan finance charge for the billing cycle\n\nexceeds fifty cents ($0.50) for a monthly or longer\n\nbilling cycle, or the pro rata part of the fifty cents\n\n($0.50) for a billing cycle shorter than monthly, the\n\nloan finance charge expressed as an annual percentage\n\nrate pursuant to paragraph (b) of subsection (2) of\n\nSection 3-304 of this title; if more than one periodic\n\npercentage is used to calculate the loan finance\n\ncharge, the creditor, in lieu of stating a single\n\nannual percentage rate, may state more than one annual\n\npercentage rate and the amount of the balance to which\n\neach annual percentage rate applies;\n\n(h) if the loan finance charge for the billing cycle does\n\nnot exceed fifty cents ($0.50) for a monthly or longer\n\nbilling cycle, or the pro rata part of fifty cents\n\n($0.50) for a billing cycle shorter than monthly, the\n\ncorresponding nominal annual percentage rate pursuant\n\nto subsection (3) of Section 3-304 of this title;\n\n(i) outstanding balance at the end of the billing cycle;\n\n(j) date by which or period, if any, within which payment\n\nmust be made to avoid additional loan finance charges,\n\nexcept that the creditor may, at his election and\n\nwithout disclosure, impose no such additional loan\n\nfinance charge if payment is received after such date\n\nor the termination of such period;\n\n(k) address to be used by the creditor for the purpose of\n\nreceiving billing inquiries;\n\n(l) a written statement in the following form: \"Minimum\n\nPayment Warning: Making only the minimum payment will\n\nincrease the amount of interest you pay and the time\n\nit takes to repay your balance.\"; and\n\n(m) repayment information that would apply to the\n\noutstanding balance of the consumer under the credit\n\nplan, including:\nbe used by the creditor for the purpose of\n\nreceiving billing inquiries;\n\n(l) a written statement in the following form: \"Minimum\n\nPayment Warning: Making only the minimum payment will\n\nincrease the amount of interest you pay and the time\n\nit takes to repay your balance.\"; and\n\n(m) repayment information that would apply to the\n\noutstanding balance of the consumer under the credit\n\nplan, including:\n\n(i) the number of months (rounded to the nearest\n\nmonth) that it would take to pay the entire\n\namount of that balance, if the consumer pays only\n\nthe required minimum monthly payments and if no\n\nfurther advances are made,\n\n(ii) the total cost to the consumer, including\n\ninterest and principal payments, of paying that\n\nbalance in full, if the consumer pays only the\n\nrequired minimum monthly payments and if no\n\nfurther advances are made,\n\n(iii) the monthly payment amount that would be required\n\nfor the consumer to eliminate the outstanding\n\nbalance in thirty-six (36) months, if no further\n\nadvances are made, and the total cost to the\n\nconsumer, including interest and principal\n\npayments, of paying that balance in full if the\n\nconsumer pays the balance over thirty-six (36)\n\nmonths, and\n\n(iv) a toll-free telephone number at which the\n\nconsumer may receive information about accessing\n\ncredit counseling and debt management services;\n\nIn making the disclosures under this paragraph, the\n\ncreditor shall apply the interest rate or rates in\n\neffect on the date on which the disclosure is made\n\nuntil the date on which the balance would be paid in\n\nfull. If the interest rate in effect on the date on\n\nwhich the disclosure is made is a temporary rate that\n\nwill change under a contractual provision applying an\n\nindex or formula for subsequent interest rate\n\nadjustment, the creditor shall apply the interest rate\n\nin effect on the date on which the disclosure is made\n\nfor as long as that interest rate will apply under\n\nthat contractual provision, and then apply an interest\n\nrate based on the index or formula in effect on the\n\napplicable billing date.\n\n(3) (a) All of the information described in paragraph (m) of\n\nsubsection (2) of this section shall:\n\n(i) be disclosed in the form and manner which the\n\nAdministrator shall prescribe, by regulation, and\n\nin a manner that avoids duplication, and\n\n(ii) be placed in a conspicuous and prominent location\n\non the billing statement;\n\n(b) in the regulations prescribed under paragraph (a) of\n\nthis subsection, the Administrator shall require that\n\nthe disclosure of such information shall be in the\n\nform of a table that:\n\n(i) contains clear and concise headings for each item\n\nof such information, and\n\n(ii) provides a clear and concise form stating each\n\nitem of information required to be disclosed\n\nunder each such heading;\n\n(c) in prescribing the form of the table under paragraph\n\n(b) of this subsection, the Administrator shall\n\nrequire that:\n\n(i) all of the information in the table, and not just\n\na reference to the table, be placed on the\n\nbilling statement, as required by this section,\n\nand\n\n(ii) the items required to be included in the table\n\nshall be listed in the order in which such items\n\nare set forth in paragraph (m) of subsection (2)\n\nof this section; and\n\n(d) in prescribing the form of the table under paragraph\nrequire that:\n\n(i) all of the information in the table, and not just\n\na reference to the table, be placed on the\n\nbilling statement, as required by this section,\n\nand\n\n(ii) the items required to be included in the table\n\nshall be listed in the order in which such items\n\nare set forth in paragraph (m) of subsection (2)\n\nof this section; and\n\n(d) in prescribing the form of the table under paragraph\n\n(b) of this subsection, the Administrator shall employ\n\nterminology which is different than the terminology\n\nwhich is employed in paragraph (m) of subsection (2)\n\nof this section, if such terminology is more easily\n\nunderstood and conveys substantially the same meaning.\n\n(4) (a) In the case of a credit card account under an open-end\n\nconsumer credit plan under which a late fee or charge\n\nmay be imposed due to the failure of the obligor to\n\nmake payment on or before the due date for such\n\npayment, the periodic statement required with respect\n\nto the account shall include, in a conspicuous\n\nlocation on the billing statement, the date on which\n\nthe payment is due or, if different, the date on which\n\na late payment fee will be charged, together with the\n\namount of the fee or charge to be imposed if payment\n\nis made after that date.\n\n(b) if one or more late payments under an open-end\n\nconsumer credit plan may result in an increase in the\n\nannual percentage rate applicable to the account, the\n\nstatement required with respect to the account shall\n\ninclude conspicuous notice of such fact, together with\n\nthe applicable penalty annual percentage rate, in\n\nclose proximity to the disclosure required under\n\nparagraph (a) of this subsection of the date on which\n\npayment is due under the terms of the account.\n\n(c) if the creditor, in the case of a credit card account\n\nreferred to in paragraph (a) of this subsection, is a\n\nfinancial institution which maintains branches or\n\noffices at which payments on any such account are\n\naccepted from the obligor in person, the date on which\n\nthe obligor makes a payment on the account at such\n\nbranch or office shall be considered to be the date on\n\nwhich the payment is made for purposes of determining\n\nwhether a late fee or charge may be imposed due to the\n\nfailure of the obligor to make payment on or before\n\nthe due date for such payment.","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":"1e2d218d501bc5ffc5790d7c1faaf7b17b3aae2e4028ef2396780942b0189c22","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-308","next":"us-ok/okla.-stat.-tit.-14a-14a-3-309.1"},"notice":"GroundRules: Original legal text. Not legal advice."}