{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-309.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-309.1","heading":"Disclosure in credit and charge card applications and","body":"solicitation.\n\nDisclosure in credit and charge card applications and\n\nsolicitation:\n\n(1) Any application to open a credit card account for any\n\nperson under a revolving loan account plan, or a solicitation to\n\nopen such an account without requiring an application that is mailed\n\nto consumers shall disclose the following information, subject to\n\nsubsection (8) of this section and subsections (5) through (8) of\n\nSection 3-302 of this title.\n\n(a) Each annual percentage rate applicable to extensions\n\nof credit under such credit plan.\n\n(b) Where an extension of credit is subject to a variable\n\nrate, the fact that the rate is variable, the annual\n\npercentage rate in effect at the time of the mailing,\n\nand how the rate is determined.\n\n(c) Where more than one rate applies, the range of\n\nbalances to which each rate applies.\n\n(d) Any annual fee, other periodic fee, or membership fee\n\nimposed for the issuance or availability of a credit\n\ncard, including any account maintenance fee or other\n\ncharge imposed based on activity or inactivity for the\n\naccount during the billing cycle.\n\n(e) Any minimum finance charge imposed for each period\n\nduring which any extension of credit which is subject\n\nto a finance charge is outstanding.\n\n(f) Any transaction charge imposed in connection with use\n\nof the card to purchase goods or services.\n\n(g) The date by which or the period within which any\n\ncredit extended under such credit plan for purchases\n\nof goods or services must be repaid to avoid incurring\n\na loan finance charge, and, if no such period is\n\noffered, such fact shall be clearly stated.\n\n(h) If the length of such \"grace period\" varies, the card\n\nissuer may disclose the range of days in the grace\n\nperiod, the minimum number of days in the grace\n\nperiod, or the average number of days in the grace\n\nperiod, if the disclosure is identified as such.\n\n(i) The name of the balance calculation method used in\n\ndetermining the balance on which the loan finance\n\ncharge is computed if the method used has been defined\n\nby the Administrator, or a detailed explanation of the\n\nbalance calculation method used if the method has not\n\nbeen so defined.\n\n(j) In prescribing rules to carry out the requirements of\n\nparagraph (i) of this subsection, the Administrator\n\nshall define and name not more than the five balance\n\ncalculation methods determined by the Administrator to\n\nbe the most commonly used methods.\n\n(2) In addition to the information required to be disclosed\n\nunder subsection (1) of this section each application or\n\nsolicitation to which such subsection applies shall disclose clearly\n\nand conspicuously the following information, subject to subsections\n\n(8) and (9) of this section:\n\n(a) Any fee imposed for an extension of credit in the form\n\nof cash.\n\n(b) Any fee imposed for a late payment.\n\n(c) Any fee imposed in connection with an extension of\n\ncredit in excess of the amount of credit authorized to\n\nbe extended with respect to such account.\n\n(3) (a) In any telephone solicitation to open a credit card\n\naccount for any person under a revolving loan account\n\nplan, the person making the solicitation shall orally\n\ndisclose the information described in subsection (1)\n\nof this section.\n\n(b) Paragraph (a) of this subsection shall not apply to\n\nany telephone solicitation if:\nt of credit authorized to\n\nbe extended with respect to such account.\n\n(3) (a) In any telephone solicitation to open a credit card\n\naccount for any person under a revolving loan account\n\nplan, the person making the solicitation shall orally\n\ndisclose the information described in subsection (1)\n\nof this section.\n\n(b) Paragraph (a) of this subsection shall not apply to\n\nany telephone solicitation if:\n\n(i) the credit card issuer:\n\n(aa) does not impose any fee described in\n\nparagraph (d) of subsection (1) of this\n\nsection, or\n\n(bb) does not impose any fee in connection with\n\ntelephone solicitations unless the consumer\n\nsignifies acceptance by using the card;\n\n(ii) the card issuer discloses clearly and\n\nconspicuously in writing the information\n\ndescribed in subsections (1) and (2) of this\n\nsection within thirty (30) days after the\n\nconsumer requests the card, but in no event later\n\nthan the date of delivery of the card; and\n\n(iii) the card issuer discloses clearly and\n\nconspicuously that the consumer is not obligated\n\nto accept the card or account and the consumer\n\nwill not be obligated to pay any of the fees or\n\ncharges disclosed unless the consumer elects to\n\naccept the card or account by using the card.\n\n(4) (a) Any application to open a credit card account for any\n\nperson under a revolving loan account plan, and any\n\nsolicitation to open an account without requiring an\n\napplication, that is made available to the public or\n\ncontained in catalogs, magazines or other publications\n\nshall meet the disclosure requirements of paragraph\n\n(b), (c), or (d) of this subsection.\n\n(b) An application or solicitation described in paragraph\n\n(a) of this subsection meets the requirement of this\n\nparagraph if such application or solicitation\n\ncontains:\n\n(i) the information:\n\n(aa) described in subsection (1) of this section\n\nin the form required under subsections (5)\n\nthrough (8) of Section 3-302 of this title\n\nsubject to subsection (8) of this section;\n\nand\n\n(bb) described in subsection (2) of this section\n\nin a clear and conspicuous form, subject to\n\nsubsections (8) and (9) of this section;\n\n(ii) a statement, in a conspicuous and prominent\n\nlocation on the application or solicitation,\n\nthat:\n\n(aa) the information is accurate as of the date\n\nthe application or solicitation was printed;\n\n(bb) the information contained in the application\n\nor solicitation is subject to change after\n\nsuch date; and\n\n(cc) the applicant should contact the creditor\n\nfor information on any change in the\n\ninformation contained in the application or\n\nsolicitation since it was printed;\n\n(iii) a clear and conspicuous disclosure of the date\n\nthe application or solicitation was printed; and\n\n(iv) a disclosure, in a conspicuous and prominent\n\nlocation on the application or solicitation, of a\n\ntoll free telephone number or a mailing address\n\nat which the applicant may contact the creditor\n\nto obtain any change in the information provided\n\nin the application or solicitation since it was\n\nprinted.\n\n(c) An application or solicitation described in paragraph\n\n(a) of this subsection meets the requirement of this\n\nparagraph if such application or solicitation:\npplication or solicitation, of a\n\ntoll free telephone number or a mailing address\n\nat which the applicant may contact the creditor\n\nto obtain any change in the information provided\n\nin the application or solicitation since it was\n\nprinted.\n\n(c) An application or solicitation described in paragraph\n\n(a) of this subsection meets the requirement of this\n\nparagraph if such application or solicitation:\n\n(i) contains a statement, in a conspicuous and\n\nprominent location on the application or\n\nsolicitation, that:\n\n(aa) there are costs associated with the use of\n\ncredit cards; and\n\n(bb) the applicant may contact the creditor to\n\nrequest disclosure of specific information\n\nof such costs by calling a toll free\n\ntelephone number or by writing to an address\n\nspecified in the application;\n\n(ii) contains a disclosure, in a conspicuous and\n\nprominent location on the application or\n\nsolicitation, of a toll free telephone number and\n\na mailing address at which the applicant may\n\ncontact the creditor to obtain such information;\n\nand\n\n(iii) does not contain any of the items described in\n\nsubsections (1) and (2) of this section.\n\n(d) An application or solicitation meets the requirements\n\nof this subsection if it contains, or is accompanied\n\nby:\n\n(i) the disclosures required by paragraphs (a)\n\nthrough (f) of subsection (l) of Section 3-309 of\n\nthis title;\n\n(ii) the disclosures required by subsections (1) and\n\n(2) of this section included clearly and\n\nconspicuously, except that the provisions of\n\nsubsections (5) through (8) of Section 3-302 of\n\nthis title shall not apply; and\n\n(iii) a toll free telephone number or a mailing address\n\nat which the applicant may contact the creditor\n\nto obtain any change in the information provided.\n\n(e) Upon receipt of a request for any of the information\n\nreferred to in paragraph (b), (c) or (d) of this\n\nsubsection, the card issuer or the agent of such\n\nissuer shall promptly disclose all of the information\n\ndescribed in subsections (1) and (2) of this section.\n\n(5) (a) Any application or solicitation to open a charge card\n\naccount shall disclose clearly and conspicuously the\n\nfollowing information in the form required by\n\nsubsections (5) through (8) of Section 3-302 of this\n\ntitle subject to subsection (8) of this section:\n\n(i) Any annual fee, other periodic fee, or membership\n\nfee imposed for the issuance or availability of\n\nthe charge card, including any account\n\nmaintenance fee or other charge imposed based on\n\nactivity or inactivity for the account during the\n\nbilling cycle.\n\n(ii) Any transaction charge imposed in connection with\n\nuse of the card to purchase goods or services.\n\n(iii) A statement that charges incurred by use of the\n\ncharge card are due and payable upon receipt of a\n\nperiodic statement rendered for such charge card\n\naccount.\n\n(b) In addition to the information required to be\n\ndisclosed under paragraph (a) of this subsection each\n\nwritten application or solicitation to which such\n\nparagraph applies shall disclose clearly and\n\nconspicuously the following information, subject to\n\nsubsections (8) and (9) of this section:\n\n(i) Any fee imposed for an extension of credit in the\n\nform of cash.\n\n(ii) Any fee imposed for a late payment.\n\n(iii) Any fee imposed in connection with an extension\n\nof credit in excess of the amount of credit\n\nauthorized to be extended with respect to such\n\naccount.\n\n(c) Any application to open a charge card account, and any\n\nsolicitation to open such an account without requiring\n\nan application, that is made available to the public\n\nor contained in catalogs, magazines, or other\n\npublications shall contain:\nii) Any fee imposed in connection with an extension\n\nof credit in excess of the amount of credit\n\nauthorized to be extended with respect to such\n\naccount.\n\n(c) Any application to open a charge card account, and any\n\nsolicitation to open such an account without requiring\n\nan application, that is made available to the public\n\nor contained in catalogs, magazines, or other\n\npublications shall contain:\n\n(i) the information:\n\n(aa) described in paragraph (a) of this\n\nsubsection in the form required under\n\nsubsections (5) through (8) of Section 3-302\n\nof this title subject to subsection (8) of\n\nthis section; and\n\n(bb) described in paragraph (b) of this\n\nsubsection in a clear and conspicuous form,\n\nsubject to subsections (8) and (9) of this\n\nsection;\n\n(ii) a statement, in a conspicuous and prominent\n\nlocation on the application or solicitation,\n\nthat:\n\n(aa) the information is accurate as of the date\n\nthe application or solicitation was printed;\n\n(bb) the information contained in the application\n\nor solicitation is subject to change after\n\nsuch date; and\n\n(cc) the applicant should contact the creditor\n\nfor information on any change in the\n\ninformation contained in the application or\n\nsolicitation since it was printed;\n\n(iii) a clear and conspicuous disclosure of the date\n\nthe application or solicitation was printed; and\n\n(iv) a disclosure, in a conspicuous and prominent\n\nlocation on the application or solicitation, of a\n\ntoll free telephone number or a mailing address\n\nat which the applicant may contact the creditor\n\nto obtain any change in the information provided\n\nin the application or solicitation since it was\n\nprinted.\n\n(d) If a charge card permits the card holder to receive an\n\nextension of credit under a revolving loan account\n\nplan which is not maintained by the charge card issuer\n\nthe charge card issuer may provide the information\n\ndescribed in paragraphs (a) and (b) of this subsection\n\nin the form required by such paragraphs in lieu of the\n\ninformation required to be provided under subsection\n\n(1), (2), (3) or (4) of this section with respect to\n\nany credit extended under such plan, if the charge\n\ncard issuer discloses clearly and conspicuously to the\n\nconsumer in the application or solicitation that:\n\n(i) the charge card issuer will make an independent\n\ndecision as to whether to issue the card;\n\n(ii) the charge card may arrive before the decision is\n\nmade with respect to an extension of credit under\n\na revolving loan account plan; and\n\n(iii) approval by the charge card issuer does not\n\nconstitute approval by the issuer of the\n\nextension of credit.\n\n(e) The information required to be disclosed under\n\nsubsections (1) and (2) of this section shall be\n\nprovided to the charge card holder by the creditor\n\nwhich maintains such revolving loan account plan\n\nbefore the first extension of credit under such plan.\nissuer does not\n\nconstitute approval by the issuer of the\n\nextension of credit.\n\n(e) The information required to be disclosed under\n\nsubsections (1) and (2) of this section shall be\n\nprovided to the charge card holder by the creditor\n\nwhich maintains such revolving loan account plan\n\nbefore the first extension of credit under such plan.\n\n(f) For the purposes of this subsection, the term \"charge\n\ncard\" means a card, plate, or other single credit\n\ndevice that may be used from time to time to obtain\n\ncredit which is not subject to a finance charge.\n\n(6) The Administrator may, by rule, require the disclosure of\n\ninformation in addition to that otherwise required by subsections\n\n(1) through (7) of this section, and modify any disclosure of\n\ninformation required by subsections (1) through (7) of this section,\n\nin any application to open a credit card account for any person\n\nunder a revolving loan account plan or any application to open a\n\ncharge card account for any person, or a solicitation to open any\n\nsuch account without requiring an application, if the Administrator\n\ndetermines that such action is necessary to carry out the purposes\n\nof, or prevent evasions of, any subsection of this section.\n\n(7) (a) A card issuer that imposes any fee described in\n\nparagraph (d) of subsection (1) or subparagraph (i) of\n\nparagraph (a) of subsection (5) of this section shall\n\ntransmit to a consumer at least thirty (30) days prior\n\nto the scheduled renewal date of the consumer's credit\n\nor charge card account a clear and conspicuous\n\ndisclosure of:\n\n(i) the date by which, the month by which, or the\n\nbilling period at the close of which, the account\n\nwill expire if not renewed;\n\n(ii) the information described in subsection (1) or\n\nparagraph (a) of subsection (5) of this section\n\nthat would apply if the account were renewed,\n\nsubject to subsection (8) of this section; and\n\n(iii) the method by which the consumer may terminate\n\ncontinued credit availability under the account.\n\n(b) (i) The disclosures required by this subsection may\n\nbe provided:\n\n(aa) prior to posting a fee described in\n\nparagraph (d) of subsection (1) or\n\nsubparagraph (i) of paragraph (a) of\n\nsubsection (5) of this section to the\n\naccount; or\n\n(bb) with the periodic billing statement first\n\ndisclosing that the fee has been posted to\n\nthe account.\n\n(ii) disclosures may be provided under subparagraph\n\n(i) of this paragraph only if:\n\n(aa) the consumer is given a thirty-day period to\n\navoid payment of the fee or to have the fee\n\nrecredited to the account in any case where\n\nthe consumer does not wish to continue the\n\navailability of the credit; and\n\n(bb) the consumer is permitted to use the card\n\nduring such period without incurring an\n\nobligation to pay such fee.\n\n(c) The Administrator may, by rule, provide for fewer\n\ndisclosures than are required by paragraph (a) of this\n\nsubsection in the case of an account which is\n\nrenewable for a period of less than six (6) months.\n\n(8) (a) If the amount of any fee required to be disclosed\n\nunder the previous subsections of this section is\n\ndetermined on the basis of a percentage of another\n\namount, the percentage used in making such\n\ndetermination and the identification of the amount\n\nagainst which such percentage is applied shall be\n\ndisclosed in lieu of the amount of such fee.\n\n(b) If a credit or charge card issuer does not impose any\n\nfee required to be disclosed under any provision of\n\nthe previous subsections of this section, such\n\nprovision shall not apply with respect to such issuer.\n\n(9) If the amount of any fee required to be disclosed by a\n\ncredit or charge card issuer under subsection (2), division (bb) of\n\nsubparagraph (i) of paragraph (b) of subsection (4), paragraph (b)\n\nof subsection (5) or division (bb) of subparagraph (i) of paragraph\nsclosed under any provision of\n\nthe previous subsections of this section, such\n\nprovision shall not apply with respect to such issuer.\n\n(9) If the amount of any fee required to be disclosed by a\n\ncredit or charge card issuer under subsection (2), division (bb) of\n\nsubparagraph (i) of paragraph (b) of subsection (4), paragraph (b)\n\nof subsection (5) or division (bb) of subparagraph (i) of paragraph\n\n(c) of subsection (5) of this section varies from state to state,\n\nthe card issuer may disclose the range of such fees for purposes of\n\nsubsections (1) through (5) of this section in lieu of the amount\n\nfor each applicable state, if such disclosure includes a statement\n\nthat the amount of such fee varies from state to state.\n\n(10) (a) Whenever a card issuer that offers any guarantee or\n\ninsurance for repayment of all or part of the\n\noutstanding balance of a revolving loan account plan\n\nproposes to change the person providing that guarantee\n\nor insurance, the card issuer shall send each insured\n\nconsumer written notice of the proposed change not\n\nless than thirty (30) days prior to the change,\n\nincluding notice of any increase in the rate or\n\nsubstantial decrease in coverage or service which will\n\nresult from such change. Such notice may be included\n\non or with the monthly statement provided to the\n\nconsumer prior to the month in which the proposed\n\nchange would take effect.\n\n(b) In any case in which a proposed change described in\n\nparagraph (a) of this subsection occurs, the insured\n\nconsumer shall be given the name and address of the\n\nnew guarantor or insurer and a copy of the policy or\n\ngroup certificate containing the basic terms and\n\nconditions, including the premium rate to be charged.\n\n(c) The notices required under paragraphs (a) and (b) of\n\nthis subsection shall each include a statement that\n\nthe consumer has the option to discontinue the\n\ninsurance or guarantee.\n\n(d) No provision of this subsection shall be construed as\n\nsuperseding any provision of Oklahoma law which is\n\napplicable to the regulation of insurance.\n\n(e) The Administrator shall define, in rules, what\n\nconstitutes a \"substantial decrease in coverage or\n\nservice\" for purposes of paragraph (a) of this\n\nsubsection.\n\n(11) (a) In the case of any credit card account under an open-\n\nend consumer credit plan, a creditor shall provide a\n\nwritten notice of an increase in an annual percentage\n\nrate (except in the case of an increase described in\n\nparagraph (1), (2) or (3) of 15 U.S.C. Section 1661i-\n\n1(b)) not later than forty-five (45) days prior to the\n\neffective date of the increase.\n\n(b) In the case of any credit card account under an open-\n\nend consumer credit plan, a creditor shall provide a\n\nwritten notice of any significant change, as\n\ndetermined by rule of the Administrator, in the terms\n\n(including an increase in any fee or finance charge,\n\nother than as provided in paragraph (a) of this\n\nsubsection) of the cardholder agreement between the\n\ncreditor and the obligor not later than forty-five\n\n(45) days prior to the effective date of the change.\n\n(c) Each notice required by paragraph (a) or (b) of this\n\nsubsection shall be made in a clear and conspicuous\n\nmanner, and shall contain a brief statement of the\n\nright of the obligor to cancel the account pursuant to\n\nrules established by the Administrator, before the\n\neffective date of the subject rate increase or other\n\nchange.\nn forty-five\n\n(45) days prior to the effective date of the change.\n\n(c) Each notice required by paragraph (a) or (b) of this\n\nsubsection shall be made in a clear and conspicuous\n\nmanner, and shall contain a brief statement of the\n\nright of the obligor to cancel the account pursuant to\n\nrules established by the Administrator, before the\n\neffective date of the subject rate increase or other\n\nchange.\n\n(d) Closure or cancellation of an account by the obligor\n\nshall not constitute a default under an existing\n\ncardholder agreement, and shall not trigger an\n\nobligation to immediately repay the obligation in full\n\nor through a method that is less beneficial to the\n\nobligor than one of the methods described in 15 U.S.C.\n\nSection 1661i-1(c)(2), or the imposition of any other\n\npenalty or fee.\n\n(12) (a) Except as provided in subsection (2) of this section,\n\na creditor may not impose any finance charge on a\n\ncredit card account under an open-end consumer credit\n\nplan as a result of the loss of any time period\n\nprovided by the creditor within which the obligor may\n\nrepay any portion of the credit extended without\n\nincurring a finance charge, with respect to:\n\n(i) any balances for days in billing cycles that\n\nprecede the most recent billing cycle; or\n\n(ii) any balances or portions thereof in the current\n\nbilling cycle that were repaid within such time\n\nperiod.\n\n(b) This subsection shall not apply to:\n\n(i) any adjustment to a finance charge as a result of\n\nthe resolution of a dispute; or\n\n(ii) any adjustment to a finance charge as a result of\n\nthe return of a payment for insufficient funds.\n\n(13) (a) In the case of any credit card account under an open-\n\nend consumer credit plan under which an over-the-limit\n\nfee may be imposed by the creditor for any extension\n\nof credit in excess of the amount of credit authorized\n\nto be extended under such account, no such fee shall\n\nbe charged, unless the consumer has expressly elected\n\nto permit the creditor, with respect to such account,\n\nto complete transactions involving the extension of\n\ncredit under such account in excess of the amount of\n\ncredit authorized.\n\n(b) No election by a consumer under paragraph (a) of this\n\nsubsection shall take effect unless the consumer,\n\nbefore making such election, received a notice from\n\nthe creditor of any over-the-limit fee in the form and\n\nmanner, and at the time, determined by the\n\nAdministrator. If the consumer makes the election\n\nreferred to in paragraph (a) of this subsection, the\n\ncreditor shall provide notice to the consumer of the\n\nright to revoke the election, in the form prescribed\n\nby the Administrator, in any periodic statement that\n\nincludes notice of the imposition of an over-the-limit\n\nfee during the period covered by the statement.\n\n(c) A consumer may make or revoke the election referred to\n\nin paragraph (a) of this subsection orally,\n\nelectronically, or in writing, pursuant to regulations\n\nprescribed by the Administrator. The Administrator\n\nshall prescribe regulations to ensure that the same\n\noptions are available for both making and revoking\n\nsuch election.\n\n(d) A consumer may make the election referred to in\n\nparagraph (a) of this subsection at any time, and such\n\nelection shall be effective until the election is\n\nrevoked in the manner prescribed under paragraph (c)\n\nof this subsection.\n\n(e) The Administrator shall prescribe regulations:\n\n(i) governing disclosures under this subsection; and\n\n(ii) that prevent unfair or deceptive acts or\n\npractices in connection with the manipulation of\n\ncredit limits designed to increase over-the-limit\n\nfees or other penalty fees.\nn shall be effective until the election is\n\nrevoked in the manner prescribed under paragraph (c)\n\nof this subsection.\n\n(e) The Administrator shall prescribe regulations:\n\n(i) governing disclosures under this subsection; and\n\n(ii) that prevent unfair or deceptive acts or\n\npractices in connection with the manipulation of\n\ncredit limits designed to increase over-the-limit\n\nfees or other penalty fees.\n\n(f) Nothing in this subsection shall be construed to\n\nprohibit a creditor from completing an over-the-limit\n\ntransaction; provided, that a consumer who has not\n\nmade a valid election under paragraph (a) of this\n\nsubsection is not charged an over-the-limit fee for\n\nsuch transaction.\n\n(g) With respect to a credit card account under an open-\n\nend consumer credit plan, an over-the-limit fee may be\n\nimposed only once during a billing cycle if the credit\n\nlimit on the account is exceeded, and an over-the-\n\nlimit fee, with respect to such excess credit, may be\n\nimposed only once in each of the two subsequent\n\nbilling cycles, unless the consumer has obtained an\n\nadditional extension of credit in excess of such\n\ncredit limit during any such subsequent cycle or the\n\nconsumer reduces the outstanding balance below the\n\ncredit limit as of the end of such billing cycle.\n\n(14) With respect to a credit card account under an open-end\n\nconsumer credit plan, the creditor may not impose a separate fee to\n\nallow the obligor to repay an extension of credit or finance charge,\n\nwhether such repayment is made by mail, electronic transfer,\n\ntelephone authorization, or other means, unless such payment\n\ninvolves an expedited service by a service representative of the\n\ncreditor.\n\n(15) With respect to the terms of any credit card account under\n\nan open-end consumer credit plan, the term \"fixed\", when appearing\n\nin conjunction with a reference to the annual percentage rate or\n\ninterest rate applicable with respect to such account, may only be\n\nused to refer to an annual percentage rate or interest rate that\n\nwill not change or vary for any reason over the period specified\n\nclearly and conspicuously in the terms of the account.\n\n(16) If the terms of a credit card account under an open-end\n\nconsumer credit plan require the payment of any fees (other than any\n\nlate fee, over-the-limit fee, or fee for a payment returned for\n\ninsufficient funds) by the consumer in the first year during which\n\nthe account is opened in an aggregate amount in excess of twenty-\n\nfive percent (25%) of the total amount of credit authorized under\n\nthe account when the account is opened, no payment of any fees\n\n(other than any late fee, over-the-limit fee, or fee for a payment\n\nreturned for insufficient funds) may be made from the credit made\n\navailable under the terms of the account. No provision of this\n\nparagraph may be construed as authorizing any imposition or payment\n\nof advance fees otherwise prohibited by any provision of law.\n\n(17) The payment due date for a credit card account under an\n\nopen-end consumer credit plan shall be the same day each month. If\n\nthe payment due date for a credit card account under an open-end\n\nconsumer credit plan is a day on which the creditor does not receive\n\nor accept payments by mail (including weekends and holidays), the\n\ncreditor may not treat a payment received on the next business day\n\nas late for any purpose.\n\n(18) No credit card may be issued to, or open-end consumer\n\ncredit plan established by or on behalf of, a consumer who has not\n\nattained the age of twenty-one (21), unless the consumer has\n\nsubmitted a written application to the card issuer that meets the\n\nrequirements of paragraph (a) of this subsection.\n\n(a) An application to open a credit card account by a\n\nconsumer who has not attained the age of twenty-one\n\n(21) as of the date of submission of the application\n\nshall require:\nby or on behalf of, a consumer who has not\n\nattained the age of twenty-one (21), unless the consumer has\n\nsubmitted a written application to the card issuer that meets the\n\nrequirements of paragraph (a) of this subsection.\n\n(a) An application to open a credit card account by a\n\nconsumer who has not attained the age of twenty-one\n\n(21) as of the date of submission of the application\n\nshall require:\n\n(i) the signature of a cosigner, including the\n\nparent, legal guardian, spouse, or any other\n\nindividual who has attained the age of twenty-one\n\n(21) having a means to repay debts incurred by\n\nthe consumer in connection with the account,\n\nindicating joint liability for debts incurred by\n\nthe consumer in connection with the account\n\nbefore the consumer has attained the age of\n\ntwenty-one (21); or\n\n(ii) submission by the consumer of financial\n\ninformation, including through an application,\n\nindicating an independent means of repaying any\n\nobligation arising from the proposed extension of\n\ncredit in connection with the account.\n\n(b) The Administrator shall promulgate regulations\n\nproviding standards that, if met, would satisfy the\n\nrequirements of subparagraph (ii) of paragraph (a) of\n\nthis subsection.\n\n(19) No increase may be made in the amount of credit authorized\n\nto be extended under a credit card account for which a parent, legal\n\nguardian, or spouse of the consumer, or any other individual has\n\nassumed joint liability for debts incurred by the consumer in\n\nconnection with the account before the consumer attains the age of\n\ntwenty-one (21), unless that parent, guardian, or spouse approves in\n\nwriting, and assumes joint liability for, such increase.","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":"007dda65dec9132a027d6b9060e149953d863c00d0fa1c04cc6f455565eb4bce","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-309","next":"us-ok/okla.-stat.-tit.-14a-14a-3-309.2"},"notice":"GroundRules: Original legal text. Not legal advice."}