{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-309.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-309.2","heading":"Disclosure requirements for revolving loan account","body":"plans secured by consumer's principal dwelling.\n\nDisclosure requirements for revolving loan account plans secured\n\nby consumer's principal dwelling.\n\n(1) In the case of any revolving loan account plan which\n\nprovides for any extension of credit which is secured by the\n\nconsumer's principal dwelling, the creditor shall make the following\n\ndisclosures in accordance with subsection (9) of Section 3-302 of\n\nthis title:\n\n(a) Each annual percentage rate imposed in connection with\n\nextensions of credit under the plan and a statement\n\nthat such rate does not include costs other than\n\ninterest.\n\n(b) In the case of a plan which provides for variable\n\nrates of interest on credit extended under the plan:\n\n(i) a description of the manner in which such rate\n\nwill be computed and a statement that such rate\n\ndoes not include costs other than interest;\n\n(ii) a description of the manner in which any changes\n\nin the annual percentage rate will be made,\n\nincluding:\n\n(aa) any negative amortization and interest rate\n\ncarryover;\n\n(bb) the time of any such changes;\n\n(cc) any index or margin to which such changes in\n\nthe rate are related; and\n\n(dd) a source of information about any such\n\nindex;\n\n(iii) if an initial annual percentage rate is offered\n\nwhich is not based on an index:\n\n(aa) a statement of such rate and the period of\n\ntime such initial rate will be in effect;\n\nand\n\n(bb) a statement that such rate does not include\n\ncosts other than interest;\n\n(iv) a statement that the consumer should ask about\n\nthe current index value and interest rate;\n\n(v) a statement of the maximum amount by which the\n\nannual percentage rate may change in any one-year\n\nperiod or a statement that no such limit exists;\n\n(vi) a statement of the maximum annual percentage rate\n\nthat may be imposed at any time under the plan;\n\n(vii) subject to subsection (9)(g) of Section 3-302 of\n\nthis title, a table, based on a Ten Thousand\n\nDollar ($10,000.00) extension of credit, showing\n\nhow the annual percentage rate and the minimum\n\nperiodic payment amount under each repayment\n\noption of the plan would have been affected\n\nduring the preceding fifteen-year period by\n\nchanges in any index used to compute such rate;\n\n(viii) a statement of:\n\n(aa) the maximum annual percentage rate which may\n\nbe imposed under each repayment option of\n\nthe plan;\n\n(bb) the minimum amount of any periodic payment\n\nwhich may be required, based on a Ten\n\nThousand Dollar ($10,000.00) outstanding\n\nbalance, under each such option when such\n\nmaximum annual percentage rate is in effect;\n\nand\n\n(cc) the earliest date by which such maximum\n\nannual interest rate may be imposed; and\n\n(ix) a statement that interest rate information will\n\nbe provided on or with each periodic statement.\n\n(c) An itemization of any fees imposed by the creditor in\n\nconnection with the availability or use of credit\n\nunder such plan, including annual fees, application\n\nfees, transaction fees, and closing costs (including\n\ncosts commonly described as \"points\"), and the time\n\nwhen such fees are payable.\n\n(d) (i) An estimate, based on the creditor's experience\n\nwith such plans and stated as a single amount or\n\nas a reasonable range, of the aggregate amount of\n\nadditional fees that may be imposed by third\n\nparties including but not limited to governmental\n\nauthorities, appraisers, and attorneys in\n\nconnection with opening an account under the\n\nplan.\n\n(ii) A statement that the consumer may ask the\n\ncreditor for a good faith estimate by the\n\ncreditor of the fees that may be imposed by third\n\nparties.\n\n(e) A statement that:\n\n(i) any extension of credit under the plan is secured\n\nby the consumer's dwelling; and\n\n(ii) in the event of any default, the consumer risks\n\nthe loss of the dwelling.\nin\n\nconnection with opening an account under the\n\nplan.\n\n(ii) A statement that the consumer may ask the\n\ncreditor for a good faith estimate by the\n\ncreditor of the fees that may be imposed by third\n\nparties.\n\n(e) A statement that:\n\n(i) any extension of credit under the plan is secured\n\nby the consumer's dwelling; and\n\n(ii) in the event of any default, the consumer risks\n\nthe loss of the dwelling.\n\n(f) (i) A clear and conspicuous statement:\n\n(aa) of the time by which an application must be\n\nsubmitted to obtain the terms disclosed; or\n\n(bb) if applicable, that the terms are subject to\n\nchange.\n\n(ii) A statement that:\n\n(aa) the consumer may elect not to enter into an\n\nagreement to open an account under the plan\n\nif any term changes, other than a change\n\ncontemplated by a variable feature of the\n\nplan, before any such agreement is final;\n\nand\n\n(bb) if the consumer makes an election described\n\nin division (aa) of this subparagraph, the\n\nconsumer is entitled to a refund of all fees\n\npaid in connection with the application.\n\n(iii) A statement that the consumer should make or\n\notherwise retain a copy of information disclosed\n\nunder this subparagraph.\n\n(g) A statement that:\n\n(i) under certain conditions, the creditor may\n\nterminate any account under the plan and require\n\nimmediate repayment of any outstanding balance,\n\nprohibit any additional extension of credit to\n\nthe account, or reduce the credit limit\n\napplicable to the account; and\n\n(ii) the consumer may receive, upon request, more\n\nspecific information about the conditions under\n\nwhich the creditor may take any action described\n\nin subparagraph (i) of this paragraph.\n\n(h) The repayment options under the plan, including:\n\n(i) if applicable, any differences in repayment\n\noptions with regard to:\n\n(aa) any period during which additional\n\nextensions of credit may be obtained; and\n\n(bb) any period during which repayment is\n\nrequired to be made and no additional\n\nextensions of credit may be obtained;\n\n(ii) the length of any repayment period, including any\n\ndifferences in the length of any repayment period\n\nwith regard to the periods described in divisions\n\n(aa) and (bb) of subparagraph (i) of this\n\nparagraph; and\n\n(iii) an explanation of how the amount of any minimum\n\nmonthly or periodic payment will be determined\n\nunder each such option, including any differences\n\nin the determination of any such amount with\n\nregard to the periods described in divisions (aa)\n\nand (bb) of subparagraph (i) of this paragraph.\n\n(i) An example, based on a Ten Thousand Dollar\n\n($10,000.00) outstanding balance and the interest\n\nrate, other than a rate not based on the index under\n\nthe plan, which is, or was recently, in effect under\n\nsuch plan, showing the minimum monthly or periodic\n\npayment, and the time it would take to repay the\n\nentire Ten Thousand Dollars ($10,000.00) if the\n\nconsumer paid only the minimum periodic payments and\n\nobtained no additional extensions of credit.\n\n(j) If, under any repayment option of the plan, the\n\npayment of not more than the minimum periodic payments\n\nrequired under such option over the length of the\n\nrepayment period:\n\n(i) would not repay any of the principal balance; or\n\n(ii) would repay less than the outstanding balance by\n\nthe end of such period,\n\nas the case may be, a statement of such fact, including an\n\nexplicit statement that at the end of such repayment period\n\na balloon payment as defined in subsection (12) of Section\n\n3-312 of this title would result which would be required to\n\nbe paid in full at that time.\n\n(k) If applicable, a statement that:\nlance; or\n\n(ii) would repay less than the outstanding balance by\n\nthe end of such period,\n\nas the case may be, a statement of such fact, including an\n\nexplicit statement that at the end of such repayment period\n\na balloon payment as defined in subsection (12) of Section\n\n3-312 of this title would result which would be required to\n\nbe paid in full at that time.\n\n(k) If applicable, a statement that:\n\n(i) any limitation in the plan on the amount of any\n\nincrease in the minimum payments may result in\n\nnegative amortization;\n\n(ii) negative amortization increases the outstanding\n\nprincipal balance of the account; and\n\n(iii) negative amortization reduces the consumer's\n\nequity in the consumer's dwelling.\n\n(l) (i) Any limitation contained in the plan on the\n\nnumber of extensions of credit and the amount of\n\ncredit which may be obtained during any month or\n\nother defined time period.\n\n(ii) Any requirement which establishes a minimum\n\namount for:\n\n(aa) the initial extension of credit to an\n\naccount under the plan;\n\n(bb) any subsequent extension of credit to an\n\naccount under the plan; or\n\n(cc) any outstanding balance of an account under\n\nthe plan.\n\n(m) A statement that the consumer should consult a tax\n\nadvisor regarding the deductibility of interest and\n\ncharges under the plan.\n\n(n) Any other term which the Administrator requires, in\n\nrules to be disclosed.\n\n(2) For purposes of this section and Sections 3-309.3 and 3-312\n\nof this title, the term \"principal dwelling\" includes any second or\n\nvacation home of the consumer.\n\n(3) In addition to the disclosures required under subsection\n\n(1) of this section with respect to an application to open an\n\naccount under any revolving loan account plan described in such\n\nsubsection, the creditor or other person providing such disclosures\n\nto the consumer shall provide:\n\n(a) a pamphlet published by the Board of Governors of the\n\nFederal Reserve System pursuant to Section 4 of the\n\nHome Equity Consumer Protection Act of 1988; or\n\n(b) any pamphlet which provides substantially similar\n\ninformation to the information described in such\n\nsection, as determined by the Administrator.","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":"9800c019e81efe4a0b19e09d0ef25f2792ecbf2b63cca5cd2cbda25484e85fbf","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-309.1","next":"us-ok/okla.-stat.-tit.-14a-14a-3-309.3"},"notice":"GroundRules: Original legal text. Not legal advice."}