{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-408","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-408","heading":"Change in terms of revolving loan accounts","body":"(1) If a lender makes a change in the terms of a revolving loan\n\naccount without complying with this section any additional cost or\n\ncharge to the debtor resulting from the change is an excess charge\n\nand subject to the remedies available to debtors (Section 5-202) and\n\nto the Administrator (Section 6-113).\n\n(2) A lender may change the terms of a revolving loan account\n\nwhether or not the change is authorized by prior agreement. Except\n\nas provided in subsection (3) of this section, the lender shall give\n\nto the debtor written notice of any change before the effective date\n\nof the change as follows:\n\n(a) for changes in the rate of interest charged on such an\n\naccount, at least one written notice shall be given to\n\nthe debtor at least one billing cycle, but not less\n\nthan thirty (30) days, prior to such change taking\n\neffect; and\n\n(b) for a change in the terms other than the rate of\n\ninterest, at least two written notices shall be given\n\nto the debtor, with the first notice at least two\n\nbilling cycles, but not less than sixty (60) days,\n\nprior to such change taking effect.\n\n(3) The notice specified in subsection (2) of this section is\n\nnot required if:\n\n(a) the debtor after receiving notice of the change agrees\n\nin writing to the change;\n\n(b) the debtor elects to pay an amount designated on a\n\nbilling statement (subsection (2) of Section 3-309 of\n\nthis title) as including a new charge for a benefit\n\noffered to the debtor when the benefit and charge\n\nconstitute the change in terms and when the billing\n\nstatement also states the amount payable if the new\n\ncharge is excluded;\n\n(c) the change involves no significant cost to the debtor;\n\n(d) the debtor has previously consented in writing to the\n\nkind of change made and notice of the change is given\n\nto the debtor at least thirty (30) days prior to the\n\neffective date of the change;\n\n(e) the change applies only to debts incurred after a date\n\nspecified in a notice of the change given at least\n\nthirty (30) days prior to the effective date of the\n\nchange;\n\n(f) the kind or type of change is of a class defined by\n\nthe Administrator by rule, as not requiring the\n\nadvance notice set forth in this section for the\n\nprotection of the consumer; or\n\n(g) the change involves late payment charges or over-the-\n\nlimit charges.\n\n(4) The notice provided for in this section is given to the\n\ndebtor when mailed to the debtor at the address used by the lender\n\nfor sending periodic billing statements.","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":"a6803fc5c877d3eebb24e3c8bd730b63b68b2d82d0fe8c4a0b5902d326372240","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-407","next":"us-ok/okla.-stat.-tit.-14a-14a-3-409"},"notice":"GroundRules: Original legal text. Not legal advice."}