{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-508a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-508A","heading":"Loan finance charge for supervised loans","body":"(1) With respect to a supervised loan, including a loan\n\npursuant to a revolving loan account, a supervised lender may\n\ncontract for and receive a loan finance charge not exceeding that\n\npermitted by this section.\n\n(2) The loan finance charge, calculated according to the\n\nactuarial method, may not exceed the equivalent of the greater of\n\neither of the following:\n\n(a) the total of:\n\n(i) thirty-two percent (32%) plus the federal funds\n\nrate per year on that part of the unpaid balances\n\nof the principal which is Seven Thousand Dollars\n\n($7,000.00) or less;\n\n(ii) twenty-three percent (23%) plus the federal funds\n\nrate per year on that part of the unpaid balances\n\nof the principal which is more than Seven\n\nThousand Dollars ($7,000.00) but does not exceed\n\nEleven Thousand Dollars ($11,000.00); and\n\n(iii) twenty percent (20%) plus the federal funds rate\n\nper year on that part of the unpaid balances of\n\nthe principal which is more than Eleven Thousand\n\nDollars ($11,000.00); or\n\n(b) twenty-five percent (25%) plus the federal funds rate\n\nper year on the unpaid balances of the principal.\n\n(3) This section does not limit or restrict the manner of\n\ncontracting for the loan finance charge, whether by way of add-on,\n\ndiscount, or otherwise, so long as the rate of the loan finance\n\ncharge does not exceed that permitted by this section. If the loan\n\nis precomputed:\n\n(a) the loan finance charge may be calculated on the\n\nassumption that all scheduled payments will be made\n\nwhen due; and\n\n(b) the effect of prepayment is governed by the provisions\n\non rebate upon prepayment (Section 3-210).\n\n(4) In addition to the loan finance charge permitted in this\n\nsection and other charges permitted in this act, a supervised lender\n\nmay assess a lender closing fee not to exceed Twenty-eight Dollars\n\nand eighty-five cents ($28.85) upon consummation of the loan.\n\n(5) The term of a loan, for the purpose of this section,\n\ncommences on the date the loan is made. Differences in the lengths\n\nof months are disregarded and a day may be counted as one-thirtieth\n\n(1/30) of a month. Subject to classifications and differentiations\n\nthe lender may reasonably establish, a part of a month in excess of\n\nfifteen (15) days may be treated as a full month if periods of\n\nfifteen (15) days or less are disregarded and if that procedure is\n\nnot consistently used to obtain a greater yield than would otherwise\n\nbe permitted.\n\n(6) Subject to classifications and differentiations the lender\n\nmay reasonably establish, he may make the same loan finance charge\n\non all principal amounts within a specified range. A loan finance\n\ncharge so made does not violate subsection (2) of this section if:\n\n(a) when applied to the median amount within each range,\n\nit does not exceed the maximum permitted in subsection\n\n(2) of this section; and\n\n(b) when applied to the lowest amount within each range,\n\nit does not produce a rate of loan finance charge\n\nexceeding the rate calculated according to paragraph\n\n(a) of this subsection by more than eight percent (8%)\n\nof the rate calculated according to paragraph (a) of\n\nthis subsection.\n\n(7) As used in this section, the “federal funds rate” means the\n\nrate published by the Board of Governors of the Federal Reserve\n\nSystem in its statistical release H.15 Selected Interest Rates and\n\nin effect as of the first day of each month immediately preceding\n\nthe month during which the loan is consummated.","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":"e440a6b5d541b623b3d23e118024bb04cae9564b9f38a6938b064b508ab359f2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-507","next":"us-ok/okla.-stat.-tit.-14a-14a-3-508b"},"notice":"GroundRules: Original legal text. Not legal advice."}