{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-4-107","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-4-107","heading":"Maximum charge by creditor for insurance","body":"(1) Except as provided in subsection (2), if a creditor\n\ncontracts for or receives a separate charge for insurance, the\n\namount charged to the debtor for the insurance may not exceed the\n\npremium to be charged by the insurer, as computed at the time the\n\ncharge to the debtor is determined, conforming to any rate filings\n\nrequired by law and made by the insurer with the Insurance\n\nDepartment.\n\n(2) A creditor who provides consumer credit insurance in\n\nrelation to a revolving charge account (Section 2-108) or revolving\n\nloan account (Section 3-108) may calculate the charge to the debtor\n\nin each billing cycle by applying the current premium rate to\n\n(a) the average daily unpaid balance of the debt in the\n\ncycle;\n\n(b) the unpaid balance of the debt or a median amount\n\nwithin a specified range of unpaid balances of debt on\n\napproximately the same day of the cycle. The day of\n\nthe cycle need not be the day used in calculating the\n\ncredit service charge (Section 2-207) or loan finance\n\ncharge (Section 3-201 and Section 3-508A), but the\n\nspecified range shall be the range used for that\n\npurpose; or\n\n(c) the unpaid balances of principal calculated according\n\nto the actuarial method.","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":"bf15b5735755be54f640ee330678264a0aed8f2002c35134bca28d9691210b50","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-4-106","next":"us-ok/okla.-stat.-tit.-14a-14a-4-108"},"notice":"GroundRules: Original legal text. Not legal advice."}