{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-4-108","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-4-108","heading":"Refund or credit required - Amount","body":"(1) Upon prepayment in full of a consumer credit sale or\n\nconsumer loan by the proceeds of consumer credit insurance, the\n\ndebtor or his estate is entitled to a refund of any portion of a\n\nseparate charge for insurance which by reason of prepayment is\n\nretained by the creditor or returned to him by the insurer unless\n\nthe charge was computed from time to time on the basis of the\n\nbalances of the debtor's account. Payment by the insurer of the\n\ncoverage in force at the time the death claim arises includes\n\npremiums charged for the coverage.\n\n(2) This article does not require a creditor to grant a refund\n\nor credit to the debtor if all refunds and credits due to the debtor\n\nunder this article amount to less than One Dollar ($1.00), and\n\nexcept as provided in subsection (1) does not require the creditor\n\nto account to the debtor for any portion of a separate charge for\n\ninsurance because\n\n(a) the insurance is terminated by performance of the\n\ninsurer's obligation;\n\n(b) the creditor pays or accounts for premiums to the\n\ninsurer in amounts and at times determined by the\n\nagreement between them;\n\n(c) the creditor receives directly or indirectly under any\n\npolicy of insurance a gain or advantage not prohibited\n\nby law; or\n\n(d) the debtor has voluntarily signed an authorization to\n\ncontinue his coverage in force.\n\n(3) Except as provided in subsection (2), the creditor shall\n\npromptly make or cause to be made an appropriate refund or credit to\n\nthe debtor with respect to any separate charge made to him for\n\ninsurance if\n\n(a) the insurance is not provided or is provided for a\n\nshorter term than that for which the charge to the\n\ndebtor for insurance was computed; or\n\n(b) the insurance terminates prior to the end of the term\n\nfor which it was written because of prepayment in full\n\nor otherwise.\n\n(4) A refund or credit required by subsection (3) is\n\nappropriate as to amount if it is computed according to a method\n\nprescribed or approved by the Insurance Department or a formula\n\nfiled by the insurer with the Insurance Department at least thirty\n\n(30) days before the debtor's right to a refund or credit becomes\n\ndeterminable, unless the method or formula is employed after the\n\nInsurance Department notifies the insurer that it is disapproved.","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":"8e4882ac6c100523ee7ed3471a49a92c1a3e8dc833d1a6dd90cfefdd6999afe1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-4-107","next":"us-ok/okla.-stat.-tit.-14a-14a-4-109"},"notice":"GroundRules: Original legal text. Not legal advice."}