{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-4-113","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-4-113","heading":"Sale of insurance product in conjunction with","body":"subsection 10 mortgage – Conditions - Disclosure.\n\nA creditor shall not sell any individual or group credit life,\n\naccident and health or unemployment insurance product on a prepaid\n\nsingle premium basis in conjunction with a subsection 10 mortgage\n\nreferred to in subsection (10) of Section 1-301 of Title 14A of the\n\nOklahoma Statutes unless the following conditions are met:\n\n(a) if a creditor offers any individual or group credit\n\nlife, accident and health or unemployment insurance\n\nproduct purchased on a prepaid single premium basis in\n\nconjunction with a subsection 10 mortgage, the\n\ncreditor shall offer the obligor the option of\n\npurchasing all such insurance on a monthly premium\n\nbasis, if such option is available;\n\n(b) a creditor shall not sell credit life, accident and\n\nhealth or unemployment insurance products in\n\nconjunction with a subsection 10 mortgage other than\n\nwhere the insurance premiums are calculated, earned\n\nand paid on a monthly or other regular, periodic basis\n\nwithout providing a separate disclosure with a copy\n\nacknowledged by the obligor no later than the time of\n\nclosing in a form substantially similar to the\n\nfollowing:\n\n\"Insurance Notice To Obligor\n\nYou have elected to buy credit life, accident and\n\nhealth and/or unemployment insurance in conjunction\n\nwith this mortgage loan. The cost of this insurance\n\nis being prepaid, and it is being financed at the\n\ninterest rate provided for in the loan. This\n\ninsurance is not required as a condition of closing\n\nthis loan, and it has been included with the loan at\n\nyour request.\n\nYou have the right at any time to cancel any or all\n\nsuch policies purchased in conjunction with this loan.\n\nYou may cancel your policy or policies by signing and\n\nreturning a copy of this notice to your creditor or\n\nyou may contact your creditor directly.\n\nIf you cancel your insurance within thirty (30) days\n\nof the date of your loan, then you will receive either\n\na full refund or a credit against your loan account.\n\nIf you cancel your insurance at any other time, you\n\nwill receive either a refund or credit against your\n\nloan account of any unearned premium. You must cancel\n\nwithin thirty (30) days of the date of the loan to\n\nreceive a full refund.\n\nCredit Insurance Cancellation\n\nI (we) request that the creditor cancel the __________\n\ninsurance that I (we) purchased in conjunction with my\n\n(our) mortgage loan dated _________________\n\n_____________________________\n\nToday’s Date\n\n_____________________________\n\nBorrower”\n\n(c) this subsection shall not apply to credit life,\n\naccident and health or unemployment insurance sold by\n\nthe creditor for which the obligor chooses the\n\nbeneficiary and it is someone other than the creditor.","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":"0689b3be7db02a53422857f8ffb96a3a83b425fe7663155560a71015794b32ff","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-4-112","next":"us-ok/okla.-stat.-tit.-14a-14a-4-201"},"notice":"GroundRules: Original legal text. Not legal advice."}