{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-5-103","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-5-103","heading":"Restrictions on deficiency judgments in consumer credit","body":"sales.\n\n(1) This section applies to a consumer credit sale of goods or\n\nservices.\n\n(2) If the seller repossesses or voluntarily accepts surrender\n\nof goods which were the subject of the sale and in which he has a\n\nsecurity interest and the cash price of the goods repossessed or\n\nsurrendered was One Thousand Dollars ($1,000.00) or less, the buyer\n\nis not personally liable to the seller for the unpaid balance of the\n\ndebt arising from the sale of the goods, and the seller is not\n\nobligated to resell the collateral.\n\n(3) If the seller repossesses or voluntarily accepts surrender\n\nof goods which were not the subject of the sale but in which he has\n\na security interest to secure a debt arising from a sale of goods or\n\nservices or a combined sale of goods and services and the cash price\n\nof the sale was One Thousand Dollars ($1,000.00) or less, the buyer\n\nis not personally liable to the seller for the unpaid balance of the\n\ndebt arising from the sale.\n\n(4) For the purpose of determining the unpaid balance of\n\nconsolidated debts or debts pursuant to revolving charge accounts,\n\nthe allocation of payments to a debt shall be determined in the same\n\nmanner as provided for determining the amount of debt secured by\n\nvarious security interests (Section 2-409).\n\n(5) The buyer shall be liable in damages to the seller if the\n\nbuyer has wrongfully damaged the collateral or if, after default and\n\ndemand, the buyer has wrongfully failed to make the collateral\n\navailable to the seller.\n\n(6) If the seller elects to bring an action against the buyer\n\nfor a debt arising from a consumer credit sale of goods or services,\n\nwhen under this section he would not be entitled to a deficiency\n\njudgment if he repossessed the collateral, and obtains judgment\n\n(a) he may not repossess the collateral; and\n\n(b) the collateral is not subject to levy or sale on\n\nexecution or similar proceedings pursuant to the\n\njudgment.\n\n(7) The amount of One Thousand Dollars ($1,000.00) in\n\nsubsections (2) and (3) of this section is subject to adjustment\n\npursuant to the provisions on adjustment of dollar amounts (Section\n\n1-106).","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":"66ad8072f8e1a2cac283730a70df4ff8a3ea39bb0f3eac7dd969fed4a78ff4ac","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-5-102","next":"us-ok/okla.-stat.-tit.-14a-14a-5-104"},"notice":"GroundRules: Original legal text. Not legal advice."}