{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-6-105","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-6-105","heading":"Administrative enforcement powers with respect to","body":"supervised financial institutions.\n\n(1) With respect to supervised financial organizations, the\n\npowers of examination and investigation under Sections 3-506 and 6-\n\n106 of this title and administrative enforcement under Section 6-108\n\nof this title shall be exercised by the official or agency to whose\n\nsupervision the organization is subject. All other powers of the\n\nAdministrator under this title may be exercised by the Administrator\n\nwith respect to a supervised financial organization.\n\n(2) If the Administrator receives a complaint or other\n\ninformation concerning noncompliance with this title by a supervised\n\nfinancial organization, the Administrator shall inform the official\n\nor agency having supervisory authority over the organization\n\nconcerned. The Administrator may request information about\n\nsupervised financial organizations from the officials or agencies\n\nsupervising them.\n\n(3) The Administrator and any official or agency of this state\n\nhaving supervisory authority over a supervised financial\n\norganization are authorized and directed to consult and assist one\n\nanother in maintaining compliance with this title. They may jointly\n\npursue investigations, prosecute suits, and take other official\n\naction, as they deem appropriate, if either of them is otherwise\n\nempowered to take the action.\n\n(4) (a) In carrying out their enforcement activities each\n\nagency having administrative responsibility with\n\nrespect to persons subject to this title, including\n\nthe Administrator, in cases where an annual percentage\n\nrate or finance charge was inaccurately disclosed,\n\nshall notify the creditor of such disclosure error and\n\nare authorized in accordance with the provisions of\n\nthis subsection to require the creditor to make an\n\nadjustment to the account of the person to whom credit\n\nwas extended, to assure that such person will not be\n\nrequired to pay a finance charge in excess of the\n\nfinance charge actually disclosed or the dollar\n\nequivalent of the annual percentage rate actually\n\ndisclosed, whichever is lower. For the purposes of\n\nthis subsection, except where such disclosure error\n\nresulted from a willful violation which was intended\n\nto mislead the person to whom credit was extended, in\n\ndetermining whether a disclosure error has occurred\n\nand in calculating any adjustment:\n\n(i) each agency shall apply:\n\n(aa) with respect to the annual percentage rate,\n\na tolerance of one-quarter of one percent\n\n(1/4 of 1%) more or less than the actual\n\nrate, determined without regard to tolerance\n\nrules for other purposes, and\n\n(bb) with respect to the finance charge, a\n\ncorresponding numerical tolerance as\n\ngenerated by the tolerance provided under\n\nthis subsection for the annual percentage\n\nrate; except that:\n\n(ii) with respect to transactions consummated after\n\ntwo (2) years following March 31, 1980, each\n\nagency shall apply:\n\n(aa) for transactions that have a scheduled\n\namortization of ten (10) years or less, with\n\nrespect to the annual percentage rate, a\n\ntolerance not to exceed one-quarter of one\n\npercent (1/4 of 1%) more or less than the\n\nactual rate, determined without regard to\n\ntolerance rules for other purposes, but in\n\nno event a tolerance of less than the\n\ntolerances allowed for other purposes,\n\n(bb) for transactions that have a scheduled\n\namortization of more than ten (10) years,\n\nwith respect to the annual percentage rate,\n\nonly such tolerances as are allowed for\n\nother purposes, and\n\n(cc) for all transactions, with respect to the\n\nfinance charge, a corresponding numerical\n\ntolerance as generated by the tolerances\n\nprovided under this subsection for the\n\nannual percentage rate.\nrposes,\n\n(bb) for transactions that have a scheduled\n\namortization of more than ten (10) years,\n\nwith respect to the annual percentage rate,\n\nonly such tolerances as are allowed for\n\nother purposes, and\n\n(cc) for all transactions, with respect to the\n\nfinance charge, a corresponding numerical\n\ntolerance as generated by the tolerances\n\nprovided under this subsection for the\n\nannual percentage rate.\n\n(iii) In connection with credit transactions not under\n\nan open-end credit plan that are secured by real\n\nproperty or a dwelling, the disclosure of the\n\nfinance charge and other disclosures affected by\n\nany finance charge:\n\n(aa) shall be treated as being accurate for\n\npurposes of this title if the amount\n\ndisclosed as the finance charge:\n\n(I) does not vary from the actual finance\n\ncharge by more than One Hundred Dollars\n\n($100.00), or\n\n(II) is greater than the amount required to\n\nbe disclosed under this title, and\n\n(bb) shall be treated as being accurate for\n\npurposes of Section 5-204 of this title if:\n\n(I) except as provided in subparagraph (ii)\n\nof this paragraph, the amount disclosed\n\nas the finance charge does not vary\n\nfrom the actual finance charge by more\n\nthan an amount equal to one-half of one\n\npercent (1/2 of 1%) of the total amount\n\nof credit extended, or\n\n(II) in the case of a transaction, other\n\nthan a subsection 10 mortgage referred\n\nto in subsection (10) of Section 1-301\n\nof this title, which:\n\n(A) is a refinancing of the principal\n\nbalance then due and any accrued\n\nand unpaid finance charges of a\n\nresidential mortgage transaction\n\nas defined in subsection (17) of\n\nSection 1-301 of this title, or is\n\nany subsequent refinancing of such\n\na transaction, and\n\n(B) does not provide any new\n\nconsolidation or new advance,\n\nif the amount disclosed as the finance charge does not\n\nvary from the actual finance charge by more than an\n\namount equal to one percent (1%) of the total amount\n\nof credit extended.\n\n(b) Each agency shall require such an adjustment when it\n\ndetermines that such disclosure error resulted from:\n\n(i) a clear and consistent pattern or practice of\n\nviolations,\n\n(ii) gross negligence, or\n\n(iii) a willful violation which was intended to mislead\n\nthe person to whom the credit was extended.\n\nNotwithstanding the preceding sentence, except where\n\nsuch disclosure error resulted from a willful\n\nviolation which was intended to mislead the person to\n\nwhom credit was extended, an agency need not require\n\nsuch an adjustment if it determines that such\n\ndisclosure error:\n\n(aa) resulted from an error involving the\n\ndisclosure of a fee or charge that would\n\notherwise be excludable in computing the\n\nfinance charge, including but not limited to\n\nviolations involving the disclosures\n\nconcerning consumer credit insurance,\n\nproperty and liability insurance, and\n\nofficial fees, in which event the agency may\n\nrequire such remedial action as it\n\ndetermines to be equitable, except that for\n\ntransactions consummated after two (2) years\n\nfollowing March 31, 1980, such an adjustment\n\nshall be ordered for violations of\n\ndisclosure of consumer credit insurance,\n\n(bb) involved a disclosed amount which was ten\n\npercent (10%) or less of the amount that\n\nshould have been disclosed and in cases\n\nwhere the error involved a disclosed finance\n\ncharge, the annual percentage rate was\n\ndisclosed correctly, and in cases where the\n\nerror involved a disclosed annual percentage\n\nrate, the finance charge was disclosed\n\ncorrectly; in which event the agency may\n\nrequire such adjustment as it determines to\n\nbe equitable,\n\n(cc) involved a total failure to disclose either\n\nthe annual percentage rate or the finance\n\ncharge, in which event the agency may\n\nrequire such adjustment as it determines to\n\nbe equitable, or\n\n(dd) resulted from any other unique circumstance\n\ninvolving clearly technical and\ncharge was disclosed\n\ncorrectly; in which event the agency may\n\nrequire such adjustment as it determines to\n\nbe equitable,\n\n(cc) involved a total failure to disclose either\n\nthe annual percentage rate or the finance\n\ncharge, in which event the agency may\n\nrequire such adjustment as it determines to\n\nbe equitable, or\n\n(dd) resulted from any other unique circumstance\n\ninvolving clearly technical and\n\nnonsubstantive disclosure violations that do\n\nnot adversely affect information provided to\n\nthe buyer, debtor or lessee and that have\n\nnot misled or otherwise deceived the buyer,\n\ndebtor or lessee.\n\nIn the case of other such disclosure errors, each\n\nagency may require such an adjustment.\n\n(c) Notwithstanding the provisions of paragraph (b) of\n\nthis subsection, no adjustment shall be ordered:\n\n(i) if it would have a significantly adverse impact\n\nupon the safety or soundness of the creditor, but\n\nin any such case, the agency may require a\n\npartial adjustment in an amount which does not\n\nhave such an impact except that with respect to\n\nany transaction consummated after March 1, 1980,\n\nthe agency shall require the full adjustment, but\n\npermit the creditor to make the required\n\nadjustment in partial payments over an extended\n\nperiod of time which the agency considers to be\n\nreasonable,\n\n(ii) if the amount of the adjustment would be less\n\nthan One Dollar ($1.00), except that if more than\n\none (1) year has elapsed since the date of the\n\nviolation, the agency may require that such\n\namount be paid to the Administrator, or\n\n(iii) except where such disclosure error resulted from\n\na willful violation which was intended to mislead\n\nthe person to whom credit was extended, in the\n\ncase of an open-end credit plan, more than two\n\n(2) years after the violation, or in the case of\n\nany other extension of credit, as follows:\n\n(aa) with respect to creditors that are subject\n\nto examination by the agencies referred to\n\nin this section, except in connection with\n\nviolations arising from practices identified\n\nin the current examination and only in\n\nconnection with transactions that are\n\nconsummated after the date of the\n\nimmediately preceding examination, except\n\nthat where practices giving rise to\n\nviolations identified in earlier\n\nexaminations have not been corrected,\n\nadjustments for those violations shall be\n\nrequired in connection with transactions\n\nconsummated after the date of the\n\nexamination in which such practices were\n\nfirst identified,\n\n(bb) with respect to creditors that are not\n\nsubject to examination, except in connection\n\nwith transactions that are consummated after\n\nMay 10, 1978, and\n\n(cc) in no event after the later of the\n\nexpiration of the life of the credit\n\nextension, or two (2) years after the\n\nagreement to extend credit was consummated.\n\n(d) Notwithstanding any other provision of this\n\nsubsection, an adjustment under this subsection may be\n\nrequired by an agency only by an order issued in\n\naccordance with cease and desist procedures either as\n\nprescribed in a statute governing that agency or in\n\nSection 6-108 of this title.\n\n(e) Except as otherwise specifically provided in this\n\nsubsection, no agency may require a creditor to make\n\ndollar adjustments for disclosure errors in any\n\nrequirements under this title.\n\n(f) A creditor shall not be subject to an order to make an\n\nadjustment, if within sixty (60) days after\n\ndiscovering a disclosure error, whether pursuant to a\n\nfinal written examination report or through the\n\ncreditor's own procedures, the creditor notifies the\n\nperson concerned of the error and adjusts the account\n\nso as to assure that such person will not be required\n\nto pay a finance charge in excess of the finance\n\ncharge actually disclosed or the dollar equivalent of\n\nthe annual percentage rate actually disclosed,\n\nwhichever is lower.\npursuant to a\n\nfinal written examination report or through the\n\ncreditor's own procedures, the creditor notifies the\n\nperson concerned of the error and adjusts the account\n\nso as to assure that such person will not be required\n\nto pay a finance charge in excess of the finance\n\ncharge actually disclosed or the dollar equivalent of\n\nthe annual percentage rate actually disclosed,\n\nwhichever is lower.\n\n(g) Notwithstanding the second sentence of paragraph (a)\n\nof this subsection and divisions (aa) and (bb) of\n\nsubparagraph (iii) of paragraph (c) of this\n\nsubsection, each agency shall require an adjustment\n\nfor an annual percentage rate disclosure error that\n\nexceeds a tolerance of one-quarter of one percent (1/4\n\nof 1%) less than the actual rate, determined without\n\nregard to tolerance rules for other purposes, except\n\nin the case of an irregular mortgage lending\n\ntransaction, with respect to any transaction\n\nconsummated between January 1, 1977, and April 1,\n\n1980.\n\n(h) The Administrator may prescribe guidelines and\n\ninterpretations to govern agency action under this\n\nsubsection.","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":"65f219795058ca411966da0f65072f69d5aaa7bfa74c1ac5bd3decddaf07f431","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-6-104","next":"us-ok/okla.-stat.-tit.-14a-14a-6-106"},"notice":"GroundRules: Original legal text. Not legal advice."}