{"data":{"id":"us-ok/okla.-stat.-tit.-15-15-140","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 15, § 15-140","heading":"Credit agreements - Actions to enforce or seek damages -","body":"limits to actions on oral agreements.\n\nA. As used in this section:\n\n1. \"Credit agreement\" means an agreement by a financial\n\ninstitution to lend money, extend credit or otherwise make any other\n\nfinancial accommodation, or to renew, extend, modify, rearrange or\n\nforebear the repayment of any such loan, extension of credit or\n\nfinancial accommodation, but does not include any promissory note,\n\nreal estate mortgage, or security agreement.\n\n2. \"Financial institution\" means any bank, savings and loan\n\nassociation, or credit union, or any holding company or subsidiary\n\nthereof.\n\n3. \"Lender\" means a financial institution that makes a credit\n\nagreement with a borrower.\n\n4. \"Borrower\" means a person who seeks a credit agreement with\n\na lender or financial institution as defined herein or to whom money\n\nis loaned, credit is extended, or any other financial accommodation\n\nis made or for whom any such loan, extension of credit or financial\n\naccommodation is renewed, extended, modified, rearranged or forborne\n\nby a lender or financial institution as defined herein.\n\nB. No lender or borrower may maintain an action to enforce or\n\nseek damages for the breach of any term or condition of credit\n\nagreement having a principal amount greater than Fifteen Thousand\n\nDollars ($15,000.00), unless such term or condition has been agreed\n\nto in writing and signed by the party against whom it is sought to\n\nbe enforced or against whom damages are sought.\n\nC. The provisions of this section shall not be construed to\n\npreclude a lender from maintaining an action against a borrower,\n\nwhether or not a credit agreement has been signed by the borrower,\n\nwith respect to any of the following:\n\n1. Credit extended on an \"account\", as such term is defined in\n\nSection 4-104 of Title 12A of the Oklahoma Statutes; or\n\n2. Credit extended pursuant to a \"lender credit card or similar\n\narrangement\" or a \"revolving loan account\", as such terms are\n\ndefined, respectively, in Sections 1-301 and 3-108 of Title 14A of\n\nthe Oklahoma Statutes, if the terms or conditions relevant thereto\n\nare in writing and are provided to the borrower prior to his usage\n\nof the card or account or otherwise in accordance with applicable\n\nlaw.\n\nD. The provisions of this section shall be effective with\n\nrespect to credit agreements entered into after the effective date\n\nof this act.","path":["OK Code","Title 15"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os15.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"6332d2f059bb3b003851c47b504a22342becdef52abd0b6247e97247e711d66b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-15-15-14","next":"us-ok/okla.-stat.-tit.-15-15-140.1"},"notice":"GroundRules: Original legal text. Not legal advice."}