{"data":{"id":"us-ok/okla.-stat.-tit.-15-15-140.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 15, § 15-140.1","heading":"Debt cancellation agreement","body":"A. A \"debt cancellation agreement\" means a loan term or\n\ncontractual arrangement modifying loan or retail installment\n\ncontract terms under which a lender or other creditor agrees to\n\ncancel all or part of an obligation of the borrower to repay an\n\nextension of credit from the lender or other creditor upon the\n\noccurrence of a specified event. The agreement may be separate from\n\nor a part of other loan or retail installment contract documents.\n\nB. A debt cancellation agreement shall not be considered a\n\ncontract of, or for, insurance if it is not a contract whereby one\n\nundertakes to indemnify another or to pay a specified amount upon\n\ndeterminable contingencies, but merely cancels amounts owed by a\n\nborrower under a loan, retail installment contract or other credit\n\nagreement.\n\nC. A debt cancellation agreement shall not be deemed to create\n\na special relationship between the parties which would give rise to\n\nan action in tort to recover for breach of the duty of good faith\n\nand fair dealing. This section shall not be construed to preclude a\n\nbreach of contract action for failure of the parties to comply with\n\nthe implied duty of good faith and fair dealing in carrying out\n\ntheir obligations as set forth in the agreement.","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":"717cb94851474214b26c725834c4b51bb465ee13625119005b9a9af8ec438898","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-15-15-140","next":"us-ok/okla.-stat.-tit.-15-15-140.2"},"notice":"GroundRules: Original legal text. Not legal advice."}