{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-1509","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-1509","heading":"Disclosure and advertising","body":"A. General Disclosure Requirements. 1. All disclosures\n\nrequired by this act shall be made in accordance with the\n\nregulations of the Administrator and, in addition, such disclosures\n\nas applicable:\n\na. shall be made clearly and conspicuously;\n\nb. shall be in writing, a copy of which shall be\n\ndelivered to the customer;\n\nc. may be supplemented by additional information or\n\nexplanations supplied by the pawnbroker;\n\nd. need be made only to the extent applicable and\n\nonly as to those items for which the pawnbroker makes a separate\n\ncharge to the customer; and\n\ne. shall comply with this section although rendered\n\ninaccurate by any act, occurrence or agreement subsequent to the\n\nrequired disclosure.\n\n2. The disclosures required by this section shall be made\n\nbefore credit is extended, but may be made in the pawn transaction,\n\nrefinancing or consolidation agreement, or other evidence of the\n\npawn transaction agreement to be signed by the customer if set forth\n\nconspicuously therein, and need be made only to one customer if\n\nthere is more than one.\n\n3. If any evidence of the pawn transaction agreement is signed\n\nby the customer, the pawnbroker shall give him a copy when the\n\nwriting is signed.\n\n4. Except as provided with respect to civil liability for\n\nviolations of disclosure provisions, written acknowledgment of\n\nreceipt by a customer to whom a statement is required to be given\n\npursuant to this section:\n\na. in an action or proceeding by or against the\n\noriginal pawnbroker, creates a presumption that the statement was\n\ngiven; and\n\nb. in an action or proceeding by or against an\n\nassignee without knowledge to the contrary when he acquires the\n\nobligation, is conclusive proof of the delivery of the statement\n\nand, unless the violation is apparent on the face of the statement,\n\nof compliance with this act.\n\n5. Where the terms \"finance charge\" and \"annual percentage\n\nrate\" are required to be used, they shall be printed more\n\nconspicuously than other terminology required by this act. All\n\nnumerical amounts and percentages shall be stated in figures and\n\nshall be printed in not less than the equivalent of ten point type,\n\n.075-inch computer type, or elite size typewritten numerals, or\n\nshall be legibly handwritten.\n\nB. Calculation of Rate to be Disclosed. 1. If a pawnbroker\n\nis required to give to a customer a statement of the rate of the\n\npawn finance charge, he shall state the rate in terms of an annual\n\npercentage rate calculated according to the actuarial method\n\ndesignated as \"annual percentage rate\" with respect to a pawn\n\ntransaction, which is the quotient expressed as a percentage of the\n\ntotal pawn finance charge for the period to which it relates divided\n\nby the amount financed, multiplied by the number of these periods in\n\na year.\n\n2. A statement of rate complies with this act if it does not\n\nvary from the accurately computed rate by more than one quarter of\n\none percent (1/4 of 1%) for a pawn transaction.\n\nC. Overstatement. The disclosure of an amount or percentage\n\nwhich is greater than the amount or percentage required to be\n\ndisclosed under this act does not in itself constitute a violation\n\nof this act if the overstatement is not materially misleading and is\n\nnot used to avoid meaningful disclosure.\n\nD. Specific Disclosure Provisions. 1. The pawnbroker shall\n\ngive the customer the following information:\n\na. the name and address of the pawnbroker;\n\nb. the name and address of the customer and the\n\ncustomer's description or the distinctive number from customer's\n\ndriver's license or military identification;\n\nc. the date of the transaction;\n\nd. the net amount paid to, receivable by, or paid or\n\npayable for the account of the customer, designated as \"amount\n\nfinanced\";\n\ne. the amount of the pawn finance charge, designated\n\nas \"finance charge\";\n\nf. the rate of the pawn finance charge as applied to\n\nthe amount financed, in accordance with the provisions on\n's\n\ndriver's license or military identification;\n\nc. the date of the transaction;\n\nd. the net amount paid to, receivable by, or paid or\n\npayable for the account of the customer, designated as \"amount\n\nfinanced\";\n\ne. the amount of the pawn finance charge, designated\n\nas \"finance charge\";\n\nf. the rate of the pawn finance charge as applied to\n\nthe amount financed, in accordance with the provisions on\n\ncalculation of rate in Section 9, subsection B, of this act\n\ndesignated as \"annual percentage rate\";\n\ng. the total amount which must be paid to redeem the\n\npledged goods on the maturity date, designated as the \"total of\n\npayments\";\n\nh. an identification of the property to which any\n\nsecurity interest held or to be retained or acquired relates, and\n\nshall include serial numbers if reasonably available;\n\ni. the maturity date of the pawn transaction; and\n\nj. a statement to the effect that the customer is\n\nnot obligated to redeem the pledged goods, and that the pledged\n\ngoods may be forfeited to the pawnbroker thirty (30) days after the\n\nspecified maturity date, provided that the pledged goods may be\n\nredeemed by the customer within thirty (30) days following the\n\nmaturity date of the pawn transaction by payment of the originally\n\nagreed redemption price and the payment of an additional pawn\n\nfinance charge equal to one-thirtieth (1/30) of the original monthly\n\npawn finance charge for each day following the original maturity\n\ndate including the day on which the pledged goods are finally\n\nredeemed.\n\nE. Consolidation. If the parties to a pawn transaction or\n\nconsumer credit sale agree to a consolidation, the pawnbroker shall\n\ngive to the customer the information required with respect to pawn\n\ntransaction provisions. That portion of the pawn finance charge\n\nearned at the time of consolidation shall be no greater than one-\n\nthirtieth (1/30) of the pawn finance charge for each elapsed day\n\nfrom the date of the transaction. The amount with respect to the\n\nprevious transaction or sale to be consolidated shall be separately\n\nstated and shall be added to the net amount paid to, receivable by,\n\nor paid or payable for the account of the customer in connection\n\nwith the subsequent transaction.\n\nF. Advertising. 1. No pawnbroker shall engage in this state\n\nin false or misleading advertising concerning the terms or\n\nconditions of credit with respect to a pawn transaction.\n\n2. Without limiting the generality of subsection 1 of this\n\nsection an advertisement with respect to a pawn transaction made by\n\nthe posting of a public sign, or by catalog, magazine, newspaper,\n\nradio, television or similar mass media, is misleading if:\n\na. it states the rate of the pawn finance charge and\n\nthe rate is not stated in the form required by the provisions on\n\ncalculation of rate to be disclosed; or\n\nb. it states the dollar amounts of the pawn finance\n\ncharge and does not also state the rate of any pawn finance charge.\n\n3. In this section a catalog or other multiple-page\n\nadvertisement is considered a single advertisement if it clearly and\n\nconspicuously displays a credit terms table setting forth the\n\ninformation required by this section.\n\n4. This section imposes no liability on the owner or\n\npersonnel, as such, of any medium in which an advertisement appears\n\nor through which it is disseminated.\n\n5. Advertising which complies with the Federal Consumer Credit\n\nProtection Act does not violate subsection 2 of this section.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"0598300a6bebba602701f103af9e35baac357487bca4e5a6b73a5748d44c2466","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-1508","next":"us-ok/okla.-stat.-tit.-59-59-1510"},"notice":"GroundRules: Original legal text. Not legal advice."}