{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-3104","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-3104","heading":"Loan agreement - Disclosure of credit terms - Payment of","body":"proceeds - Notices.\n\nA. Each deferred deposit loan shall be documented by a written\n\nagreement executed by both the lender and the debtor. The written\n\nagreement shall contain the name or trade name of the lender, the\n\nlicense number of the lender, the toll-free telephone number of the\n\nDepartment of Consumer Credit, the transaction date, the loan\n\namount, and a statement of the total amount of fees charged. The\n\nwritten agreement must expressly authorize the lender to defer\n\npresentment or deposit of the instrument until a specific date;\n\nprovided, unless the debtor has entered into an installment payment\n\nplan pursuant to Section 3109 of this title, such date shall be not\n\nlater than forty-five (45) days from the date the instrument is\n\naccepted by the lender.\n\nB. The disclosure of the credit terms of a deferred deposit\n\nloan shall be according to and governed by the requirements of\n\nRegulation Z. The definitions and requirements of that act,\n\nregulation and commentary shall apply to deferred deposit loans as\n\nif those provisions are fully set out in this act.\n\nC. A completed copy of the written agreement and “Notice of\n\nCancellation” form as prescribed by the Administrator shall be given\n\nto and acknowledged in writing by the debtor when the written\n\nagreement is signed.\n\nD. A lender may pay the proceeds of a deferred deposit loan to\n\nthe debtor by a business instrument, money order or cash. A lender\n\nmay not charge the debtor an additional fee for cashing the lender’s\n\nbusiness instrument.\n\nE. A lender shall provide the following notices in a prominent\n\nplace on each deferred deposit loan agreement in at least twelve-\n\npoint type:\n\n“A deferred deposit loan is not intended to meet long-term\n\nfinancial needs. This loan should be used only to meet\n\nshort-term cash needs.”\n\n“You have the right to rescind this deferred deposit loan no\n\nlater than 5 p.m. of the next business day following this\n\nloan transaction.”\n\n“If you enter into a deferred deposit loan and three\n\nconsecutive deferred deposit loans, you have the right to\n\npay off the fourth loan pursuant to an installment payment\n\nplan, subject to certain conditions.”\n\nF. A lender shall post at the licensed location a notice of the\n\ncharges, terms, and effective annual percentage rate for deferred\n\ndeposit loans made by the lender.\n\nG. Prior to sale or assignment of instruments held by the\n\nlender as a result of a deferred deposit loan, the lender shall\n\nplace a notice on the instrument in at least twelve-point type to\n\nread:\n\n“This is a deferred deposit loan instrument regulated by the\n\nOklahoma Department of Consumer Credit, Title 59, Sections 3101 et\n\nseq. and any holder of this check takes it subject to all claims and\n\ndefenses of the originator.”\n\nand shall include the address and toll-free telephone number of\n\nthe Department of Consumer Credit.\n\nH. At the time a debtor enters into a deferred deposit loan\n\ntransaction, the lender shall provide the debtor with a pamphlet,\n\napproved by the Administrator of Consumer Credit, describing the\n\navailability of debt management and credit counseling services, the\n\ndebtor’s right to an installment payment plan and the debtor’s\n\nrights and responsibilities in the transaction. The pamphlet shall\n\nindicate a toll-free telephone number for the Administrator that the\n\ndebtor may contact to receive information relating to debt\n\nmanagement and credit counseling services.","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":"35ad92ddd6c423f1ae6abeddf54cb65119230b805a0358ea8c3793f5788c3a9f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-3103.1","next":"us-ok/okla.-stat.-tit.-59-59-3105"},"notice":"GroundRules: Original legal text. Not legal advice."}