{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-3150.10","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-3150.10","heading":"Limits on loan fees, interest rates, loan to income","body":"ratios – Payment methods.\n\nA. A licensee authorized to make small loans under this act may\n\ncharge and collect fees in a manner consistent with this section.\n\nB. A licensee may only charge and collect a periodic interest\n\nrate not to exceed seventeen percent (17%) per month unless\n\notherwise provided by this title.\n\nC. The maximum aggregated principal loan amount of all small\n\nloans outstanding across all licensees per customer shall be One\n\nThousand Five Hundred Dollars ($1,500.00) and adjusted every other\n\nyear by the Administrator of the Department of Consumer Credit to\n\nreflect the percentage changes in the Consumer Price Index published\n\nby the Bureau of Labor Statistics of the Department of Labor. To\n\nensure that the maximum aggregated principal amount is not exceeded,\n\nthe licensee shall verify outstanding amounts by using a private\n\ndatabase approved by the Administrator. To comply with the\n\nverification required under this act, a lender may be charged a fee\n\nby the database provider not to exceed Two Dollars and twenty cents\n\n($2.20) for each full or partial 30-day period that a balance is\n\nscheduled to be outstanding.\n\nD. 1. Notwithstanding the maximum aggregate loan amount\n\nestablished in subsection C of this section, a lender is prohibited\n\nfrom making a small loan if the total scheduled payments coming due\n\nin a month exceeds twenty percent (20%) of the borrower's gross\n\nmonthly income.\n\n2. For the purposes of determining a borrower's gross monthly\n\nincome under this subsection, a lender shall obtain and maintain\n\ndocumentation of the borrower's proof of income or third-party\n\nverification of all income considered in making the borrower's gross\n\nmonthly income determination.\n\n3. For the purposes of this subsection, \"month\" means a period\n\nextending from a given date in one (1) calendar month to the same\n\ndate in the succeeding calendar month; or if there is no same date\n\nin the succeeding calendar month, the last day of the succeeding\n\ncalendar month.\n\nE. Any small loan under this act shall require payment in the\n\nform of cash, money order, debit card, prepaid credit card,\n\nautomated clearinghouse debit (ACH payment), remotely created check\n\ndebit (RCC payment) or any other instrument for payment of money on\n\nor after the due date of each billing cycle. If the borrower\n\nchooses to authorize the electronic payment of money, the lender:\n\n1. Must get written authorization from the borrower to\n\nestablish the debit;\n\n2. Must give written notice to the borrower before the initial\n\nfunds are transferred;\n\n3. Must get additional written approval from the borrower after\n\na second failed attempt to make a loan payment due to insufficient\n\nfunds; and\n\n4. Is permitted to provide electronic written notices to the\n\nborrower as long as the borrower consents to electronic\n\ncommunications.\n\nF. If a customer defaults under the terms of a small loan and\n\nthe licensee refers the customer's account to an attorney for\n\ncollection, the licensee may, if the small loan so provides, charge\n\nand collect from the customer a reasonable attorney fee not to\n\nexceed fifteen percent (15%) of the outstanding amount.\n\nG. If a check, ACH payment or RCC payment is returned to a\n\nlicensee from a payor financial institution due to insufficient\n\nfunds, a licensee shall have the authority to assess a twenty-five-\n\ndollar fee against the maker or drawer of the returned check.","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":"ceb531a3fbb5d60b577b6f9f1f1e9835fd3ce5aa354d72b09d785fe579abd0a7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-3150.1","next":"us-ok/okla.-stat.-tit.-59-59-3150.11"},"notice":"GroundRules: Original legal text. Not legal advice."}