{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-3150.11","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-3150.11","heading":"Written explanation to customers of fees and charges –","body":"Right of rescission.\n\nA. A licensee shall provide each customer a written\n\nexplanation, in clear, understandable language, of the fees and\n\ncharges to be charged by the licensee. The style, content and\n\nmethod of executing the required written explanation shall comply\n\nwith Oklahoma Regulation Z laws and shall contain a statement that\n\nthe customer may prepay the unpaid balance in whole or in part at\n\nany time without penalty. The Administrator of the Department of\n\nConsumer Credit may promulgate administrative rules establishing\n\nadditional requirements in order to assure complete and accurate\n\ndisclosure of the fees and charges to be charged by a licensee under\n\na small loan.\n\nB. A small loan shall include, along with other state or\n\nfederal law requirements:\n\n1. A customer's right of rescission for any small loan. No\n\nlender shall be required to extend a right of rescission past the\n\nclose of business on the day after loan proceeds are disbursed\n\nunless the lender is not open on the day after disbursement, in\n\nwhich case the right of rescission shall be extended to the\n\nsubsequent day the lender is open; and\n\n2. A notice informing the customer that complaints may be made\n\nto the Administrator, including the Administrator's telephone number\n\nand address.\n\nC. Borrowers who default may undergo consumer credit counseling\n\nfrom a list of organizations approved by the Department of Consumer\n\nCredit and made available upon request by the lender.","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":"180b4a271c7305893d7e7a0448b72b859998907af096bd5bfeb4e1d20268ee17","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-3150.10","next":"us-ok/okla.-stat.-tit.-59-59-3150.12"},"notice":"GroundRules: Original legal text. Not legal advice."}