Home Table of Contents

§ 140.1. Debt cancellation agreement

Oklahoma Statutes AnnotatedTitle 15. Contracts

Oklahoma Statutes Annotated
Title 15. Contracts
Chapter 2. Manner of Creating Contracts
Credit Agreements
15 Okl.St.Ann. § 140.1
§ 140.1. Debt cancellation agreement
A. A “debt cancellation agreement” means a loan term or contractual arrangement modifying loan or retail installment contract terms under which a lender or other creditor agrees to cancel all or part of an obligation of the borrower to repay an extension of credit from the lender or other creditor upon the occurrence of a specified event. The agreement may be separate from or a part of other loan or retail installment contract documents.
B. A debt cancellation agreement shall not be considered a contract of, or for, insurance if it is not a contract whereby one undertakes to indemnify another or to pay a specified amount upon determinable contingencies, but merely cancels amounts owed by a borrower under a loan, retail installment contract or other credit agreement.
C. A debt cancellation agreement shall not be deemed to create a special relationship between the parties which would give rise to an action in tort to recover for breach of the duty of good faith and fair dealing. This section shall not be construed to preclude a breach of contract action for failure of the parties to comply with the implied duty of good faith and fair dealing in carrying out their obligations as set forth in the agreement.

Credits

Laws 2008, c. 29, § 1, eff. Nov. 1, 2008; Laws 2008, c. 353, § 14, eff. Nov. 1, 2008; Laws 2012, c. 150, § 33, eff. Nov. 1, 2012.
15 Okl. St. Ann. § 140.1, OK ST T. 15 § 140.1
Current with emergency effective legislation through Chapter 378 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document