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§ 4-107. Maximum charge by creditor for insurance

Oklahoma Statutes AnnotatedTitle 14A. Consumer Credit Code

Oklahoma Statutes Annotated
Title 14a. Consumer Credit Code (Refs & Annos)
Article 4. Insurance
Part 1. Insurance in General
14A Okl.St.Ann. § 4-107
§ 4-107. Maximum charge by creditor for insurance
Currentness
(1) Except as provided in subsection (2), if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by the insurer, as computed at the time the charge to the debtor is determined, conforming to any rate filings required by law and made by the insurer with the Insurance Department.
(2) A creditor who provides consumer credit insurance in relation to a revolving charge account (Section 2-108) or revolving loan account (Section 3-108) may calculate the charge to the debtor in each billing cycle by applying the current premium rate to
(a) the average daily unpaid balance of the debt in the cycle;
(b) the unpaid balance of the debt or a median amount within a specified range of unpaid balances of debt on approximately the same day of the cycle. The day of the cycle need not be the day used in calculating the credit service charge (Section 2-207) or loan finance charge (Section 3-201 and Section 3-508A), but the specified range shall be the range used for that purpose; or
(c) the unpaid balances of principal calculated according to the actuarial method.

Credits

Laws 1969, c. 352, § 4-107, eff. July 1, 1969.
14A Okl. St. Ann. § 4-107, OK ST T. 14A § 4-107
Current with emergency effective legislation through Chapter 449 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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