§ 4-108. Refund or credit required--Amount
Oklahoma Statutes AnnotatedTitle 14A. Consumer Credit Code
14A Okl.St.Ann. § 4-108
§ 4-108. Refund or credit required--Amount
(1) Upon prepayment in full of a consumer credit sale or consumer loan by the proceeds of consumer credit insurance, the debtor or his estate is entitled to a refund of any portion of a separate charge for insurance which by reason of prepayment is retained by the creditor or returned to him by the insurer unless the charge was computed from time to time on the basis of the balances of the debtor's account. Payment by the insurer of the coverage in force at the time the death claim arises includes premiums charged for the coverage.
(2) This article does not require a creditor to grant a refund or credit to the debtor if all refunds and credits due to the debtor under this article amount to less than One Dollar ($1.00), and except as provided in subsection (1) does not require the creditor to account to the debtor for any portion of a separate charge for insurance because
(4) A refund or credit required by subsection (3) is appropriate as to amount if it is computed according to a method prescribed or approved by the Insurance Department or a formula filed by the insurer with the Insurance Department at least thirty (30) days before the debtor's right to a refund or credit becomes determinable, unless the method or formula is employed after the Insurance Department notifies the insurer that it is disapproved.
Credits
Laws 1969, c. 352, § 4-108, eff. July 1, 1969.
14A Okl. St. Ann. § 4-108, OK ST T. 14A § 4-108
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.
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