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§ 3150.11. Written explanation to customers of fees and charges--Right of rescission

Oklahoma Statutes AnnotatedTitle 59. Professions and OccupationsEffective: November 1, 2019

Oklahoma Statutes Annotated
Title 59. Professions and Occupations (Refs & Annos)
Chapter 57-1. Oklahoma Small Lenders Act
Effective: November 1, 2019
59 Okl.St.Ann. § 3150.11
§ 3150.11. Written explanation to customers of fees and charges--Right of rescission
Currentness
A. A licensee shall provide each customer a written explanation, in clear, understandable language, of the fees and charges to be charged by the licensee. The style, content and method of executing the required written explanation shall comply with Oklahoma Regulation Z laws1 and shall contain a statement that the customer may prepay the unpaid balance in whole or in part at any time without penalty. The Administrator of the Department of Consumer Credit may promulgate administrative rules establishing additional requirements in order to assure complete and accurate disclosure of the fees and charges to be charged by a licensee under a small loan.
B. A small loan shall include, along with other state or federal law requirements:
1. A customer's right of rescission for any small loan. No lender shall be required to extend a right of rescission past the close of business on the day after loan proceeds are disbursed unless the lender is not open on the day after disbursement, in which case the right of rescission shall be extended to the subsequent day the lender is open; and
2. A notice informing the customer that complaints may be made to the Administrator, including the Administrator's telephone number and address.
C. Borrowers who default may undergo consumer credit counseling from a list of organizations approved by the Department of Consumer Credit and made available upon request by the lender.

Credits

Laws 2019, c. 89, § 13, eff. Nov. 1, 2019.

Footnotes

1
Okla. Admin. Code T. 160, Ch. 45.
59 Okl. St. Ann. § 3150.11, OK ST T. 59 § 3150.11
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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