§ 3150.10. Limits on loan fees, interest rates, loan to income ratios--Payment methods
Oklahoma Statutes AnnotatedTitle 59. Professions and OccupationsEffective: November 1, 2019
Effective: November 1, 2019
59 Okl.St.Ann. § 3150.10
§ 3150.10. Limits on loan fees, interest rates, loan to income ratios--Payment methods
A. A licensee authorized to make small loans under this act1 may charge and collect fees in a manner consistent with this section.
C. The maximum aggregated principal loan amount of all small loans outstanding across all licensees per customer shall be One Thousand Five Hundred Dollars ($1,500.00) and adjusted every other year by the Administrator of the Department of Consumer Credit to reflect the percentage changes in the Consumer Price Index published by the Bureau of Labor Statistics of the Department of Labor. To ensure that the maximum aggregated principal amount is not exceeded, the licensee shall verify outstanding amounts by using a private database approved by the Administrator. To comply with the verification required under this act, a lender may be charged a fee by the database provider not to exceed Two Dollars and twenty cents ($2.20) for each full or partial 30-day period that a balance is scheduled to be outstanding.
E. Any small loan under this act shall require payment in the form of cash, money order, debit card, prepaid credit card, automated clearinghouse debit (ACH payment), remotely created check debit (RCC payment) or any other instrument for payment of money on or after the due date of each billing cycle. If the borrower chooses to authorize the electronic payment of money, the lender:
F. If a customer defaults under the terms of a small loan and the licensee refers the customer's account to an attorney for collection, the licensee may, if the small loan so provides, charge and collect from the customer a reasonable attorney fee not to exceed fifteen percent (15%) of the outstanding amount.
Credits
Laws 2019, c. 89, § 12, eff. Nov. 1, 2019.
Footnotes
Title 59, § 3150 et seq.
59 Okl. St. Ann. § 3150.10, OK ST T. 59 § 3150.10
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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