§ 140. Credit agreements--Actions to enforce or seek damages--Limits to actions on oral agreeme...
Oklahoma Statutes AnnotatedTitle 15. Contracts
15 Okl.St.Ann. § 140
§ 140. Credit agreements--Actions to enforce or seek damages--Limits to actions on oral agreements
1. “Credit agreement” means an agreement by a financial institution to lend money, extend credit or otherwise make any other financial accommodation, or to renew, extend, modify, rearrange or forebear the repayment of any such loan, extension of credit or financial accommodation, but does not include any promissory note, real estate mortgage, or security agreement.
4. “Borrower” means a person who seeks a credit agreement with a lender or financial institution as defined herein or to whom money is loaned, credit is extended, or any other financial accommodation is made or for whom any such loan, extension of credit or financial accommodation is renewed, extended, modified, rearranged or forborne by a lender or financial institution as defined herein.
B. No lender or borrower may maintain an action to enforce or seek damages for the breach of any term or condition of credit agreement having a principal amount greater than Fifteen Thousand Dollars ($15,000.00), unless such term or condition has been agreed to in writing and signed by the party against whom it is sought to be enforced or against whom damages are sought.
2. Credit extended pursuant to a “lender credit card or similar arrangement” or a “revolving loan account”, as such terms are defined, respectively, in Sections 1-301 and 3-108 of Title 14A of the Oklahoma Statutes, if the terms or conditions relevant thereto are in writing and are provided to the borrower prior to his usage of the card or account or otherwise in accordance with applicable law.
D. The provisions of this section shall be effective with respect to credit agreements entered into after the effective date of this act.1
Credits
Laws 1989, c. 148, § 1, emerg. eff. May 8, 1989.
Footnotes
O.S.L.1989, c. 148, emergency effective May 8, 1989.
15 Okl. St. Ann. § 140, OK ST T. 15 § 140
Current with emergency effective legislation through Chapter 29 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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