§ 3104. Loan agreement--Disclosure of credit terms--Payment of proceeds--Notices
Oklahoma Statutes AnnotatedTitle 59. Professions and Occupations
59 Okl.St.Ann. § 3104
§ 3104. Loan agreement--Disclosure of credit terms--Payment of proceeds--Notices
A. Each deferred deposit loan shall be documented by a written agreement executed by both the lender and the debtor. The written agreement shall contain the name or trade name of the lender, the license number of the lender, the toll-free telephone number of the Department of Consumer Credit, the transaction date, the loan amount, and a statement of the total amount of fees charged. The written agreement must expressly authorize the lender to defer presentment or deposit of the instrument until a specific date; provided, unless the debtor has entered into an installment payment plan pursuant to Section 3109 of this title, such date shall be not later than forty-five (45) days from the date the instrument is accepted by the lender.
B. The disclosure of the credit terms of a deferred deposit loan shall be according to and governed by the requirements of Regulation Z. The definitions and requirements of that act, regulation and commentary shall apply to deferred deposit loans as if those provisions are fully set out in this act.
“A deferred deposit loan is not intended to meet long-term financial needs. This loan should be used only to meet short-term cash needs.”
“You have the right to rescind this deferred deposit loan no later than 5 p.m. of the next business day following this loan transaction.”
“If you enter into a deferred deposit loan and three consecutive deferred deposit loans, you have the right to pay off the fourth loan pursuant to an installment payment plan, subject to certain conditions.”
“This is a deferred deposit loan instrument regulated by the Oklahoma Department of Consumer Credit, Title 59, Sections 3101 et seq. and any holder of this check takes it subject to all claims and defenses of the originator.”
and shall include the address and toll-free telephone number of the Department of Consumer Credit.
H. At the time a debtor enters into a deferred deposit loan transaction, the lender shall provide the debtor with a pamphlet, approved by the Administrator of Consumer Credit, describing the availability of debt management and credit counseling services, the debtor's right to an installment payment plan and the debtor's rights and responsibilities in the transaction. The pamphlet shall indicate a toll-free telephone number for the Administrator that the debtor may contact to receive information relating to debt management and credit counseling services.
Credits
Laws 2003, c. 240, § 4, eff. Sept. 1, 2003; Laws 2004, c. 557, § 3, emerg. eff. June 10, 2004.
59 Okl. St. Ann. § 3104, OK ST T. 59 § 3104
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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