2015 Oklahoma Statutes
Title 14A. Consumer Credit Code
§14A-3-106. Definition: "Loan".
(1) "Loan" includes
(a)the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor;
(b)the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw immediately;
(c)the creation of debt pursuant to a lender credit card or similar arrangement, except that the creation of debt or the forbearance of debt arising from a sale or lease of goods or services pursuant to a lender credit card shall be a "loan" only as to the issuer of such card and not as to a seller nor a lessor nor any assignee of a seller's right to payment or lessor's right to payment; and
(d)the forbearance of debt arising from a loan.
(2) "Loan" does not include the creation of debt nor the forbearance of debt in connection with a sale or lease of goods or services arising pursuant to a seller credit card as to the issuer of such card, nor a seller, a lessor or any assignee of a seller's or lessor's right to payment, nor otherwise.
Added by Laws 1969, c. 352, § 3-106, eff. July 1, 1969.
Disclaimer: These codes may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
