2018 Oklahoma Statutes
Title 14A. Consumer Credit Code
§14A-3-202. Additional charges.
(1) In addition to the loan finance charge permitted by this part, a lender may contract for and receive the following additional charges in connection with a consumer loan:
(a)official fees that are itemized and disclosed in accordance with rules of the Administrator, reasonable closing costs and taxes, including but not limited to any tax levied on security instruments or on documents evidencing indebtedness if the payment of such taxes is a precondition for recording the instrument securing the evidence of indebtedness;
(b)charges for insurance as described in subsection (3) of this section;
(c)charges for other benefits, including insurance, conferred on the debtor, if the benefits are of value to the debtor and if the charges are reasonable in relation to the benefits, are of a type which is not for credit, and are excluded as permissible additional charges by rule adopted by the Administrator;
(d)a charge for processing the debtor's application for credit, including but not limited to costs of services such as credit reports, credit investigations, appraisals and fees for preparation of loan-related documents; and
(e)fees related to any pest infestation or flood hazard inspections conducted prior to closing.
(2) In addition to the charges permitted under subsection (1) of this section, a lender may contract for and receive the following additional charges in connection with a revolving loan account accessed by a lender credit card or similar arrangement:
(a)annual or membership fees or service charges whether assessed on an annual or other periodic basis which entitles the user to purchase goods or services from at least one hundred persons not related to the issuer of the lender credit card or similar arrangement, under an arrangement pursuant to which the debts resulting from the purchases are payable to the issuer;
(b)transaction fees or charges for each separate charge or purchase under the revolving loan account;
(c)cash advance fees for each separate cash advance under the revolving loan account;
(d)charges for stopping payment at the debtor's request on any check, negotiable order of withdrawal or share draft written or issued by the debtor to access the revolving loan account; and
(e)reasonable charges for services rendered or for reimbursement of expenses incurred by the lender in connection with the revolving loan account at the request of the debtor, including, but not limited to, search charges and charges for furnishing copies of documents.
(3) An additional charge may be made for insurance written in connection with the loan, other than insurance protecting the lender against the debtor's default or other credit loss:
(a)with respect to insurance against loss of or damage to property, or against liability, if the lender furnishes a clear and specific statement in writing to the debtor, setting forth the cost of the insurance if obtained from or through the lender, and stating that the debtor may choose the person through whom the insurance is to be obtained; and
(b)with respect to consumer credit insurance providing life, accident, or health coverage, if the insurance coverage is not a factor in the approval by the lender of the extension of credit, and this fact is clearly disclosed in writing to the debtor, and if in order to obtain the insurance in connection with the extension of credit, the debtor gives specific affirmative written indication of the debtor’s desire to do so after written disclosure to the debtor of the cost thereof.
(4) With respect to a revolving loan account accessed by a lender or seller credit card or similar arrangement, a lender or seller may not contract for or receive any penalty, increased annual fee, or any similar fee or additional charge, because the account holder pays the account balance in full within a billing cycle, nor any fee or charge for non-use. This provision shall not prohibit a lender or seller from contracting for or receiving, with respect to the applicable portion of a billing cycle, the same annual rate of loan finance charge, as well as the same cash-advance fee, that would apply if the account balance were not paid in full within the billing cycle.
Added by Laws 1969, c. 352, § 3-202, eff. July 1, 1969. Amended by Laws 1970, c. 282, § 6; Laws 1982, c. 335, § 36, operative June 1, 1982; Laws 1985, c. 31, § 1, emerg. eff. April 19, 1985; Laws 1988, c. 35, § 4, operative July 1, 1988; Laws 1989, c. 293, § 7, emerg. eff. May 24, 1989; Laws 1990, c. 260, § 31, operative July 1, 1990; Laws 1998, c. 352, § 3, eff. July 1, 1998; Laws 2000, c. 217, § 6, eff. July 1, 2000.