2021 Oklahoma Statutes
Title 14A. Consumer Credit Code
§14A-3-204. Deferral charges.
(1) With respect to any consumer loan, refinancing, or consolidation, the parties before or after default may agree in writing to a deferral of all or part of one or more unpaid installments.
(2) With respect to a consumer loan, refinancing, or consolidation, which is not precomputed, at the time of deferral the debtor may agree in writing to a deferral charge that the lender may make and collect.
(3) With respect to a precomputed consumer loan, refinancing, or consolidation, the lender may make and collect a charge not exceeding the rate previously stated to the debtor pursuant to the provisions on disclosure (Part 3) applied to the amount or amounts deferred for the period of deferral calculated without regard to difference in the lengths of months, but proportionally for a part of a month, counting each day as one-thirtieth (1/30) of a month.
(4) A deferral charge may be collected at the time it is assessed or at any time thereafter.
(5) The lender may, in addition to the deferral charge, make appropriate additional charges (Section 3-202). The amount of these additional charges which is not paid in cash may be added to the amount financed. With respect to a precomputed consumer loan, refinancing, or consolidation, these additional charges not paid in cash may be considered part of the amount deferred for the purpose of calculating the deferral charge.
(6) The parties may agree in writing at the time of a precomputed consumer loan, refinancing, or consolidation that if an installment is not paid within ten (10) days after its due date, the lender may unilaterally grant a deferral and make charges as provided in subsection (3) of this section.
(7) No deferral charge may be made for a period after the date that the lender elects to accelerate the maturity of the agreement, except in circumstances where the lender waives the acceleration and the parties then mutually agree to a deferral.
(8) With respect to a precomputed consumer loan, refinancing, or consolidation, a delinquency charge made by the lender on an installment may not be retained if a deferral charge is made pursuant to this section with respect to the period of delinquency.
Added by Laws 1969, c. 352, § 3-204, eff. July 1, 1969. Amended by Laws 2003, c. 65, § 2, emerg. eff. April 10, 2003.
