Oklahoma Admin. Code Title 160 | Oklahoma Administrative Code, Title 160 — Department of Consumer Credit

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Chapter 1 Organization

Okla. Admin. Code § 160:1-1-1 Purpose

The rules in this chapter provide the organizational framework for the Department of Consumer Credit.

History

Amended at 16 Ok Reg 2129, eff 6-25-99

Okla. Admin. Code § 160:1-1-1.1 Department of Consumer Credit

(a) The Department is composed of the Administrator, the Deputy Administrator and such employees as are required and provided for by law [14A:6-506, 6-507 and 6-510].

(b) The policy-making and governing authority of the Department is the Commission on Consumer Credit [14A:6-501]. The Commission schedules regular meetings monthly in Oklahoma City [14A:6-504]. The meetings are open to the public [25:303].

History

Added at 16 Ok Reg 2129, eff 6-25-99

Okla. Admin. Code § 160:1-1-1.2 Duties of Administrator

(a) The Administrator, as the head of the Department, is charged with the duty of administering and enforcing all provisions of:

(1) the Uniform Consumer Credit Code beginning at § 1-101 of Title 14A of the Oklahoma Statutes;

(2) the Oklahoma Rental-Purchase Act beginning at § 1950 of Title 59 of the Oklahoma Statutes;

(3) the Oklahoma Pawnshop Act beginning at § 1501 of Title 59 of the Oklahoma Statutes;

(4) the Precious Metal and Gem Dealer Licensing Act beginning at § 1521 of Title 59 of the Oklahoma Statutes;

(5) the Credit Services Organization Act beginning at § 131 of Title 24 of the Oklahoma Statutes;

(6) the Oklahoma Health Spa Act beginning at § 2000 of Title 59 of the Oklahoma Statutes;

(7) the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) beginning at § 2095 of the Oklahoma Statutes and,

(8) the Deferred Deposit Lending Act beginning at § 3101 of Title 59 of the Oklahoma Statutes.

(b) When the Administrator is absent or unable to act for any reason, then the Deputy Administrator shall perform the duties of Administrator [14A:6-507].

History

Added at 16 Ok Reg 2129, eff 6-25-99; Amended at 20 Ok Reg 2850, eff 9-1-03 (emergency); Amended at 21 Ok Reg 2670, eff 7-12-04; Amended at 28 Ok Reg 1114, eff 7-1-11

Okla. Admin. Code § 160:1-1-2 Purpose of Commission, Administrator and Department [REVOKED]

History

Amended at 9 Ok Reg 2257, eff 6-25-92; Revoked at 16 Ok Reg 2129, eff 6-25-99

Okla. Admin. Code § 160:1-1-3 Organization [REVOKED]

History

Amended at 9 Ok Reg 2257, eff 6-25-92; Revoked at 16 Ok Reg 2129, eff 6-25-99

Okla. Admin. Code § 160:1-1-4 Records and communications [REVOKED]

History

Amended at 9 Ok Reg 2257, eff 6-25-92; Revoked at 16 Ok Reg 2129, eff 6-25-99

Okla. Admin. Code § 160:1-1-5 Meetings [REVOKED]

History

Amended at 9 Ok Reg 2257, eff 6-25-92; Revoked at 16 Ok Reg 2129, eff 6-25-99

Okla. Admin. Code § 160:1-1-6 Administrator [REVOKED]

History

Amended at 9 Ok Reg 2257, eff 6-25-92; Revoked at 16 Ok Reg 2129, eff 6-25-99

Okla. Admin. Code § 160:1-1-7 Consumer Credit Advisory Committee

(a) Purpose and authority. The purpose of this rule is to establish procedures regarding the appointments of members to the Consumer Credit Advisory Committee (Committee). The Committee has authority to review fees applicable to licensees of the Department of Consumer Credit (Department) and to make recommendations to the Commission on Consumer Credit (Commission) regarding any fees applicable to licensees of the Department. The Commission appoints members of the Committee and has authority to prescribe rules governing appointments to the Committee.

(b) Members. The Committee consists of eleven (11) members. Ten (10) members are appointed by the Commission and the Administrator of Consumer Credit serves as the Chair of the Committee. The ten members appointed by the Commission are two (2) licensed supervised lenders, one (1) licensed pawnbroker, one (1) licensed mortgage broker and mortgage loan originator, one (1) licensed rental purchase dealer, one (1) licensed precious metal and gem dealer, one (1) licensed health spa, one (1) licensed credit services organization, one (1) entity or individual that has filed notification pursuant to 14A O.S. § 6-202 and one (1) licensed deferred deposit lender. The Commission may appoint an employee of a licensed entity to serve on the Committee.

(c) Members recommended for appointment by professional associations. The following Committee members are recommended for appointment by the following professional associations: One (1) supervised lender is recommended for appointment by the Oklahoma Consumer Finance Association; one (1) supervised lender is recommended for appointment by the Independent Finance Institute; one (1) pawnbroker is recommended for appointment by the Oklahoma Pawnbrokers Association; one (1) rental purchase dealer is recommended for appointment by the Oklahoma Rental Dealers Association; one (1) mortgage broker and mortgage loan originator is recommended for appointment by the Oklahoma Association of Mortgage Professionals and one (1) deferred deposit lender is recommended for appointment by the Community Financial Services Association.

(d) Members not recommended for appointment by professional associations. The following Committee members are not recommended for appointment by a professional association: One licensed precious metal and gem dealer; one (1) licensed health spa; one (1) licensed credit services organization and one (1) entity or individual that has filed notification pursuant to 14A O.S. § 6-202.

(e) Appointment procedures of members recommended by professional associations.

(1) Notification. The Commission Secretary shall submit notification to each professional association responsible for making an appointment recommendation when a vacancy occurs. The notification may be submitted by electronic mail, facsimile or regular United States Mail and shall be addressed to the association director, president or chief officer, as applicable. The notification shall request the association to submit a list of three (3) names and accompanying resumes for recommendation to the Committee within thirty (30) days from the date notification is sent. Failure of an association to submit the required list of names and accompanying resumes shall result in a vacancy for the applicable licensee member until a list of names and accompanying resumes are submitted and a member is appointed by the Commission.

(2) Appointment. The Commission Secretary shall forward the list of recommendations and accompanying resumes to Commission members prior to the next regularly scheduled Commission meeting following the submission of recommendations and resumes. A member shall be appointed upon a nominating motion from the list of recommended names, a seconded nomination motion and a majority vote of voting Commission members present at the meeting.

(f) Appointment procedures for members not recommended by professional associations.

(1) Notification. Notification of a vacancy shall be published on the main page of the Department Internet website by the Commission Secretary. The notification shall request recommendations and resumes for applicable appointments to be submitted to the Commission Secretary by electronic mail, facsimile or regular United States mail within thirty (30) days from the date notification is published on the Department Internet website. The notification shall be published for a period of thirty (30) calendar days. Failure to submit recommendations and accompanying resumes shall result in a vacancy for the applicable licensee member until a list of names and accompanying resumes are submitted and a member is appointed by the Commission.

(2) Appointment. The Commission Secretary shall forward the list of names and accompanying resumes to Commission members following the conclusion of the notification publication period and prior to the next regularly scheduled Commission meeting. A member shall be appointed upon a nominating motion from the list of submitted names, a seconded nomination motion and a majority vote of voting Commission members present at the meeting.

History

Added at 28 Ok Reg 1114, eff 7-1-11

Chapter 3 Procedure

Okla. Admin. Code § 160:3-1-1 Purpose

The rules in this chapter provide the procedural framework for the Department of Consumer Credit and provide the necessary channels through which the public can gain information about the Department and its functions.

History

Amended at 16 Ok Reg 2130, eff 6-25-99

Okla. Admin. Code § 160:3-1-1.1 Requests for information

(a) Requests for information may be made electronically, by telephone, by facsimile, by mail, or by personal appearance at the Office of the Department of Consumer Credit.

(b) The Oklahoma Open Records Act beginning at § 24A.1 of Title 51 of the Oklahoma Statutes sets forth the records that shall be open to any person for inspection, copying or mechanical reproduction.

(c) Where the request is for materials of which copies are not available and photocopying or reproduction by other means is required, such service shall be provided upon payment of the appropriate fee.

History

Added at 16 Ok Reg 2130, eff 6-25-99; Amended at 18 Ok Reg 2352, eff 6-25-01; Amended at 21 Ok Reg 2671, eff 7-12-04; Amended at 26 Ok Reg 166, eff 10-17-08 (emergency); Amended at 26 Ok Reg 2473, eff 7-11-09

Okla. Admin. Code § 160:3-1-1.2 Official actions

(a) Official acts in writing and open to the public. All official acts of the Administrator shall be evidenced by written record. All final orders, decisions, opinions, rules and other written statements of policy or interpretations formulated, adopted or used in the discharge of the functions of the Administrator shall be available for public inspection. Official action of the Administrator shall not be bound or prejudiced by any informal statement or opinion made by the Administrator or employees of the Administrator.

(b) Official action to be taken only in real cases, controversies or issues. Official actions shall only be taken on matters formally pending before the Administrator for determination, and then only if such matter be an actual case, controversy or issue.

(1) An interested person may file a petition for a declaratory ruling as to the applicability of any rule or order. The petition shall:

(A) be in writing;

(B) refer to the rule or order involved;

(D) state the fact situation with respect to which the declaratory ruling is sought; and,

(E) list the name and address of the person requesting the ruling.

(2) The Administrator may require any petitioner to provide additional information. A petition is not considered final until all requested information has been submitted. The failure to provide additional information shall be deemed to be a withdrawal of the petition.

(3) Official rulings may be made by and at the discretion of the Administrator as to the applicability of any rule or order. Generally, an official ruling will only be given if it is shown that an actual case, controversy or issue is in contemplation on the hypotheses presented and that unreasonable hardship, loss or delay would result if the matter were not determined in advance.

(4) The declaratory ruling requested or refusal to issue such ruling shall be issued within thirty (30) workdays from receipt of the final petition, and shall be subject to review in accordance with the Administrative Procedures Act beginning at § 250 of Title 75 of the Oklahoma Statutes [75:307].

(d) Rights not limited. This section shall not be interpreted as limiting the right of the Administrator to cause matters to become formally pending and to perform any function or duty prescribed by law or rule.

History

Added at 16 Ok Reg 2130, eff 6-25-99

Okla. Admin. Code § 160:3-1-1.3 Petitions for rulemaking

(a) An interested person may file a petition requesting the promulgation, amendment or repeal of a rule [75:305]. The petition shall:

(1) be in writing;

(2) refer to the statutory section that authorizes the rulemaking action requested;

(3) refer to the statutory section and the rule involved;

(4) state the exact language requested;

(5) state the purpose of the rule sought;

(6) state a fact situation to which the rule sought will apply; and,

(7) list the name and address of the person requesting the rule.

(b) The Administrator may require any petitioner to provide additional information. A petition is not considered final until all requested information has been submitted. The failure to provide additional information shall be deemed to be a withdrawal of the petition.

(c) The petition shall be deemed to have been denied if rulemaking proceedings have not been initiated within thirty (30) calendar days from receipt of a final petition [75:305].

History

Added at 16 Ok Reg 2130, eff 6-25-99

Okla. Admin. Code § 160:3-1-1.4 Complaint form

The complaint form is used by the Department to gather information regarding grievances. This information is used to contact licensees to seek resolutions. The information obtained in the course of any complaint shall be confidential, except in civil or administrative, proceedings conducted by the Administrator, or criminal proceedings instituted by the state.

History

Added at 16 Ok Reg 2130, eff 6-25-99

Okla. Admin. Code § 160:3-1-2 Procedure for rule-making and requests for declaratory rulings [REVOKED]

History

Amended at 9 Ok Reg 2259, eff 6-25-92; Revoked at 16 Ok Reg 2130, eff 6-25-99

Okla. Admin. Code § 160:3-1-3 Procedure governing the denial, revocation or suspension of license [REVOKED]

History

Amended at 9 Ok Reg 2259, eff 6-25-92; Revoked at 16 Ok Reg 2130, eff 6-25-99

Okla. Admin. Code § 160:3-1-4 Requirements for individual proceedings

(a) Purpose. The purpose of this rule is to prescribe procedures and requirements for references of parties, entries of appearance, continuances, subpoenas and Consent Orders for individual proceedings at the Department of Consumer Credit (Department). This rule supplements rules in subsequent chapters of this title concerning individual proceedings and hearing procedures. Any conflicts between this rule and rules in subsequent chapters of this title concerning individual proceedings and hearing procedures shall be resolved in favor of the requirements of this rule.

(b) Definition of individual proceeding. For purposes of this rule, individual proceeding has the same meaning as defined in 75 O.S. § 250.3.

(c) Computation of time. For purposes of this rule and any subsequent rules in this title concerning individual proceedings and hearing requirements, computation of time shall be as provided in 75 O.S. § 250.8.

(d) Names of parties. The Department shall be referred to as the Petitioner in an individual proceeding. A licensee or any entity or individual that is the subject of an individual proceeding initiated by the Department shall be referred to as the Respondent.

(e) Entry of Appearance. Attorneys representing the Department and attorneys representing Respondents in an individual proceeding shall file an entry of appearance. The entry of appearance shall include the case caption of the individual proceeding, the name, address, telephone number, electronic mail address and Oklahoma Bar Association number of the attorney filing an entry of appearance. An attorney filing an entry of appearance shall also indicate the party being represented by the attorney.

(f) Continuances.

(1) Continuance motion by the Respondent. A Respondent that wishes to continue a scheduled hearing pursuant to an individual proceeding shall file a motion for continuance with the Department. The motion for continuance shall be in writing, shall indicate the reason(s) for the requested continuance, shall include the signature of the Respondent or attorney representing the Respondent and shall be filed at least seven (7) calendar days prior to the scheduled hearing date. The calendar day filing requirement may be waived by the hearing examiner for good cause shown, upon motion of the Respondent.

(2) Continuance by the Department. The Department may continue a scheduled hearing pursuant to an individual proceeding by submitting written notification to the Respondent via certified mail, return receipt requested, or electronic mail at least seven (7) calendar days prior to the scheduled hearing date. The attorney for the Department shall prepare and sign the continuance order. The continuance order shall be filed at the Department. The submission date shall be the date a continuance is mailed to the Respondent. The calendar day notification requirement may be waived by the hearing examiner for good cause shown, upon motion of the Department.

(3) Contested continuance motions. If the Department opposes a motion for continuance filed by the Respondent, the attorney for the Department shall file a motion opposing the motion for continuance and include the reasons why the Department opposes the motion for continuance. The motion for continuance and the motion opposing the continuance shall be submitted to the hearing examiner by the attorney for the Department. The motion for continuance and the motion opposing the continuance shall be submitted via electronic mail at least five (5) calendar days prior to the scheduled hearing. The hearing examiner shall issue an order concerning the contested motion for continuance at least three (3) calendar days prior to the scheduled hearing. The hearing examiner shall submit the order to the Department and the Respondent via electronic mail. The continuance order shall be filed at the Department.

(4) Unopposed continuance motions. If the Department does not object to a motion for continuance filed by the Respondent, the attorney for the Department shall issue and sign a continuance order and shall submit the continuance order to the Respondent via certified mail, return receipt requested or via electronic mail. The continuance order shall be filed at the Department.

(g) Subpoenas.

(1) Subpoenas by the Department. If the Department wishes to issue a subpoena for document production or testimony concerning any issue involved in an individual proceeding, the attorney for the Department, the Administrator or Deputy Administrator may issue and sign the subpoena. The subpoena shall be served as authorized by the Oklahoma Civil Procedure Code.

(2) Subpoenas by a Respondent. If the Respondent wishes to issue a subpoena for document production or testimony concerning any issue involved in an individual proceeding, the Respondent shall submit a written request to the attorney for the Department or Administrator via electronic mail or regular United States mail. The Administrator, Deputy Administrator or the hearing examiner may issue and sign the subpoena. The subpoena shall be served by the Respondent as authorized by the Oklahoma Civil Procedure Code.

(h) Consent Orders.

(1) Process. After a Notice of Hearing is filed pursuant to an individual proceeding initiated by the Department, a Respondent may waive their right to a hearing and enter into a Consent Order with the Department. A Respondent that wishes to waive their right to a hearing and enter into a Consent Order shall submit notification to the attorney for the Department. The notification may be submitted via electronic mail or regular United States Mail. The notification shall indicate that the Respondent wishes to waive their right to a hearing and enter into a Consent Order with the Department.

(2) Time requirements. Notification that a Respondent wishes to enter into a Consent Order shall be received by the Department at least five (5) calendar days prior to the scheduled hearing date. If the written notification is not received within the required period of time, the hearing shall be heard as scheduled unless waived by written agreement of both parties. Upon receipt of notification that a Respondent wishes to enter into a Consent Order, the attorney for the Department shall prepare a Consent Order for signature by the Respondent and the Administrator or Deputy Administrator. A Consent Order shall be signed by both parties and filed within thirty (30) calendar days of receipt of notification that the Respondent wishes to enter into a Consent Order. If a Consent Order is not signed by both parties and filed within the required period of time, a hearing shall be re-scheduled for the next regularly scheduled hearing docket at the Department.

(3) Signatures. The Deputy Administrator is authorized to sign any Consent Order entered into by a Respondent and the Department. A Respondent shall verify the truth of the statements contained in a Consent Order in the presence of a notary public.

(i) Final Agency Orders. The Administrator shall issue a Final Agency Order regarding an individual proceeding that has not been resolved pursuant to a Consent Order. The Administrator shall issue a Final Agency Order within a reasonable period of time after reviewing the administrative record and a proposed order from the hearing examiner.

(j) Emergency orders. The Administrator may issue an emergency order, pending the final outcome of the proceeding, that includes the suspension of a license instanter or a cease and desist instanter if the public health, safety, or welfare imperatively requires such action. An emergency order shall include an order for a hearing that is scheduled within twenty (20) days from the date of service of the emergency order. The Administrator shall serve an emergency order by certified mail, return receipt requested, or by personal delivery.

History

Added at 28 Ok Reg 1115, eff 7-1-11 ; Amended at 30 Ok Reg 1025, eff 7-1-13
Amended by Oklahoma Register, Volume 33, Issue 24, September 1, 2016, eff. 9/11/2016

Chapter 5 EVENTS

Okla. Admin. Code § 160:5-1-1 Purpose

The rules in this chapter set forth the fees charged by the Department of Consumer Credit relating to the various entities that are regulated by the Department and to open records.

History

Added at 16 Ok Reg 2134, eff 6-25-99

Okla. Admin. Code § 160:5-1-2 Fees

Fees charged by the Department are as follows:

(1) Supervised Lenders

(A) $290.00 annual license fee.

(B) $425.00 investigation fee.

(C) A late fee of $10.00 per day for thirty (30) days shall be assessed for each license that is not renewed by December 1.

(D) $500.00 examination fee that is payable at the time of license application or license renewal.

(E) $25.00 fee for a duplicate or amended license

(F) $25.00 fee for a returned check

(G) A $50.00 late fee shall be assessed for any annual report received after May 1.

(H) All fees are non-refundable unless the Code or these rules require otherwise.

(2) Notification filings

(A) $120.00 annual filing fee for each business location.

(B) A late fee of $10.00 per day shall be assessed for each filing that is not received by January 31.

(3) Pawnbrokers

(A) $240.00 annual license fee.

(B) $325.00 investigation fee.

(D) $25.00 amended or duplicate license fee.

(E) $25.00 returned check fee.

(F) A late fee of $10.00 per day for thirty (30) days shall be assessed for each license renewal that is not received by December 1.

(G) All fees are non-refundable unless the Act or rules require otherwise.

(4) Rental purchase lessors

(A) $200.00 annual license fee.

(B) $200.00 investigation fee.

(D) $100.00 per contract reviewal fee for each rental purchase agreement that is submitted to the Administrator for review and approval.

(E) $25.00 amended or duplicate license fee.

(F) $25.00 returned check fee.

(G) All fees are non-refundable unless the Act or rules require otherwise.

(5) Health Spas

(A) $300.00 annual registration fee.

(B) $200.00 investigation fee.

(C) $100.00 per contract reviewal fee for each health spa contract that is submitted to the Administrator for review and approval.

(D) A late fee of $10.00 per day for thirty (30) days shall be assessed for each registration renewal that is not received by December 1.

(E) $25.00 amended or duplicate registration fee.

(F) $25.00 returned check fee.

(G) All fees are non-refundable unless the Act or rules require or indicate otherwise.

(6) Credit Services Organizations

(A) $200.00 annual license fee.

(B) $300.00 investigation fee.

(D) $400.00 examination fee that is payable at the time of license application or license renewal.

(E) $25.00 returned check fee.

(F) A late fee of $10.00 per day for thirty (30) days shall be assessed for each license renewal that is not received by December 1.

(G) All fees are non-refundable unless the Act or these rules require or indicate otherwise.

(7) Precious Metals and Gem Dealers

(A) $300.00 annual license fee for precious metal and gem dealers, $200 annual license fee for precious metal and gem dealer employees.

(B) $425.00 investigation fee for precious metal dealers.

(C) A late fee of $10.00 per day for thirty (30) days shall be assessed for each precious metal and gem dealer and employee license renewal that is not received by December 1.

(D) $25.00 amended or duplicate license fee for precious metal and gem dealers and employees.

(E) $25.00 return check fee for precious metal and gem dealers and employees.

(F) All fees are non-refundable unless the Act or these rules require or indicate otherwise.

(8) Mortgage Brokers and Mortgage Loan Originators

(A) $950.00 mortgage broker application fee.

(B) $200.00 mortgage loan originator application fee.

(D) A late fee of $10.00 per day for thirty (30) days shall be assessed for each mortgage broker or mortgage loan originator license renewal that is not received by December 1.

(E) $150.00 mortgage broker branch office annual license fee.

(F) $150.00 inactive status fee for a mortgage broker license, mortgage broker branch office license or mortgage loan originator license.

(G) $25.00 fee for each mortgage broker, mortgage broker branch or mortgage loan originator license change, duplicate license or returned check [59:2095.7(M)(5)]

(H) Each mortgage broker, mortgage broker branch office and mortgage loan originator shall pay a $10.00 fee for each initial application and each license renewal to be deposited into the Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund.

(I) Mortgage brokers and mortgage broker branch offices shall pay a $500.00 examination fee that is payable at the time of license application or license renewal.

(J) Mortgage loan originators shall pay a $50.00 examination fee that is payable at the time of license application and license renewal.

(K) All fees are non-refundable unless the Act or these rules require otherwise.

(9) Other

(A) $0.25 fee per page for copies [51:24A.5(3)]

(B) $1.00 fee per copied page for a certified copy [51:24A.5(3)]

(C) Reasonable search fee of the hourly rate of lowest paid employee capable of performing search when records are requested solely for commercial purpose or the request would clearly cause excessive disruption of the Department's essential functions [51:24A.5(3)].

History

Added at 11 Ok Reg 283, eff 10-27-93 (emergency); Added at 11 Ok Reg 4425, eff 8-11-94; Amended at 16 Ok Reg 2134, eff 6-25-99; Amended at 17 Ok Reg 1527, eff 5-25-00; Amended at 18 Ok Reg 2353, eff 6-25-01; Amended at 20 Ok Reg 2749, eff 7-1-03 (emergency); Amended at 20 Ok Reg 2850, eff 9-1-03 (emergency); Amended at 21 Ok Reg 2671, eff 7-12-04; Amended at 22 Ok Reg 7, eff 8-11-04 (emergency); Amended at 22 Ok Reg 2341, eff 7-11-05; Amended at 27 Ok Reg 1741, eff 7-1-10; Amended at 28 Ok Reg 63, eff 8-19-10 (emergency); Amended at 28 Ok Reg 1117, eff 7-1-11; Amended at 29 Ok Reg 936, eff 7-1-12
Amended by Oklahoma Register, Volume 38, Issue 24, September 1, 2022, eff. 9/11/2022

Chapter 10 Consumer Leasing

Subchapter 1 General Provisions

Okla. Admin. Code § 160:10-1-1 Purpose

The rules in this chapter provide regulations to ensure that lessees of personal property receive meaningful disclosures that enable them to compare lease terms with other leases, and where appropriate, with credit transactions; to limit the amount of balloon payments in consumer lease transations; and to provide for the accurate disclosure of lease terms in advertising.

History

Amended at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-1-1.2 Scope

(a) This chapter applies to all persons that are lessors of personal property under consumer leases.

(b) This chapter does not apply to a lease transaction of personal property which is incident to the lease of real property and which provides that:

(1) the lessee has no liability for the value of the personal property at the end of the lease term except for abnormal wear and tear, and

(2) the lessee has no option to purchase the leased property.

History

Added at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-1-2 Definitions

Except as otherwise specifically defined in this section, the definitions set forth in the Code are incorporated herein and made a part hereof. The following words and terms, when used in this chapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Adjusted capitalized cost" equals the gross capitalized cost less the capitalized cost reduction, and is the amount used by the lessor in calculating the base periodic payment.

"Advertisement" means any commercial message in any newspaper, magazine, leaflet, flyer or catalog, on radio, television or public address system, in direct mail literature or other printed material, on any interior or exterior sign or display, in any window display, in any point-of-transaction literature or price tag which is delivered or made available to a lessee or prospective lessee in any manner whatsoever.

"Agricultural products" includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any products thereof, including processed and manufactured products, any and all products raised or produced on farms and any processed or manufactured products thereof.

"Agricultural purpose" means a purpose related to the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, plants, propagates, or nurtures those agricultural products, including but not limited to the acquisition of personal property and services used primarily in farming.

"Arrange for lease of personal property" means to provide or offer to provide a lease which is or will be extended by another person under a business or other relationship pursuant to which the person arranging such lease:

(A) Receives or will receive a fee, compensation, or other consideration for such service; or

(B) Has knowledge of the lease terms and participates in the preparation of the contract documents required in connection with the lease.

"Capitalized cost reduction" means the total amount of any rebate, cash payment, net trade-in allowance, and noncash credit that reduces the gross capitalized cost.

"Closed-end lease" means a consumer lease other than an open-end lease as defined in this section.

"Code" means the Uniform Consumer Credit Code beginning at § 1-101 of Title 14A of the Oklahoma Statutes.

"Consumer lease" means a contract in the form of a bailment or lease for the use of personal property by a natural person primarily for personal, family, or household purposes, for a period exceeding four months and for a total contractual obligation not exceeding $45,000, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease. Unless the context indicates otherwise, in this chapter "lease" means "consumer lease." It does not include a lease that meets the definition of a credit sale in §2-105(4) of the Code, nor does it include a lease for business, commercial or agricultural purposes or a lease made to an organization.

"Consummation" means the time at which a lessee becomes contractually obligated on a lease transaction. A lease transaction shall be considered consummated at the time a contractual relationship is created between the lessor and lessee, irrespective of the time of the performance of either party.

"Department" means the Oklahoma State Department of Consumer Credit.

"Gross capitalized cost" means the amount agreed upon by the lessor and the lessee as the value of the leased property and any items that are capitalized or amortized during the lease term, including but not limited to taxes, insurance, service agreements, and any out-standing prior credit or lease balance.

"Lessee" means a natural person who leases under, or who is offered a consumer lease.

"Lessor" means a person who regularly leases, offers to lease, or arranges for the lease of personal property under a consumer lease. A person who has leased, offered, or arranged to lease personal property more than five times in the preceding calendar year or more than five times in the current calendar year is subject to the Code and this chapter.

"Open-end lease" means a consumer lease in which the lessee's liability at the end of the lease term is based on the difference between the residual value of the leased property and its realized value.

"Organization" means a corporation, trust, estate, partnership, cooperative, association, government, or governmental subdivision, agency or instrumentality.

"Period" means a day, week, month or other subdivision of a year.

"Person" means natural person or an organization.

"Personal property" means any property which is not real property under the law of the state where it is located at the time it is offered or made available for lease.

"Real property" means property which is real property under the law of the state in which it is located.

"Realized value" means

(A) the price received by the lessor for the leased property at disposition,

(B) the highest offer for disposition, or

"Residual value" means the value of the leased property at the end of the lease term, as estimated or assigned at consummation by the lessor, used in calculating the base periodic payment.

"Security interest" and "security" mean any interest in property which secures payment or performance of an obligation. The terms include, but are not limited to, security interests under the Uniform Commercial Code, real property mortgages, deeds of trust, and other consensual or confessed liens whether or not recorded, mechanic's, materialman's, artisan's and other similar liens, vendor's liens in both real and personal property, any lien on property arising by operation of law, and any interest in a lease when used to secure payment or performance of an obligation.

"State" means any state, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession of the United States.

"Total lease obligation" equals the total of (1) the scheduled periodic payments under the lease, (2) any nonrefundable cash payment required of the lessee or agreed upon by the lessor and lessee or any trade-in allowance made at consummation, and (3) the estimated value of the leased property at the end of the lease term.

"Value at consummation" equals the cost to the lessor of the leased property including, if applicable, any increase or markup by the lessor prior to consummation.

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Amended at 17 Ok Reg 1528, eff 5-25-00; Amended at 18 Ok Reg 2354, eff 6-25-01

Okla. Admin. Code § 160:10-1-3 Rules of construction [REVOKED]

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Revoked at 17 Ok Reg 1528, eff 5-25-00

Subchapter 3 Exempted Transactions [Revoked]

Okla. Admin. Code § 160:10-3-1 Exempted transactions [REVOKED]

History

Revoked at 17 Ok Reg 1528, eff 5-25-00

Subchapter 5 Disclosures

Okla. Admin. Code § 160:10-5-1 General requirements [REVOKED]

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Revoked at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-5-1.1 General disclosure requirements

(a) General requirements. A lessor shall make the disclosures required by 160:10-5-1.2, as applicable. The disclosures shall be made clearly and conspicuously in writing in a form the consumer may keep, in accordance with this section. The disclosures required by this chapter may be provided to the lessee in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) (15 U.S.C. § 7001 et seq. ). For an advertisement accessed by the consumer in electronic form, the disclosures required by 160:10-7-1.1 may be provided to the consumer in electronic form in the advertisement, without regard to the consumer consent or other provisions of the E-Sign Act.

(1) Form of disclosures. The disclosures required by 160:10-5-1.2 shall be given to the lessee together in a dated statement that identifies the lessor and the lessee; the disclosures may be made either in a separate statement that identifies the consumer lease transaction or in the contract or other document evidencing the lease. Alternatively, the disclosures required to be segregated from other information under paragraph (a)(2) of this section may be provided in a separate dated statement that identifies the lease, and the other required disclosures may be provided in the lease contract or other document evidencing the lease. In a lease of multiple items, the property description required by 160:10-5-1.2(1) may be given in a separate statement that is incorporated by reference in the disclosure statement required by this paragraph.

(2) Segregation of certain disclosures. The following disclosures shall be segregated from other information and shall contain only directly related information: 160:10-5-1.2(2) through 160:10-5-1.2(6), 160:10-5-1.2(7)(B), 160:10-5-1.2(8)(C), 160:10-5-1.2(9)(A), 160:10-5-1.2(10), and 160:10-5-1.2(13)(A). The headings, content, and format for the disclosures referred to in this paragraph shall be provided in a manner substantially similar to the applicable model form in the appendixes of this chapter.

(3) Timing of disclosures. A lessor shall provide the disclosures to the lessee prior to the consummation of a consumer lease.

(4) Language of disclosures. The disclosures required by 160:10-5-1.2 may be made in a language other than English provided that they are made available in English upon the lessee's request.

(b) Additional information; nonsegregated disclosures. Additional information may be provided with any disclosure not listed in paragraph (a)(2) of this section, but it shall not be stated, used, or placed so as to mislead or confuse the lessee or contradict, obscure, or detract attention from any disclosure required by this chapter.

(c) Multiple lessors or lessees. When a transaction involves more than one lessor, the disclosures required by this chapter may be made by one lessor on behalf of all the lessors. When a lease involves more than one lessee, the lessor may provide the disclosures to any lessee who is primarily liable on the lease.

(d) Use of estimates. If an amount or other item needed to comply with a required disclosure is unknown or unavailable after reasonable efforts have been made to ascertain the information, the lessor may use a reasonable estimate that is based on the best information available to the lessor, is clearly identified as an estimate, and is not used to circumvent or evade any disclosures required by this chapter.

(e) Effect of subsequent occurrence. If a required disclosure becomes inaccurate because of an event occurring after consummation, the inaccuracy is not a violation of this chapter.

(f) Minor variations. A lessor may disregard the effects of the following in making disclosures:

(1) that payments must be collected in whole cents;

(2) that dates of scheduled payments may be different because a scheduled date is not a business day;

(3) that months have different numbers of days; and

(4) that February 29 occurs in a leap year.

History

Added at 17 Ok Reg 1528, eff 5-25-00; Amended at 21 Ok Reg 2674, eff 7-12-04; Amended at 25 Ok Reg 2161, eff 7-11-08

Okla. Admin. Code § 160:10-5-1.2 Content of disclosures

For any consumer lease subject to this chapter, the lessor shall disclose the following information, as applicable:

(1) Description of property. A brief description of the leased property sufficient to identify the property to the lessee and lessor.

(2) Amount due at lease signing or delivery. The total amount to be paid prior to or at consummation or by delivery, if delivery occurs after consummation, using the term "amount due at lease signing or delivery." The lessor shall itemize each component by type and amount, including any refundable security deposit, advance monthly or other periodic payment, and capitalized cost reduction; and in motor vehicle leases, shall itemize how the amount due will be paid, by type and amount, including any net trade-in allowance, rebates, noncash credits, and cash payments in a format substantially similar to the model forms in the appendixes of this chapter.

(3) Payment schedule and total amount of periodic payments. The number, amount, and due dates or periods of payments scheduled under the lease, and the total amount of the periodic payments.

(4) Other charges. The total amount of other charges payable to the lessor, itemized by type and amount, that are not included in the periodic payments. Such charges include the amount of any liability the lease imposes upon the lessee at the end of the lease term; the potential difference between the residual and realized values referred to in paragraph (11) of this section is excluded.

(5) Total of payments. The total of payments, with a description such as "the amount you will have paid by the end of the lease." This amount is the sum of the amount due at lease signing (less any refundable amounts), the total amount of periodic payments (less any portion of the periodic payment paid at lease signing), and other charges under paragraphs (2), (3), and (4) of this section. In an open-end lease, a description such as "you will owe an additional amount if the actual value of the vehicle is less than the residual value" shall accompany the disclosure.

(6) Payment calculation. In a motor vehicle lease, a mathematical progression of how the scheduled periodic payment is derived, in a format substantially similar to the applicable model form in the appendixes of this chapter, which shall contain the following:

(A) Gross capitalized cost. The gross capitalized cost, including a disclosure of the agreed-upon value of the vehicle, a description such as "the agreed-upon value of the vehicle [state the amount] and any items you pay for over the lease term (such as service contracts, insurance, and any out-standing prior credit or lease balance)," and a statement of the lessee's option to receive a separate written itemization of the gross capitalized cost. If requested by the lessee, the itemization shall be provided before consummation.

(B) Capitalized cost reduction. The capitalized cost reduction, with a description such as "the amount of any net trade-in allowance, rebate, noncash credit, or cash you pay that reduces the gross capitalized cost."

(C) Adjusted capitalized cost. The adjusted capitalized cost, with a description such as "the amount used in calculating your base [periodic] payment."

(D) Residual value. The residual value, with a description such as "the value of the vehicle at the end of the lease used in calculating your base [periodic] payment."

(E) Depreciation and any amortized amounts. The depreciation and any amortized amounts, which is the difference between the adjusted capitalized cost and the residual value, with a description such as "the amount charged for the vehicle's decline in value through normal use and for any other items paid over the lease term."

(F) Rent charge. The rent charge, with a description such as "the amount charged in addition to the depreciation and any amortized amounts." This amount is the difference between the total of the base periodic payments over the lease term minus the depreciation and any amortized amounts.

(G) Total of base periodic payments. The total of base periodic payments with a description such as "depreciation and any amortized amounts plus the rent charge."

(H) Lease payments. The lease payments with a description such as "the number of payments in your lease."

(I) Base periodic payment. The total of the base periodic payments divided by the number of payment periods in the lease.

(J) Itemization of other charges. An itemization of any other charges that are part of the periodic payment.

(K) Total periodic payment. The sum of the base periodic payment and any other charges that are part of the periodic payment.

(7) Early termination.

(A) Conditions and disclosure of charges. A statement of the conditions under which the lessee or lessor may terminate the lease prior to the end of the lease term; and the amount or a description of the method for determining the amount of any penalty or other charge for early termination, which must be reasonable.

(B) Early-termination notice. In a motor vehicle lease, a notice substantially similar to the following: "Early Termination. You may have to pay a substantial charge if you end this lease early. The charge may be up to several thousand dollars. The actual charge will depend on when the lease is terminated. The earlier you end the lease, the greater this charge is likely to be."

(8) Maintenance responsibilities. The following provisions are required:

(A) Statement of responsibilities. A statement specifying whether the lessor or the lessee is responsible for maintaining or servicing the leased property, together with a brief description of the responsibility;

(B) Wear-and-use standard. A statement of the lessor's standards for wear and use (if any), which must be reasonable; and

(C) Notice of wear-and-use standard. In a motor vehicle lease, a notice regarding wear and use substantially similar to the following: "Excessive Wear and Use. You may be charged for excessive wear based on our standards for normal use." The notice shall also specify the amount or method for determining any charge for excess mileage.

(9) Purchase option. A statement of whether or not the lessee has the option to purchase the leased property, and:

(A) End of lease term. If at the end of the lease term, the purchase price; and

(B) During lease term. If prior to the end of the lease term, the purchase price or the method for determining the price and when the lessee may exercise this option.

(10) Statement referencing nonsegregated disclosures. A statement that the lessee should refer to the lease documents for additional information on early termination, purchase options and maintenance responsibilities, warranties, late and default charges, insurance, and any security interests, if applicable.

(11) Liability between residual and realized values. A statement of the lessee's liability, if any, at early termination or at the end of the lease term for the difference between the residual value of the leased property and its realized value.

(12) Right of appraisal. If the lessee's liability at early termination or at the end of the lease term is based on the realized value of the leased property, a statement that the lessee may obtain, at the lessee's expense, a professional appraisal by an independent third party (agreed to be the lessee and the lessor) of the value that could be realized at sale of the leased property. The appraisal shall be final and binding on the parties.

(13) Liability at end of lease term based on residual value. If the lessee is liable at the end of the lease term for the difference between the residual value of the leased property and its realized value:

(A) Rent and other charges. The rent and other charges, paid by the lessee and required by the lessor as an incident to the lease transaction, with a description such as "the total amount of rent and other charges imposed in connection with your lease [state the amount]."

(B) Excess liability. A statement about a rebuttable presumption that, at the end of the lease term, the residual value of the leased property is unreasonable and not in good faith to the extent that the residual value exceeds the realized value by more than three times the base monthly payment (or more than three times the average payment allocable to a monthly period, if the lease calls for periodic payments other than monthly); and that the lessor cannot collect the excess amount unless the lessor brings a successful court action and pays the lessee's reasonable attorney's fees, or unless the excess of the residual value over the realized value is due to unreasonable or excessive wear or use of the leased property (in which case the rebuttable presumption does not apply).

(C) Mutually agreeable final adjustment. A statement that the lessee and lessor are permitted, after termination of the lease, to make any mutually agreeable final adjustment regarding excess liability.

(14) Fees and taxes. The total dollar amount for all official and license fees, registration, title, or taxes required to be paid in connection with the lease.

(15) Insurance. A brief identification of insurance in connection with the lease including:

(A) Through the lessor. If the insurance is provided by or paid through the lessor, the types and amounts of coverage and the cost to the lessee; or

(B) Through a third party. If the lessee must obtain the insurance, the types and amounts of coverage required of the lessee.

(16) Warranties or guarantees. A statement identifying all express warranties and guarantees from the manufacturer or lessor with respect to the leased property that apply to the lessee.

(17) Penalties and other charges for delinquency. The amount or the method of determining the amount of any penalty or other charge for delinquency, default, or late payments, which must be reasonable. For the purposes of this rule, charges consistent with those enumerated in sections 2-202 and 2-203 of the Code will be presumed to be reasonable.

(18) Security interest. A description of any security interest, other than a security deposit disclosed under paragraph (2) of this section, held or to be retained by the lessor; and a clear identification of the property to which the security interest relates.

(19) Limitations on rate information. If a lessor provides a percentage rate in an advertisement or in documents evidencing the lease transaction, a notice stating that "this percentage may not measure the overall cost of financing this lease" shall accompany the rate disclosure. The lessor shall not use the term "annual percentage rate," "annual lease rate," or any equivalent term.

(20) Non-motor vehicle open-end leases. Non-motor vehicle open-end leases remain subject to §2-311(8) of the Code regarding end-of term liability.

History

Added at 17 Ok Reg 1528, eff 5-25-00; Amended at 23 Ok Reg 2946, eff 7-13-06

Okla. Admin. Code § 160:10-5-1.3 Renegotiations, Extensions, and Assumptions

(a) Renegotiation. A renegotiation occurs when a consumer lease subject to this chapter is satisfied and replaced by a new lease undertaken by the same consumer. A renegotiation requires new disclosures, except as provided in paragraph (d) of this section.

(b) Extension. An extension is a continuation, agreed to by the lessor and the lessee, of an existing consumer lease beyond the originally scheduled end of the lease term, except when the continuation is the result of a renegotiation. An extension that exceeds six months requires new disclosures, except as provided in paragraph (d) of this section.

(c) Assumption. New disclosures are not required when a consumer lease is assumed by another person, whether or not the lessor charges an assumption fee.

(d) Exceptions. New disclosures are not required for the following, even if they meet the definition of a renegotiation or an extension:

(1) a reduction in the rent charge;

(2) the deferment of one or more payments, whether or not a fee is charged;

(3) the extension of a lease for not more than six months on a month-to-month basis or otherwise;

(4) a substitution of leased property with property that has a substantially equivalent or greater economic value, provided no other lease terms are changed;

(5) the addition, deletion, or substitution of leased property in a multiple-item lease, provided the average periodic payment does not change by more than 25 percent; or

(6) an agreement resulting from a court proceeding.

History

Added at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-5-1.4 Electronic communication [REVOKED]

History

Added at 21 Ok Reg 2674, eff 7-12-04; Revoked at 25 Ok Reg 2161, eff 7-11-08

Okla. Admin. Code § 160:10-5-2 Additional information [REVOKED]

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Revoked at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-5-3 Multiple lessors; multiple lessees [REVOKED]

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Revoked at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-5-4 Unknown information estimate [REVOKED]

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Revoked at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-5-5 Effect of subsequent occurrence [REVOKED]

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Revoked at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-5-6 Leap year [REVOKED]

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Revoked at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-5-7 Specific disclosure requirements [REVOKED]

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Revoked at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-5-8 Renegotiations or extensions [REVOKED]

History

Revoked at 17 Ok Reg 1528, eff 5-25-00

Subchapter 7 Advertising

Okla. Admin. Code § 160:10-7-1 Consumer lease advertisements [REVOKED]

History

Revoked at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-7-1.1 Advertising

(a) General rule. An advertisement for a consumer lease may state that a specific lease of property at specific amounts or terms is available only if the lessor usually and customarily leases or will lease the property at those amounts or terms.

(b) Clear-and-conspicuous standard. Disclosures required by this section shall be made clearly and conspicuously.

(1) Amount due at lease signing. Except for the statement of a periodic payment, any affirmative or negative reference to a charge that is a part of the disclosure required under paragraph (d)(2)(B) of this section shall not be more prominent than that disclosure.

(2) Advertisement of a lease rate. If a lessor provides a percentage rate in an advertisement, the rate shall not be more prominent than any of the disclosures in 160:10-5-1.2, with the exception of the notice in 160:10-5-1.2(19) required to accompany the rate; and lessor shall not use the term "annual percentage rate," "annual lease rate," or equivalent term.

(c) Catalogs or other multipage advertisements; electronic advertisements. A catalog or other multipage advertisement, or an electronic advertisement (such as an advertisement appearing on an Internet Web site), that provides a table or schedule of the required disclosures shall be considered a single advertisement if, for lease terms that appear without all the required disclosures, the advertisement refers to the page or pages on which the table or schedule appears.

(d) Advertisement of terms that require additional disclosure.

(1) Triggering terms. An advertisement that states any of the following items shall contain the disclosures required by paragraph (d)(2) of this section, except as provided in paragraphs (e) and (f) of this section:

(A) the amount of any payment; or

(B) a statement of any capitalized cost reduction or other payment (or that no payment is required) prior to or at consummation or by delivery, if delivery occurs after consummation.

(2) Additional terms. An advertisement stating any item listed in paragraph (d)(1) of this section shall also state the following items:

(A) that the transaction advertised is a lease;

(B) the total amount due prior to or at consummation or by delivery, if delivery occurs after consummation;

(D) a statement of whether or not a security deposit is required; and

(E) a statement that an extra charge may be imposed at the end of the lease term where the lessee's liability (if any) is based on the difference between the residual value of the leased property and its realized value at the end of the lease term.

(e) Alternative disclosures - merchandise tags. A merchandise tag stating any item listed in paragraph (d)(1) of this section may comply with paragraph (d)(2) of this section by referring to a sign or display prominently posted in the lessor's place of business that contains a table or schedule of the required disclosures.

(f) Alternative disclosures - television or radio advertisements.

(1) Toll-free number or print advertisement. An advertisement made through television or radio stating any item listed in paragraph (d)(1) of this section complies with paragraph (d)(2) of this section if the advertisement states the items listed in paragraphs (d)(2)(A) through (C) of this section, and -

(A) lists a toll-free telephone number along with a reference that such number may be used by consumers to obtain the information required by paragraph (d)(2) of this section; or

(B) directs the consumer to a written advertisement in a publication of general circulation in the community served by the media station, including the name and the date of the publication, with a statement that information required by paragraph (d)(2) of this section is included in the advertisement. The written advertisement shall be published beginning at least three days before and ending at least ten days after the broadcast.

(2) Establishment of toll-free number.

(A) The toll-free telephone number shall be available for no fewer than ten days, beginning on the date of the broadcast.

(B) The lessor shall provide the information required by paragraph (d)(2) of this section orally, or in writing upon request.

History

Added at 17 Ok Reg 1528, eff 5-25-00; Amended at 25 Ok Reg 2161, eff 7-11-08

Okla. Admin. Code § 160:10-7-2 Catalogues and multi-page advertisements [REVOKED]

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Revoked at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-7-3 Terms that require additional information [REVOKED]

History

Revoked at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code § 160:10-7-4 Merchandise tags for multiple item leases [REVOKED]

History

Revoked at 17 Ok Reg 1528, eff 5-25-00

Subchapter 9 Records

Okla. Admin. Code § 160:10-9-1 Record retention

(a) A lessor shall retain evidence of compliance with the requirements imposed by this chapter for a period of not less than two years after the date the disclosures are required to be made or an action is required to be taken.

(b) Each lessor shall, when directed by the Department, permit that authority or its duly authorized representative to inspect its relevant records and evidence of compliance with this chapter.

History

Amended at 9 Ok Reg 2263, eff 6-25-92; Amended at 17 Ok Reg 1528, eff 5-25-00

Chapter 15 Pawn Transactions

Subchapter 1 General Provisions

Okla. Admin. Code § 160:15-1-1 Purpose

The rules in this chapter provide regulations relating to the licensure of pawnbrokers, and provide regulations to promote the informed use of credit by requiring disclosures about its terms and cost. The rules in this chapter do not govern charges for pawn transactions.

History

Amended at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-1-1.1 Severability

If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the chapter and the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby.

History

Added at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-1-2 Authority [REVOKED]

History

Revoked at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-1-3 Definitions

Except as otherwise specifically defined in this section, the definitions set forth in the Act are incorporated herein and made a part hereof. The following words or terms, when used in this chapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Act" means the Oklahoma Pawnshop Act beginning at § 1501 of Title 59 of the Oklahoma Statutes.

"Advertisement" means a commercial message in any medium that promotes, directly or indirectly, a credit transaction.

"APA" means the Administrative Procedures Act beginning at § 250 of Title 75 of the Oklahoma Statutes.

"Business Day" means a day on which a creditor's offices are open to the public for carrying on substantially all of its business functions.

"Consumer" means a person to whom credit is offered or extended.

"Consummation" means the time at which a consumer becomes contractually obligated on a credit transaction. A pawn transaction is considered consummated at the time a contractual relationship is created between the creditor and the consumer, irrespective of the time of the performance of either party.

"Credit" means the right to defer payment of debt or to incur and defer its payment.

"Creditor" means a person who engages in the business of making pawn transactions as defined in the Act.

"Days" mean calendar days. In computing any period of time for communications between a licensee and the Department or a court, the day of the event from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included, unless it is a day that the pawnshop, the Department or the office of the court clerk is closed.

"Department" means the Oklahoma State Department of Consumer Credit.

"Licensee" means a pawnbroker that has been given authority by the Administrator to engage in pawn transactions within Oklahoma.

"Obligation" means a pawn transaction as defined in the Act.

"Transaction" means a pawn transaction as defined in the Act.

History

Amended at 9 Ok Reg 2167, eff 6-25-92; Amended at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-1-4 Rules of construction [REVOKED]

History

Amended at 9 Ok Reg 2167, eff 6-25-92; Revoked at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-1-5 Finance charge [REVOKED]

History

Amended at 9 Ok Reg 2267, eff 6-25-92; Revoked at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-1-6 Coverage [REVOKED]

History

Revoked at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-1-7 Enforcement and liability [REVOKED]

History

Amended at 9 Ok Reg 2267, eff 6-25-92; Revoked at 16 Ok Reg 2135, eff 6-25-99

Subchapter 2 Disclosures

Okla. Admin. Code § 160:15-2-1 General disclosure requirements

(a) Form of disclosures.

(1) The creditor shall make the disclosures required by this subchapter clearly and conspicuously in writing and in a form that the consumer may keep. The disclosures shall be grouped together, shall be segregated from everything else, and shall not contain any information not directly related to the disclosures required under 160:15-2-2. The disclosures may include an acknowledgment of receipt, the date of the transaction, and the consumer's name, address, and account number. The creditor's identity and address under 160:15-2-2(1) may be disclosed together or separately from other required disclosures.

(2) The following disclosures required by 160:15-2-2 must be separate from the other disclosures under that section:

(A) The itemization of the amount financed under 160:15-2-2(3).

(B) The customer's description or the distinctive number from customer's driver's license or military identification under 160:15-2-2(11).

(C) A statement to the effect that the customer is not obligated to redeem the pledged goods and that the pledged goods may be forfeited to the pawnbroker thirty (30) days after the specified maturity date, provided that the pledged goods may be redeemed by the customer within thirty (30) days following the maturity date of the pawn transaction by payment of the originally agreed redemption price and the payment of an additional pawn finance charge equal to one-thirtieth (1/30) of the original monthly pawn finance charge for each day following the original maturity date, including the day on which the pledged goods are finally redeemed under 160:15-2-2(14).

(b) Time of disclosures. The creditor shall make disclosures before consummation of the transaction.

(1) The disclosures shall reflect the terms of the legal obligation between the parties.

(2) If any information necessary for an accurate disclosure is unknown to the creditor, the creditor shall make the disclosure based on the best information reasonably available and shall clearly state that the disclosure is an estimate.

(3) The creditor may disregard the effects of the following in making calculations for disclosure and disclosures:

(A) That payments must be collected in whole cents.

(B) That dates of scheduled payments and advances may be changed because the scheduled date is not a business day.

(D) The occurrence of leap year.

(d) Multiple creditors; multiple consumers. If a transaction involves more than one creditor, only one set of disclosures shall be given, and the creditors shall agree among themselves which creditor must comply with the requirements that this rule imposes on any or all of them. If there is more than one consumer, the disclosures may be made to any consumer who is primarily liable on the obligation.

(e) Effect of subsequent events. If a disclosure becomes inaccurate because of an event that occurs after the creditor delivers the required disclosures, the inaccuracy is not a violation of this rule although new disclosures may be required under (f) of this Section or 160:15-2-3.

(f) Early disclosures. If disclosures are given before the date of consummation of a transaction and a subsequent event makes them inaccurate, the creditor shall disclose the changed terms before consummation, if the annual percentage rate in the consummated transaction varies from the annual percentage rate disclosed under 160:15-2-2(5) by more than 1/8 of 1 percentage point.

History

Amended at 9 Ok Reg 2267, eff 6-25-92

Okla. Admin. Code § 160:15-2-2 Content of Disclosures

For each transaction, the creditor shall disclose the following information as applicable:

(1) Creditor. The address and identity of the creditor required to make the disclosures.

(2) Amount Financed. The "amount financed," using that term, and a brief description, such as "the amount of credit provided to you or on your behalf." The amount financed is the principal loan amount.

(3) Itemization of amount financed.

(A) A separate written itemization of the amount financed, including:

(i) The amount of any proceeds distributed directly to the consumer.

(ii) The amount credited to the consumer's account with the creditor.

(B) The creditor need not comply with (3)(A) if the creditor provides a statement that the consumer has the right to receive a written itemization of the amount financed, together with a space for the consumer to indicate whether it is desired, and the consumer does not request it.

(4) Finance charge. The "finance charge," using that term, and a brief description, such as "the dollar amount the credit will cost you."

(5) Annual percentage rate. The "annual percentage rate," using that term and a brief description, such as "the cost of your credit as a yearly rate."

(6) Payment schedule. The number, amounts, and timing of payments scheduled to repay the obligation.

(7) Total of Payments. The "total of payments," using that term, and a descriptive explanation, such as "the amount you will have paid when you have made all scheduled payments."

(8) Prepayment.

(A) When an obligation includes a finance charge computed from time to time by application of a rate to the unpaid principal balance, a statement indicating whether or not a penalty may be imposed if the obligation is prepaid in full.

(B) When an obligation includes a finance charge other than the finance charge described in (8)(A) of this section, a statement indicating whether or not the consumer is entitled to a rebate of any finance charge if the obligation is prepaid in full.

(9) Security Interest. The fact that the creditor has or will acquire a security interest in the property pledged, identified by item or type including serial numbers if reasonably available.

(10) Contract reference. A statement that the consumer should refer to the appropriate contract document for information about nonpayment, default, the right to accelerate the maturity of the obligation, and prepayment rebates and penalties. At the creditor's option, the statement may also include a reference to the contract for further information about security interests.

(11) Customer. The name and address of the customer and the customer's description or the distinctive number from customer's driver's license or military identification.

(12) Date. The date of the transaction.

(13) Maturity Date. The maturity date of the pawn transaction.

(14) Customer Obligation. A statement to the effect that the customer is not obligated to redeem the pledged goods, and that the pledged goods may be forfeited to the pawnbroker thirty (30) days after the specified maturity date, provided that the pledged goods may be redeemed by the customer within (30) days following the maturity date of the pawn transaction by payment of the originally agreed redemption price and the payment of an additional pawn finance charge equal to one-thirtieth (1/30) of the original monthly pawn finance charge for each day following the original maturity date including the day on which the pledged goods are finally redeemed.

History

Amended at 9 Ok Reg 2267, eff 6-25-92

Okla. Admin. Code § 160:15-2-3 Subsequent disclosure requirements

(a) Refinancing. A refinancing occurs when an existing obligation that was subject to this Chapter is satisfied and replaced by a new obligation undertaken by the same consumer. The new finance charge shall include any unearned portion of the old finance charge that is not credited to the existing obligation.

(b) Changes in the Maturity Date. An agreement between the customer and the pawnbroker to change the maturity date of a pawn transaction to a subsequent date shall be treated as a refinancing and,

(1) Shall be evidenced by a new writing signed by the consumer, and

(2) Shall contain a redisclosure of all information required by 160:15-2-2 in the form required by 160:15-2-1.

(c) Consolidations. If two or more existing pawn transactions are consolidated or an existing pawn transaction is increased, such transaction shall be considered a new transaction and disclosures shall be made according to 160:15-2-1 and 160:15-2-2. The amount with respect to the previous transaction to be consolidated shall be separately stated and shall be added to the net amount paid to, receivable by, or paid or payable for the account of the customer in connection with the subsequent transaction.

History

Amended at 9 Ok Reg 2267, eff 6-25-92

Okla. Admin. Code § 160:15-2-4 Determination of annual percentage rate

(a) Accuracy of annual percentage rate.

(1) The annual percentage rate for the purpose herein regulating disclosure, but not necessarily for the purpose of rate regulation, is a measure of the cost of credit, expressed as a yearly rate, that relates the amount and timing of value received by the consumer to the amount and timing of payments made. The annual percentage rate shall be determined in accordance with either the actuarial method or the United States Rule method. Explanations, equations and instructions for determining the annual percentage rate in accordance with the actuarial method are set forth in 160:15-2-4(b)(1).

(2) As a general rule, the annual percentage rate shall be considered accurate if it varies in either direction by not more than 1/8 of 1 percentage point from the actual annual percentage rate determined in accordance with (a)(1) of this section.

(b) Computation tools.

(1) The Federal Regulation Z Annual Percentage Rate Tables produced by the Board of Governors of the Federal Reserve System may be used to determine the annual percentage rate, and any rate determined from those tables in accordance with the accompanying instructions complies with the requirements of this section.

(2) Creditors may use any other computation tool in determining the annual percentage rate if the rate so determined equals the rate determined in accordance with 160:15-2-4(b)(1), within the degree of accuracy set forth in (a) of this section.

History

Amended at 9 Ok Reg 2267, eff 6-25-92

Okla. Admin. Code § 160:15-2-5 Advertising

(a) Actually available terms. Without limitation to the scope of section 1509(f) of the Act, if an advertisement for credit states specific credit terms, it shall state only those terms that actually are or will be arranged or offered by the pawnbroker.

(b) Advertisement of rate of finance charge. If an advertisement states a rate of finance charge, it shall state the rate as an "annual percentage rate," using that term. The advertisement shall not state any other rate, except that a simple annual rate or periodic rate that is applied to an unpaid balance may be stated in conjunction with, but not more conspicuously than, the annual percentage rate.

(1) If any of the following terms are set forth in an advertisement, the advertisement shall meet the requirements of (c)(2) of this Section:

(A) The amount or percentage of any downpayment.

(B) The number of payments or period of repayment.

(D) The amount of any finance charge.

(2) An advertisement stating any of the terms in (c)(1) of this Section shall state the following terms as applicable:

(A) The amount or percentage of the downpayment.

(B) The terms of repayment.

(C) The "annual percentage rate," using that term, and, if the rate may be increased after consummation, that fact. An example of one or more typical extensions of credit with a statement of all the terms applicable to each may be used.

(d) Catalogs and multiple-page advertisements.

(1) If a catalog or multiple-page advertisement gives information in a table or schedule in sufficient detail to permit determination of the disclosures required by (c)(2) of this section, it shall be considered a single advertisement if -

(A) The table or schedule is clearly set forth; and

(B) Any statement of the credit terms in (c)(1) of this Section appearing anywhere else in the catalog or advertisement clearly refers to the page on which the table or schedule begins.

(2) A catalog or multiple-page advertisement complies with (c)(2) of this Section if the table or schedule of terms includes all appropriate disclosures for a representative scale of amounts up to the level of the more commonly sold higher priced property or services offered.

History

Amended at 9 Ok Reg 2267, eff 6-25-92

Okla. Admin. Code § 160:15-2-6 Use of annual percentage rate in oral disclosures

In a oral response to a consumer's inquiry about the cost of closed-end credit, only the annual percentage rate shall be stated, except that a simple annual rate or periodic rate also may be stated if it is applied to an unpaid balance. If the annual percentage rate cannot be determined in advance, the annual percentage rate for a sample transaction shall be stated, and other cost information for the consumer's specific transaction may be given.

Subchapter 3 Records

Okla. Admin. Code § 160:15-3-1 Records and changes

(a) Each licensee shall preserve and make available such books and records related to pawn transactions for four (4) years from the date of the initial transaction between the pawnshop and each consumer, or for two (2) years from the date of the final entry into such records is made thereon, whichever is later [59:1508(F)]. The records shall be maintained for such time periods whether the pawnshop is currently licensed or previously licensed. Upon licensing, the licensee shall designate a location or locations in Oklahoma where records shall be maintained, and the records shall not be moved therefrom unless the Administrator has given written approval for another location.

(b) Each licensee's records shall be maintained in compliance with the Act and these rules. Each licensee shall keep current the information required for licensing by reporting any changes or additions to the information previously submitted to the Department within thirty (30) days of such change or addition unless the Act or these rules require otherwise.

History

Added at 9 Ok Reg 2267, eff 6-25-92; Revoked at 16 Ok Reg 2135, eff 6-25-99; Amended at 17 Ok Reg 1544, eff 5-25-00; Amended at 21 Ok Reg 2675, eff 7-12-04

Okla. Admin. Code § 160:15-3-1.1 Examinations

(a) Initiation. The Administrator, or duly appointed representatives, shall conduct an examination as deemed necessary [59:1508(A)].

(b) Procedure. Each licensee shall ensure that all records are promptly and reasonably available to be examined and copied [59:1508(A)].

(c) Confidentiality. The information obtained in the course of any examination shall be confidential, except in civil or administrative proceedings conducted by the Administrator, or criminal proceedings instituted by the state [59:1508(A)].

(d) Noncompliance. In case of failure to comply with the Administrator's examination processes, the Administrator may initiate any authorized action, including acts for enforcement by the Administrator [59:1508(A)].

(e) Violations. If the examination finds any violations of the Act or these rules, the Administrator may initiate any authorized action.

(f) Informal disposition. In order to avoid the expense and time involved in formal legal proceedings, it is the policy of the Administrator to afford parties who have engaged in unlawful acts and practices an opportunity to enter into stipulations, agreed settlements, consent orders or defaults when it appears to the Administrator that such procedure fully safeguards the public interest. The Administrator reserves the right in all matters to withhold the privilege of an informal disposition. All stipulations, agreed settlements, consent orders or defaults shall be public records.

History

Added at 16 Ok Reg 2135, eff 6-25-99; Amended at 28 Ok Reg 1120, eff 7-1-11

Okla. Admin. Code § 160:15-3-2 Inspection of records [REVOKED]

History

Amended at 9 Ok Reg 2267, eff 6-25-92; Revoked at 16 Ok Reg 2135, eff 6-25-99

Subchapter 5 Licensing

Okla. Admin. Code § 160:15-5-1 Licensure forms

(a) Application.

(1) The pawnbroker license application shall be completed by the entity seeking a pawnbroker's license and shall include all fees, forms and exhibits requested.

(2) The Administrator may require any applicant to provide additional information. An application is not considered final until all requested information has been submitted. An application that is not reviewed for any failure on the part of the applicant shall be deemed to be a withdrawal of the application and not a denial.

(3) The Administrator shall grant or deny a license application within sixty (60) days from the filing of a final application unless the period is extended by written agreement between the applicant and the Administrator [59:1505(C)].

(b) License. The license, executed under the hand of the Administrator and delivered, is evidence of a pawnbroker's authority to transact business within Oklahoma.

(c) Annual report. Annual reports shall be filed by all pawnbrokers and postmarked on or before the first day of May of each year, reporting pawn transactions and pledged goods not redeemed as of December 31st of the preceding year. The annual reports shall be confidential, but the Administrator may compile a statistical report using the information therein. [59:1508(G)] As a courtesy, the Department may mail a notice of annual report to each licensee, but the failure to do so shall not relieve any licensee of the duty to file timely or impair the authority of the Administrator against any licensee.

(d) Renewal application. The pawnbroker license renewal application shall be completed by entities previously issued a license and shall be submitted with all fees and postmarked on or before the first day of December of each year [59:1506(C)]. As a courtesy, the Department may mail a notice of renewal to each licensee, but the failure to do so shall not relieve any licensee of the duty to renew timely or impair the authority of the Administrator against any licensee.

(e) Delinquency notice. If the license is not renewed, a delinquency notice shall be mailed to the licensee. The license shall expire on December 31 of the year in which the annual fee has been paid or fifteen (15) days after the notice, whichever is later. [59:1506(C)]

History

Added at 16 Ok Reg 2135, eff 6-25-99
Amended by Oklahoma Register, Volume 31, Issue 24, September 2, 2014, eff. 9/12/2014

Okla. Admin. Code § 160:15-5-2 Investigations for licensure

A thorough investigation shall be conducted of each applicant, and applicants shall provide such additional information as may be requested from the applicant for that purpose. In addition, the Administrator may consult outside sources, including law enforcement agencies, and may require the applicant's consent to release such other relevant information as the Administrator may deem necessary to determine financial responsibility, experience, character and general fitness of the applicant [59:1505(A)]. It shall be within the discretion of the Administrator to determine the fitness of an applicant, provided that such discretion is not arbitrary or capricious and is, or will be, applied uniformly to all similarly situated applicants.

History

Added at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-5-3 License denials

(a) Denial notice. The Administrator shall notify the applicant of the denial of a license application in writing stating the reasons for the denial, and the application fee for license shall be returned to the applicant, but the Administrator shall retain the investigation fee for license [59:1505(B)]. The notice shall be sent by certified mail with return receipt requested or be delivered in person.

(b) Hearing request. The applicant may make a written request for a hearing on the application within thirty (30) days of receipt of the denial notice [59:1505(B)].

(1) If the applicant makes a timely request for a hearing, a hearing shall be held within sixty (60) days of receipt of the request [59:1505(C)]. However, the applicant shall be given twenty (20) days notice of the hearing in writing.

(2) The notice shall:

(A) state the time, place and nature of the hearing;

(B) state the legal authority and jurisdiction for the hearing;

(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4)].

(d) Hearing. All parties shall be afforded the opportunity to respond and present evidence and argument on all points at issue [75:309(C)], and shall have the right to counsel [75:310(5)].

(e) Order.

(1) The Administrator shall issue an order granting or denying the license application within sixty (60) days from the last day of the hearing unless the period is extended by written agreement between the applicant and the Administrator [59:1505(C)].

(2) The order shall:

(A) be in writing;

(B) state findings of fact that shall be limited to the evidence from the hearing unless the parties agree otherwise on the record;

(D) be delivered in person or by certified mail with return receipt requested [75:309(H) and 312].

History

Added at 16 Ok Reg 2135, eff 6-25-99; Amended at 17 Ok Reg 1544, eff 5-25-00

Okla. Admin. Code § 160:15-5-4 Change of ownership

(a) Thirty (30) days before any change of ownership of any pawnshop, the licensed owner shall notify the Administrator of the intent to change ownership, and the proposed new owner shall apply for a license. The Administrator shall notify the licensed owner and the proposed new owner when the new owner's license application has been granted. After the licensed owner surrenders its license and transfers the ownership interest, a license shall be issued to the new owner.

(b) If the change of ownership results in the closing of the existing location, then the licensed owner shall post an announcement on the front door listing the name, business telephone number and mailing and business addresses of the new owner. The announcement shall be posted before the ownership interest is transferred and shall remain posted until the existing location closes. The licensed owner shall certify to the Administrator the date the announcement was posted and shall attach a copy of the announcement.

(c) For purposes of this section, "change of ownership" means a change of an individual owner; a change of partners; a change of the service agent or a change of the principal parties in interest in a corporation.

History

Added at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-5-5 Ownership of more than one pawnshop

Each person who owns two (2) or more pawnshops must separately license each such pawnshop [59:1506(B)].

History

Added at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-5-6 Moving or closing a location

(a) At least thirty (30) days before the address of a pawnshop is changed, the owner shall notify the Administrator in writing. The owner shall post an announcement on the front door listing the address of the new location. The announcement shall remain on the front door until the location changes.

(b) At least thirty (30) days before a pawnshop is to be closed, the owner shall notify the Administrator in writing. The owner shall post an announcement on the front door listing the business telephone number and mailing and business address of another location, if any. The announcement shall remain posted until the existing pawnshop closes.

History

Added at 16 Ok Reg 2135, eff 6-25-99; Amended at 21 Ok Reg 2675, eff 7-12-04
Amended by Oklahoma Register, Volume 31, Issue 24, September 2, 2014, eff. 9/12/2014

Subchapter 7 Bond Requirements

Okla. Admin. Code § 160:15-7-1 Bond requirements

The Administrator shall prescribe and approve forms for the maintenance of bonds required under the Act [59:1504(B)]. No bond shall be effective until received and accepted by the Administrator. Any person who seeks the termination or cancellation of any bond field or maintained under the Act shall make written application to the Administrator thirty (30) days before the effective date of the termination or cancellation. The statement shall specify the justification for the termination or cancellation of the bond. If the Administrator approves the termination or cancellation of the existing bond, a new bond shall be filed and accepted by the Administrator before the existing bond is terminated or cancelled for the licensee to continue to operate.

History

Added at 16 Ok Reg 2135, eff 6-25-99

Subchapter 9 Enforcement

Okla. Admin. Code § 160:15-9-1 Investigative proceedings

(a) Initiation. Investigations and inquiries are originated upon request or complaint of the public or by the Administrator upon the Administrator's motion. Any person may apply to the Administrator to institute a proceeding in respect to any violation of law over which the Administrator has jurisdiction. The request or complaint shall be in writing, signed by the initiator and shall contain a statement setting forth the alleged violations of law and the name and address of the party or parties at issue in the complaint. No forms or formal procedures are required in making requests or complaints. The initiator is not regarded as a party since the Administrator acts only in the public interest. The Administrator shall not take action when the alleged violation of law is merely a matter of private controversy and does not tend to adversely affect the public.

(b) Procedure. The Administrator encourages voluntary cooperation in investigations. The Administrator may invoke any or all of the compulsory processes authorized by law, including subpoenas and depositions. The Administrator may issue a notice to grant access to, for examination and copying, records of any party being investigated, and may require a party to file a report or to submit answers in writing to specific questions relating to any matter under investigation. Inquiries and investigations are conducted by representatives designated and duly authorized to exercise and perform the duties of their office in accordance with the laws of Oklahoma and the regulations of the Administrator, including the administration of oaths and affirmations, in any matter under investigation by the Administrator. Any party under investigation, compelled to furnish information or documentary evidence, shall be advised of the purpose and scope of the investigation.

(c) Confidentiality. The information obtained in the course of any investigation shall be confidential, except in civil or administrative proceedings conducted by the Administrator, or criminal proceedings instituted by the state.

(d) Noncompliance. In case of failure to comply with the Administrator's investigative processes, the Administrator may initiate any authorized action, including acts for enforcement by the Administrator.

(e) Violations. If the investigation finds any violations of the Act or these rules, the Administrator may initiate any authorized action.

History

Added at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-9-2 Individual proceedings

(a) Allegations notice. The Administrator shall notify the licensee of facts or conduct that warrant the intended action, and give the licensee an opportunity to show compliance with all lawful requirements for the retention of the license [75:314(C)(1)].

(b) Violations. Where the facts indicate that the licensee has not complied with all lawful requirements for the retention of the license, the Administrator may initiate any authorized action.

(c) Informal disposition. In order to avoid the expense and time involved in formal legal proceedings, it is the policy of the Administrator to afford licensees who have engaged in unlawful acts and practices an opportunity to enter into stipulations, agreed settlements, consent orders or defaults when it appears to the Administrator that such procedure fully safeguards the public interest. The Administrator reserves the right in all matters to withhold the privilege of an informal disposition. All stipulations, agreed settlements, consent orders or defaults shall be public records.

(d) Hearing notice.

(1) If the matter is to be set for hearing, the licensee shall be given twenty (20) days notice in writing [59:1507(B)].

(2) The notice shall:

(A) state the time, place and nature of the hearing;

(B) state the legal authority and jurisdiction for the hearing;

(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4) and 59:1507(B)].

(e) Hearing. All parties shall be afforded the opportunity to respond and present evidence and argument on all points at issue [75:309(C)], and shall have the right to counsel [75:310(5)].

(f) Standard of proof. The standard of proof is clear-and-convincing evidence. Clear and convincing evidence is that measure or degree of proof which will produce in the mind of the trier of fact a firm belief or conviction as to the truth of the allegation sought to be established.

(g) Order.

(1) The Administrator shall issue an order within sixty (60) days from the last day of the hearing unless the period is extended by written agreement between the licensee and the Administrator.

(2) The order shall:

(A) be in writing;

(B) state findings of fact that shall be limited to the evidence from the hearing unless the parties agree otherwise on the record;

(D) state the effective date; and

(E) be delivered in person or by certified mail with return receipt requested [75:309(H), 312 and 59:1507(B)].

(h) Impair. A suspension or revocation shall not impair or affect the obligation of any preexisting lawful contract between the licensee and any customer [59:1507(D)].

History

Added at 16 Ok Reg 2135, eff 6-25-99; Amended at 18 Ok Reg 2356, eff 6-25-01

Okla. Admin. Code § 160:15-9-3 Hearing procedure - emergency actions

(a) Hearing notice.

(1) If the public health, safety, or welfare imperatively requires emergency action, such action, including the suspension of a license instanter or a cease and desist instanter, may be ordered pending the final outcome of proceedings instituted by the Administrator [75:314(C)(2) and 314.1]. In such cases, the Administrator shall notify the party of such action by certified mail with return receipt requested or personal delivery, and shall include in such notice an order of hearing. The hearing shall be held within ten (10) days of the notice unless postponed by written agreement between the party and the Administrator.

(2) The notice shall:

(A) state the time, place and nature of the hearing;

(B) state the legal authority and jurisdiction for the hearing;

(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4) and 59:1507(B)].

(b) Hearing. All parties shall be afforded the opportunity to respond and present evidence and argument on all points at issue [75:309(C)], and shall have the right to counsel [75:310(5)].

(c) Standard of proof. The standard of proof is clear-and-convincing evidence. Clear and convincing evidence is that measure or degree of proof which will produce in the mind of the trier of fact a firm belief or conviction as to the truth of the allegation sought to be established.

(d) Order.

(1) The Administrator shall issue an order within thirty (30) days from the last day of the hearing unless the period is extended by written agreement between the party and the Administrator.

(2) The order shall:

(A) be in writing;

(B) state findings of fact that shall be limited to the evidence from the hearing unless the parties agree otherwise on the record;

(D) state the effective date; and

(E) be delivered in person or by certified mail with return receipt requested [75:309(H), 312 and 59:1507(B)].

History

Added at 16 Ok Reg 2135, eff 6-25-99; Amended at 17 Ok Reg 1544, eff 5-25-00; Amended at 18 Ok Reg 2356, eff 6-25-01

Okla. Admin. Code § 160:15-9-4 Circumvention prohibited

Whenever a licensee has an administrative action taken against a license, the Administrator may deny the licensee's request to inactivate such license, to sell or transfer the accounts under such license or to take any other action to circumvent or negate the administrative action during the time of the action or during the pendency of the action if on appeal.

History

Added at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-9-5 Review of an order

(a) Rehearing, reopening or reconsideration.

(1) Application.

(A) Any party aggrieved by a final order may apply for a rehearing, reopening or reconsideration within ten (10) days from the date of the order [75:317(A)].

(B) The application shall be in writing and assert a statutory ground for a rehearing, reopening or reconsideration.

(i) newly discovered or newly available evidence, relevant to the issues;

(ii) need for additional evidence adequately to develop the facts essential to proper decision;

(iii) probable error committed by the Department in the proceeding or in the decision such as would be ground for reversal on judicial review of the order;

(iv) need for further consideration of the issues and the evidence in the public interest; or

(v) a showing that issues not previously considered ought to be examined in order properly to dispose of the matter [75:317(A)(1) - (5)].

(2) Application order.

(A) The Administrator shall issue an order granting or denying the rehearing, reopening or reconsideration within thirty (30) days from receipt of the application unless the period is extended by written agreement between the party and the Administrator.

(B) If the application is granted, the order shall set forth the grounds that justify it [75:317(B)].

(3) Hearing.

(A) If the rehearing, reopening or reconsideration is granted, the hearing shall be limited to the ground or grounds upon which it was ordered [75:317(D)].

(B) All parties shall be afforded the opportunity to respond and present evidence and argument on all points at issue [75:309(C)], and shall have the right to counsel [75:310(5)].

(4) Rehearing order.

(A) The Administrator shall issue an order from the rehearing, reopening or reconsideration within sixty (60) days from the last day of the hearing unless the period is extended by written agreement between the party and the Administrator.

(B) The order shall:

(i) be in writing;

(ii) state findings of fact that shall be limited to the evidence from the hearing unless the parties agree otherwise on the record;

(iii) state conclusions of law;

(iv) state the effective date; and

(v) be delivered in person or by certified mail with return receipt requested [75:309(H), 312 and 59:1507(B)].

(5) Tolling. The period for judicial review shall run from the day the party is notified of the final disposition of the application if the application was filed timely [75:317(E)].

(6) Prerequisite. An application shall not be a prerequisite to secure judicial review [75:318(A)(3)].

(b) District Court.

(1) Petition.

(A) Any party aggrieved by a final order may file a petition in the district court of the party's resident county or the situs county of the property interest within thirty (30) days from the day the party is notified of the order [75:318(B)(2)].

(B) The petition shall be served upon the Department and all other parties of record, and proof of service shall be filed in the court within ten (10) days after the petition is filed [75:318(C)].

(2) Stay. The filing of a proceeding for review shall not automatically stay the final order, but the Department may stay the order or the court may or shall impose a stay in accordance with the APA [75:319(1)].

(3) Record. The Department shall transmit the record of its proceeding to the court within thirty (30) days after the service of the petition unless the court has granted an extension [75:320].

(4) Review scope. The review shall be confined to the record and done by the court without a jury [75:321].

(5) Court order. The court may affirm, set aside, modify, reverse or remand the agency order in accordance with the APA [75:322].

(c) Supreme Court. Any party aggrieved by a final judgment of a district court may appeal to the Supreme Court in the manner and time provided in civil actions [75:323].

History

Added at 16 Ok Reg 2135, eff 6-25-99

Okla. Admin. Code § 160:15-9-6 Civil and criminal actions

This chapter shall not be interpreted as limiting the right of the Administrator to seek civil remedies or make criminal referrals for any violation of the provisions of the Act or these rules.

History

Added at 16 Ok Reg 2135, eff 6-25-99

Chapter 20 Changes in Dollar Amounts

Okla. Admin. Code § 160:20-1-1 Purpose

The rules in this chapter announce that designated dollar amounts in the Uniform Consumer Credit Code shall change on July 1 of each year when the statutory circumstances have been met.

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-2 Rule announcing changes in dollar amounts - July 1, 1979

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1978 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1979, are as follows:

Designated Sections	July 1, 1969	July 1, 1979
2-104(2)(e)¹
2-106(1)(b)	$25,000	$35,000
2-201(2)(a)(i)	$300	$420
2-201(2)(a)(ii)	$300-1,000	$420-1,400
2-201(2)(a)(iii)	$1,000	$1,400
2-203(1)(a)	$5	$7
2-407(1)	$1,000	$1,400
2-407(1)	$200	$280
2-413	$1,000	$1,400
2-602(1)	$25,000	$35,000
3-104(4)	$25,000	$35,000
3-203(1)(a)	$5	$7
3-508A(2)(a)(i)	$300	$420
3-508A(2)(a)(ii)	$300-1,000	$420-1,400
3-508A(2)(a)(iii)	$1,000	$1,400
3-510(1)	$1,000	$1,400
3-511(1)	$1,000	$1,400
3-511(1)(a)	$300	$420
3-511(1)(b)	$300	$420
3-514	$1,000	$1,400
3-602(1)	$25,000	$35,000
4-301(3)	$300	$420
4-301(3)	$300	$420
5-103(2)	$1,000	$1,400
5-103(3)	$1,000	$1,400
1 This reference to §2-104(2)(e) was misdirected. The proper section to which the Legislature intended to affect was §2-104(1)(e). Testimony at the hearing indicated that the mistake was a scrivener's error. It would appear that the dollar limit as to sales of $25,000 was not changed by Senate Bill 231 and House Bill 1156. However, it is noted by the Administrator that the legislative intent in said acts was to raise the dollar amount in sales under the Uniform Consumer Credit Code to $35,000.

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-3 Rule announcing changes in dollar amounts - July 1, 1980

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1979 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1980, are as follows:

Designated Sections	July 1, 1979	July 1, 1980
2-106(1)(b)	$35,000	$40,000
2-201(2)(a)(i)	$420	$480
2-201(2)(a)(ii)	$420-1,400	$480-1,600
2-201(2)(a)(iii)	$1,400	$1,600
2-203(1)(a)	$7	$8
2-407(1)	$1,400	$1,600
2-407(1)	$280	$320
2-413	$1,400	$1,600
2-602(1)	$35,000	$40,000
3-104(4)	$35,000	$40,000
3-203(1)(a)	$7	$8
3-508A(2)(a)(i)	$420	$480
3-508A(2)(a)(ii)	$420-1,400	$480-1,600
3-508A(2)(a)(iii)	$1,400	$1,600
3-510(1)	$1,400	$1,600
3-511(1)	$1,400	$1,600
3-511(1)(a)	$420	$480
3-511(1)(b)	$420	$480
3-514	$1,400	$1,600
3-602(1)	$35,000	$40,000
4-301(3)	$420	$480
4-301(3)	$420	$480
5-103(2)	$1,400	$1,600
5-103(3)	$1,400	$1,600

History

Amended at 9 Ok Reg 2271, eff 6-25-92; Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-4 Rule announcing changes in dollar amounts - July 1, 1980

(b) Section 3-508B(1)(e) and (f) raised 3-508B loans up to $200 although the $100 in 3-508B(1) was not amended to correspond. In order for the dollar amounts to adjust without ambiguity, the $200 figure is being used.

Designated Sections	July 1, 1979	July 1, 1980
2-104(1)(e)	$25,000	$40,000
3-508B(1)	$200	$320
3-508B(1)(a)	$29.99	$47.98
3-508B(1)(a)	$1-5	$1.60-8
3-508B(1)(b)	$29.99-35	$47.98-56
3-508B(1)(b)	$3	$4.80
3-508B(1)(c)	$35-70	$56-112
3-508B(1)(c)	$3.50	$5.60
3-508B(1)(d)	$70-100	$112-160
3-508B(1)(d)	$4	$6.40
3-508B(1)(e)	$100-150	$160-240
3-508B(1)(e)	$4.50	$7.20
3-508B(1)(f)	$150-200	$240-320
3-508B(1)(f)	$5	$8

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-5 Rule announcing changes in dollar amounts - July 1, 1981

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1980 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1981, are as follows:

Designated Sections	July 1, 1980	July 1, 1981
2-104(1)(e)	$40,000	$45,000
2-106(1)(b)	$40,000	$45,000
2-201(2)(a)(i)	$480	$540
2-201(2)(a)(ii)	$480-1,600	$540-1,800
2-201(2)(a)(iii)	$1,600	$1,800
2-203(1)(a)	$8	$9
2-407(1)	$1,600	$1,800
2-407(1)	$320	$360
2-413	$1,600	$1,800
2-602(1)	$40,000	$45,000
3-104(4)	$40,000	$45,000
3-203(1)(a)	$8	$9
3-508A(2)(a)(i)	$480	$540
3-508A(2)(a)(ii)	$480-1,600	$540-1,800
3-508A(2)(a)(iii)	$1,600	$1,800
3-508B(1)	$320	$360
3-508B(1)(a)	$47.98	$53.98
3-508B(1)(a)	$1.60-8	$1.80-9
3-508B(1)(b)	$47.98-56	$53.98-63
3-508B(1)(b)	$4.80	$5.40
3-508B(1)(c)	$56-112	$63-126
3-508B(1)(c)	$5.60	$6.30
3-508B(1)(d)	$112-160	$126-180
3-508B(1)(d)	$6.40	$7.20
3-508B(1)(e)	$160-240	$180-270
3-508B(1)(e)	$7.20	$8.10
3-508B(1)(f)	$240-320	$270-360
3-508B(1)(f)	$8	$9
3-510(1)	$1,600	$1,800
3-511(1)	$1,600	$1,800
3-511(1)(a)	$480	$540
3-511(1)(b)	$480	$540
3-514	$1,600	$1,800
3-602(1)	$40,000	$45,000
4-301(3)	$480	$540
4-301(3)	$480	$540
5-103(2)	$1,600	$1,800
5-103(3)	$1,600	$1,800

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-6 Rule announcing changes in dollar amounts - July 1, 1982

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1981 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1982, are as follows:

Designated Sections	July 1, 1981	July 1, 1982
2-104(1)(e)	$45,000	$50,000
2-106(1)(b)	$45,000	$50,000
2-201(2)(a)(i)	$540	$600
2-201(2)(a)(ii)	$540-1,800	$600-2,000
2-201(2)(a)(iii)	$1,800	$2,000
2-203(1)(a)	$9	$10
2-407(1)	$1,800	$2,000
2-407(1)	$360	$400
2-413	$1,800	$2,000
2-602(1)	$45,000	$50,000
3-104(4)	$45,000	$50,000
3-203(1)(a)	$9	$10
3-508A(2)(a)(i)	$540	$600
3-508A(2)(a)(ii)	$540-1,800	$600-2,000
3-508A(2)(a)(iii)	$1,800	$2,000
3-508B(1)	$360	$400
3-508B(1)(a)	$53.98	$59.98
3-508B(1)(a)	$1.80-9	$2-10
3-508B(1)(b)	$53.98-63	$59.98-70
3-508B(1)(b)	$5.40	$6
3-508B(1)(c)	$63-126	$70-140
3-508B(1)(c)	$6.30	$7
3-508B(1)(d)	$126-180	$140-200
3-508B(1)(d)	$7.20	$8
3-508B(1)(e)	$180-270	$200-300
3-508B(1)(e)	$8.10	$9
3-508B(1)(f)	$270-360	$300-400
3-508B(1)(f)	$9	$10
3-510(1)	$1,800	$2,000
3-511(1)	$1,800	$2,000
3-511(1)(a)	$540	$600
3-511(1)(b)	$540	$600
3-514	$1,800	$2,000
3-602(1)	$45,000	$50,000
4-301(3)	$540	$600
4-301(3)	$540	$600
5-103(2)	$1,800	$2,000
5-103(3)	$1,800	$2,000

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-7 Rule announcing changes in dollar amounts - July 1, 1983

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1982 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1983, are as follows:

Designated Sections	July 1, 1982	July 1, 1983
2-201(2)(a)(i)	$600	$630
2-201(2)(a)(ii)	$600-2,000	$630-2,100
2-201(2)(a)(iii)	$2,000	$2,100
2-203(1)(a)	$10	$10.50
2-407(1)	$2,000	$2,100
2-407(1)	$400	$420
2-413	$2,000	$2,100
3-203(1)(a)	$10	$10.50
3-508A(2)(a)(i)	$600	$630
3-508A(2)(a)(ii)	$600-2,000	$630-2,100
3-508A(2)(a)(iii)	$2,000	$2,100
3-508B(1)	$400	$420
3-508B(1)(a)	$59.98	$62.98
3-508B(1)(a)	$2-10	$2.10-10.50
3-508B(1)(b)	$59.98-70	$62.98-73.50
3-508B(1)(b)	$6	$6.30
3-508B(1)(c)	$70-140	$73.50-147
3-508B(1)(c)	$7	$7.35
3-508B(1)(d)	$140-200	$147-210
3-508B(1)(d)	$8	$8.40
3-508B(1)(e)	$200-300	$210-315
3-508B(1)(e)	$9	$9.45
3-508B(1)(f)	$300-400	$315-420
3-508B(1)(f)	$10	$10.50
3-510(1)	$2,000	$2,100
3-511(1)	$2,000	$2,100
3-511(1)(a)	$600	$630
3-511(1)(b)	$600	$630
3-514	$2,000	$2,100
4-301(3)	$600	$630
4-301(3)	$600	$630
5-103(2)	$2,000	$2,100
5-103(3)	$2,000	$2,100

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-8 Rule announcing changes in dollar amounts - July 1, 1985

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1984 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1985, are as follows:

Designated Sections	July 1, 1983	July 1, 1985
2-201(2)(a)(i)	$630	$660
2-201(2)(a)(ii)	$630-2,100	$660-2,200
2-201(2)(a)(iii)	$2,100	2,200
2-203(1)(a)	$10.50	$11
2-407(1)	$2,100	$2,200
2-407(1)	$420	$440
2-413	$2,100	$2,200
3-203(1)(a)	$10.50	$11
3-508A(2)(a)(i)	$630	$660
3-508A(2)(a)(ii)	$630-2,100	$660-2,200
3-508A(2)(a)(iii)	$2,100	$2,200
3-508B(1)	$420	$440
3-508B(1)(a)	$62.98	$65.98
3-508B(1)(a)	$2.10-10.50	$2.20-11
3-508B(1)(b)	$62.98-73.50	$65.98-77
3-508B(1)(b)	$6.30	$6.60
3-508B(1)(c)	$73.50-147	$77-154
3-508B(1)(c)	$7.35	$7.70
3-508B(1)(d)	$147-210	$154-220
3-508B(1)(d)	$8.40	$8.80
3-508B(1)(e)	$210-315	$220-330
3-508B(1)(e)	$9.45	$9.90
3-508B(1)(f)	$315-420	$330-440
3-508B(1)(f)	$10.50	$11
3-510(1)	$2,100	$2,200
3-511(1)	$2,100	$2,200
3-511(1)(a)	$630	$660
3-511(1)(b)	$630	$660
3-514	$2,100	$2,200
4-301(3)	$630	$660
4-301(3)	$630	$660
5-103(2)	$2,100	$2,200
5-103(3)	$2,100	$2,200

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-9 Rule announcing changes in dollar amounts - July 1, 1986

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1985 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1986, are as follows:

Designated Sections	July 1, 1985	July 1, 1986
2-201(2)(a)(i)	$660	$690
2-201(2)(a)(ii)	$660-2,200	$690-2,300
2-201(2)(a)(iii)	$2,200	$2,300
2-203(1)(a)	$11	$11.50
2-407(1)	$2,200	$2,300
2-407(1)	$440	$460
2-413	$2,200	$2,300
3-203(1)(a)	$11	$11.50
3-508A(2)(a)(i)	$660	$690
3-508A(2)(a)(ii)	$660-2,200	$690-2,300
3-508A(2)(a)(iii)	$2,200	$2,300
3-508B(1)	$440	$460
3-508B(1)(a)	$65.98	$68.98
3-508B(1)(a)	$2.20-11	$2.30-11.50
3-508B(1)(b)	$65.98-77	$68.98-80.50
3-508B(1)(b)	$6.60	$6.90
3-508B(1)(c)	$77-154	$80.50-161
3-508B(1)(c)	$7.70	$8.05
3-508B(1)(d)	$154-220	$161-230
3-508B(1)(d)	$8.80	$9.20
3-508B(1)(e)	$220-330	$230-345
3-508B(1)(e)	$9.90	$10.35
3-508B(1)(f)	$330-440	$345-460
3-508B(1)(f)	$11	$11.50
3-510(1)	$2,200	$2,300
3-511(1)	$2,200	$2,300
3-511(1)(a)	$660	$690
3-511(1)(b)	$660	$690
3-514	$2,200	$2,300
4-301(3)	$660	$690
4-301(3)	$660	$690
5-103(2)	$2,200	$2,300
5-103(3)	$2,200	$2,300
5-103(7)	$2,200	$2,300

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-10 Rule announcing changes in dollar amounts - July 1, 1988

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1987 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1988, are as follows:

Designated Sections	July 1, 1986	July 1, 1988
2-201(2)(a)(i)	$690	$720
2-201(2)(a)(ii)	$690-2,300	$750-2,400
2-201(2)(a)(iii)	$2,300	$2,400
2-203(1)(a)	$11.50	$12
2-407(1)	$2,300	$2,400
2-407(1)	$460	$480
2-413	$2,300	$2,400
3-203(1)(a)	$11.50	$12
3-508A(2)(a)(i)	$690	$720
3-508A(2)(a)(ii)	$690-2,300	$720-2,400
3-508A(2)(a)(iii)	$2,300	$2,400
3-508B(1)	$460	$480
3-508B(1)(a)	$68.98	$71.98
3-508B(1)(a)	$2.30-11.50	$2.40-12
3-508B(1)(b)	$68.98-80.50	$71.98-84
3-508B(1)(b)	$6.90	$7.20
3-508B(1)(c)	$80.50-161	$84-168
3-508B(1)(c)	$8.05	$8.40
3-508B(1)(d)	$161-230	$168-240
3-508B(1)(d)	$9.20	$9.60
3-508B(1)(e)	$230-345	$240-360
3-508B(1)(e)	$10.35	$10.80
3-508B(1)(f)	$345-460	$360-480
3-508B(1)(f)	$11.50	$12
3-510(1)	$2,300	$2,400
3-511(1)	$2,300	$2,400
3-511(1)(a)	$690	$720
3-511(1)(b)	$690	$720
3-514	$2,300	$2,400
5-103(2)	$2,300	$2,400
5-103(3)	$2,300	$2,400
5-103(7)	$2,300	$2,400

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-11 Rule announcing changes in dollar amounts - July 1, 1989

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1988 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1989, are as follows:

Designated Sections	July 1, 1988	July 1, 1989
2-201(2)(a)(i)	$720	$750
2-201(2)(a)(ii)	$720-2,400	$720-2,500
2-201(2)(a)(iii)	$2,400	$2,500
2-203(1)(a)	$12	$12.50
2-407(1)	$2,400	$2,500
2-407(1)	$480	$500
2-413	$2,400	$2,500
3-203(1)(a)	$12	$12.50
3-508A(2)(a)(i)	$720	$750
3-508A(2)(a)(ii)	$720-2,400	$750-2,500
3-508A(2)(a)(iii)	$2,400	$2,500
3-508B(1)	$480	$500
3-508B(1)(a)	$71.98	$74.98
3-508B(1)(a)	$2.40-12	$2.50-12.50
3-508B(1)(b)	$71.98-84	$74.98-87.50
3-508B(1)(b)	$7.20	$7.50
3-508B(1)(c)	$84-168	$87.50-175
3-508B(1)(c)	$8.40	$8.75
3-508B(1)(d)	$168-240	$175-250
3-508B(1)(d)	$9.60	$10
3-508B(1)(e)	$240-360	$250-375
3-508B(1)(e)	$10.80	$11.25
3-508B(1)(f)	$360-480	$375-500
3-508B(1)(f)	$12	$12.50
3-510(1)	$2,400	$2,500
3-511(1)	$2,400	$2,500
3-511(1)(a)	$720	$750
3-511(1)(b)	$720	$750
3-514	$2,400	$2,500
5-103(2)	$2,400	$2,500
5-103(3)	$2,400	$2,500
5-103(7)	$2,400	$2,500

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-12 Rule announcing changes in dollar amounts - July 1, 1990

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1989 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1990, are as follows:

Designated Sections	July 1, 1989	July 1, 1990
2-201(2)(a)(i)	$750	$780
2-201(2)(a)(ii)	$750-2,500	$780-2,600
2-201(2)(a)(iii)	$2,500	$2,600
2-203(1)(a)	$12.50	$13
2-203(4)	$12.50	$13
2-407(1)	$2,500	$2,600
2-407(1)	$500	$520
2-413	$2,500	$2,600
3-203(1)(a)	$12.50	$13
3-203(5)	$12.50	$13
3-508A(2)(a)(i)	$750	$780
3-508A(2)(a)(ii)	$750-2,500	$780-2,600
3-508A(2)(a)(iii)	$2,500	$2,600
3-508B(1)	$500	$520
3-508B(1)(a)	$74.98	$77.97
3-508B(1)(a)	$2.50-12.50	$2.60-13
3-508B(1)(b)	$74.98-87.50	$77.97-91
3-508B(1)(b)	$7.50	$7.80
3-508B(1)(c)	$87.50-175	$91-182
3-508B(1)(c)	$8.75	$9.10
3-508B(1)(d)	$175-250	$182-260
3-508B(1)(d)	$10	$10.40
3-508B(1)(e)	$250-375	$360-390
3-508B(1)(e)	$11.25	$11.70
3-508B(1)(f)	$375-500	$390-520
3-508B(1)(f)	$12.50	$13
3-510(1)	$2,500	$2,600
3-511(1)	$2,500	$2,600
3-511(1)(a)	$750	$780
3-511(1)(b)	$750	$780
3-514	$2,500	$2,600
5-103(2)	$2,500	$2,600
5-103(3)	$2,500	$2,600
5-103(7)	$2,500	$2,600

History

Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-13 Rule announcing changes in dollar amounts - July 1, 1991

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1990 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1991, are as follows:

Designated Sections	July 1, 1990	July 1, 1991
2-201(2)(a)(i)	$780	$840
2-201(2)(a)(ii)	$780-2,600	$840-2,800
2-201(2)(a)(iii)	$2,600	$2,800
2-203(1)(a)	$13	$14
2-203(4)	$13	$14
2-407(1)	$2,600	$2,800
2-407(1)	$520	$560
2-413	$2,600	$2,800
3-203(1)(a)	$13	$14
3-203(5)	$13	$14
3-203.1	$13	$14
3-508A(2)(a)(i)	$780	$840
3-508A(2)(a)(ii)	$780-2,600	$840-2,800
3-508A(2)(a)(iii)	$2,600	$2,800
3-508B(1)	$520	$560
3-508B(1)(a)	$77.97	$83.97
3-508B(1)(a)	$2.60-13	$2.80-14
3-508B(1)(b)	$77.97-91	$83.97-98
3-508B(1)(b)	$7.80	$8.40
3-508B(1)(c)	$91-182	$98-196
3-508B(1)(c)	$9.10	$9.80
3-508B(1)(d)	$182-260	$196-280
3-508B(1)(d)	$10.40	$11.20
3-508B(1)(e)	$260-390	$280-420
3-508B(1)(e)	$11.70	$12.60
3-508B(1)(f)	$390-520	$420-560
3-508B(1)(f)	$13	$14
3-510(1)	$2,600	$2,800
3-511(1)	$2,600	$2,800
3-511(1)(a)	$780	$840
3-511(1)(b)	$780	$840
3-514	$2,600	$2,800
5-103(2)	$2,600	$2,800
5-103(3)	$2,600	$2,800
5-103(7)	$2,600	$2,800

History

Amended at 8 Ok Reg 3545, eff 8-28-91 (emergency); Amended at 9 Ok Reg 2271, eff 6-25-92; Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-14 Rule announcing changes in dollar amounts - July 1, 1992

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1991 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1992, are as follows:

Designated Sections	July 1, 1991	July 1, 1992
2-201(2)(a)(i)	$840	$870
2-201(2)(a)(ii)	$840-2,800	$870-2,900
2-201(2)(a)(iii)	$2,800	$2,900
2-203(1)(a)	$14	$14.50
2-203(4)	$13	$14.50
2-407(1)	$2,800	$2,900
2-407(1)	$560	$580
2-413	$2,800	$2,900
3-203(1)(a)	$14	$14.50
3-203(5)	$14	$14.50
3-203.1	$14	$14.50
3-508A(2)(a)(i)	$840	$870
3-508A(2)(a)(ii)	$840-2,800	$870-2,900
3-508A(2)(a)(iii)	$2,800	$2,900
3-508B(1)	$560	$580
3-508B(1)(a)	$83.97	$87
3-508B(1)(a)	$2.80-14	$2.90-14.50
3-508B(1)(b)	$83.97-98	$87-101.50
3-508B(1)(b)	$8.40	$8.70
3-508B(1)(c)	$98-196	$101.50-203
3-508B(1)(c)	$9.80	$10.15
3-508B(1)(d)	$196-280	$203-290
3-508B(1)(d)	$11.20	$11.60
3-508B(1)(e)	$280-420	$290-435
3-508B(1)(e)	$12.60	$13.05
3-508B(1)(f)	$420-560	$435-580
3-508B(1)(f)	$14	$14.50
3-510(1)	$2,800	$2,900
3-511(1)	$2,800	$2,900
3-511(1)(a)	$840	$870
3-511(1)(b)	$840	$870
3-514	$2,800	$2,900
5-103(2)	$2,800	$2,900
5-103(3)	$2,800	$2,900
5-103(7)	$2,800	$2,900

History

Added at 9 Ok Reg 2271, eff 6-25-92; Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-15 Rule announcing changes in dollar amounts - July 1, 1993

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1992 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1993, are as follows:

Designated Sections	July 1, 1992	July 1, 1993
2-201(2)(a)(i)	$870	$900
2-201(2)(a)(ii)	$870-2,900	$900-3,000
2-201(2)(a)(iii)	$2,900	$3,000
2-203(1)(a)	$14.50	$15
2-203(4)	$14.50	$15
2-407(1)	$2,900	$3,000
2-407(1)	$580	$600
2-413	$2,900	$3,000
3-203(1)(a)	$14.50	$15
3-203(5)	$14.50	$15
3-203.1	$14.50	$15
3-508A(2)(a)(i)	$870	$900
3-508A(2)(a)(ii)	$870-2,900	$900-3,000
3-508A(2)(a)(iii)	$2,900	$3,000
3-508B(1)	$580	$600
3-508B(1)(a)	$87	$89.97
3-508B(1)(a)	$2.90-14.50	$3-15
3-508B(1)(b)	$87-101.50	$89.97-105
3-508B(1)(b)	$8.70	$9
3-508B(1)(c)	$101.50-203	$105-210
3-508B(1)(c)	$10.15	$10.50
3-508B(1)(d)	$203-290	$210-300
3-508B(1)(d)	$11.60	$12
3-508B(1)(e)	$290-435	$300-450
3-508B(1)(e)	$13.05	$13.50
3-508B(1)(f)	$435-580	$450-600
3-508B(1)(f)	$14.50	$15
3-510(1)	$2,900	$3,000
3-511(1)	$2,900	$3,000
3-511(1)(a)	$870	$900
3-511(1)(b)	$870	$900
3-514	$2,900	$3,000
5-103(2)	$2,900	$3,000
5-103(3)	$2,900	$3,000
5-103(7)	$2,900	$3,000

History

Added at 10 Ok Reg 2587, eff 7-1-93; Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-16 Rule announcing changes in dollar amounts - July 1, 1995

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1994 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1995, are as follows:

Designated Sections	July 1, 1993	July 1, 1995
2-201(2)(a)(i)	$900	$930
2-201(2)(a)(ii)	$900-3,000	$930-3,100
2-201(2)(a)(iii)	$3,000	$3,100
2-203(1)(a)	$15	$15.50
2-203(4)	$15	$15.50
2-407(1)	$3,000	$3,100
2-407(1)	$600	$620
2-413	$3,000	$3,100
3-203(1)(a)	$15	$15.50
3-203(5)	$15	$15.50
3-203.1	$15	$15.50
3-508A(2)(a)(i)	$900	$930
3-508A(2)(a)(ii)	$900-3,000	$930-3,100
3-508A(2)(a)(iii)	$3,000	$3,100
3-508B(1)	$600	$620
3-508B(1)(a)	$89.97	$92.97
3-508B(1)(a)	$3-15	$3.10-15.50
3-508B(1)(b)	$89.97-105	$92.97-108.50
3-508B(1)(b)	$9	$9.30
3-508B(1)(c)	$105-210	$108.50-217
3-508B(1)(c)	$10.50	$10.85
3-508B(1)(d)	$210-300	$217-310
3-508B(1)(d)	$12	$12.40
3-508B(1)(e)	$300-450	$310-465
3-508B(1)(e)	$13.50	$13.95
3-508B(1)(f)	$450-600	$465-620
3-508B(1)(f)	$15	$15.50
3-510(1)	$3,000	$3,100
3-511(1)	$3,000	$3,100
3-511(1)(a)	$900	$930
3-511(1)(b)	$900	$930
3-514	$3,000	$3,100
5-103(2)	$3,000	$3,100
5-103(3)	$3,000	$3,100
5-103(7)	$3,000	$3,100

History

Added at 12 Ok Reg 3332, eff 8-11-95; Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-17 Rule announcing changes in dollar amounts - July 1, 1996

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1995 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1996, are as follows:

Designated Sections	July 1, 1995	July 1, 1996
2-201(2)(a)(i)	$930	$960
2-201(2)(a)(ii)	$930-3,100	$960-3,200
2-201(2)(a)(iii)	$3,100	$3,200
2-203(1)(a)	$15.50	$16
2-203(4)	$15.50	$16
2-407(1)	$3,100	$3,200
2-407(1)	$620	$640
2-413	$3,100	$3,200
3-203(1)(a)	$15.50	$16
3-203(5)	$15.50	$16
3-203.1	$15.50	$16
3-508A(2)(a)(i)	$930	$960
3-508A(2)(a)(ii)	$930-3,100	$960-3,200
3-508A(2)(a)(iii)	$3,100	$3,200
3-508B(1)	$620	$640
3-508B(1)(a)	$92.97	$95.97
3-508B(1)(a)	$3.10-15.50	$3.20-16
3-508B(1)(b)	$92.97-108.50	$95.97-112
3-508B(1)(b)	$9.30	$9.60
3-508B(1)(c)	$108.50-217	$112-224
3-508B(1)(c)	$10.85	$11.20
3-508B(1)(d)	$217-310	$224-320
3-508B(1)(d)	$12.40	$12.80
3-508B(1)(e)	$310-465	$320-480
3-508B(1)(e)	$13.95	$14.40
3-508B(1)(f)	$465-620	$480-640
3-508B(1)(f)	$15.50	$16
3-510(1)	$3,100	$3,200
3-511(1)	$3,100	$3,200
3-511(1)(a)	$930	$960
3-511(1)(b)	$930	$960
3-514	$3,100	$3,200
5-103(2)	$3,100	$3,200
5-103(3)	$3,100	$3,200
5-103(7)	$3,100	$3,200

History

Added at 14 Ok Reg 1207, eff 9-3-96 through 7-14-97 (emergency)1; Added at 16 Ok Reg 2142, eff 6-25-99; Amended at 17 Ok Reg 1545, eff 5-25-00
1This emergency action expired without being superseded by a permanent rulemaking action. Upon expiration of an emergency action enacting a new Section, the text of the Section is no longer effective. Therefore, on 7-15-97 (after the 7-14-97 expiration of the emergency action), Section 160:20-1-17 was no longer effective, and remained as such until added again by permanent rulemaking on 6-25-99.

Okla. Admin. Code § 160:20-1-18 Rule announcing changes in dollar amounts - July 1, 1997

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1996 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1997, are as follows:

Designated Sections	July 1, 1996	July 1, 1997
2-201(2)(a)(i)	$960	$990
2-201(2)(a)(ii)	$960-3,200	$990-3,300
2-201(2)(a)(iii)	$3,200	$3,300
2-203(1)(a)	$16	$16.50
2-203(4)	$16	$16.50
2-407(1)	$3,200	$3,300
2-407(1)	$640	$660
2-413	$3,200	$3,300
3-203(1)(a)	$16	$16.50
3-203(5)	$16	$16.50
3-203.1	$16	$16.50
3-508A(2)(a)(i)	$960	$990
3-508A(2)(a)(ii)	$960-3,200	$990-3,300
3-508A(2)(a)(iii)	$3,200	$3,300
3-508B(1)	$640	$660
3-508B(1)(a)	$95.97	$98.97
3-508B(1)(a)	$3.20-16	$3.30-16.50
3-508B(1)(b)	$95.97-112	$98.97-115.50
3-508B(1)(b)	$9.60	$9.90
3-508B(1)(c)	$112-224	$115.50-231
3-508B(1)(c)	$11.20	$11.55
3-508B(1)(d)	$224-320	$231-330
3-508B(1)(d)	$12.80	$13.20
3-508B(1)(e)	$320-480	$330-495
3-508B(1)(e)	$14.40	$14.85
3-508B(1)(f)	$480-640	$495-660
3-508B(1)(f)	$16	$16.50
3-510(1)	$3,200	$3,300
3-511(1)	$3,200	$3,300
3-511(1)(a)	$960	$990
3-511(1)(b)	$960	$990
3-514	$3,200	$3,300
5-103(2)	$3,200	$3,300
5-103(3)	$3,200	$3,300
5-103(7)	$3,200	$3,300

History

Added at 16 Ok Reg 2142, eff 6-25-99; Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-19 Rule announcing changes in dollar amounts - July 1, 1998

(a) The percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of 1997 and the Reference Base Index is ten percent (10%) or more so various dollar amounts set forth in the Uniform Consumer Credit Code shall change using figures from Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). [14A:1-106(1), (2) and (3)]

(b) The designated sections and the corresponding dollar amounts to become effective on July 1, 1998, are as follows:

Designated Sections	July 1, 1997	July 1, 1998
2-201(2)(a)(i)	$990	$1,020
2-201(2)(a)(ii)	$990-3,300	$1,020-3,400
2-201(2)(a)(iii)	$3,300	$3,400
2-203(1)(a)	$16.50	$17
2-203(4)	$16.50	$17
2-407(1)	$3,300	$3,400
2-407(1)	$660	$680
2-413	$3,300	$3,400
3-203(1)(a)	$16.50	$16.50
3-203(5)	$16.50	$16.50
3-203.1	$16.50	$16.50
3-508A(2)(a)(i)	$990	$1,020
3-508A(2)(a)(ii)	$990-3,300	$1,020-3,400
3-508A(2)(a)(iii)	$3,300	$3,400
3-508B(1)	$660	$680
3-508B(1)(a)	$98.97	$101.97
3-508B(1)(a)	$3.30-16.50	$3.40-17
3-508B(1)(b)	$98.97-115.50	$101.97-119
3-508B(1)(b)	$9.90	$10.20
3-508B(1)(c)	$115.50-231	$119-238
3-508B(1)(c)	$11.55	$11.90
3-508B(1)(d)	$231-330	$238-340
3-508B(1)(d)	$13.20	$13.60
3-508B(1)(e)	$330-495	$340-510
3-508B(1)(e)	$14.85	$15.30
3-508B(1)(f)	$495-660	$510-680
3-508B(1)(f)	$16.50	$17
3-510(1)	$3,300	$3,400
3-511(1)	$3,300	$3,400
3-511(1)(a)	$990	$1,020
3-511(1)(b)	$990	$1,020
3-514	$3,300	$3,400
5-103(2)	$3,300	$3,400
5-103(3)	$3,300	$3,400
5-103(7)	$3,300	$3,400

History

Added at 16 Ok Reg 1365, eff 5-27-99; Amended at 17 Ok Reg 1545, eff 5-25-00

Okla. Admin. Code § 160:20-1-20 Calculation method; notices; appendix

(a) Calculation method.

(1) Various dollar amounts set forth in the Uniform Consumer Credit Code shall change effective July 1 of each qualifying year. A "qualifying year" is any year in which the percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of the preceding year and the Reference Base Index is ten percent (10%) or more. [14A:1-106(2)]

(2) The calculations for dollar amount changes use figures from the Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), issued each December by Region 6, Bureau of Labor Statistics [14A:1-106(1) and (3)].

(3) The multiplier for calculating dollar amount changes is derived as follows: A minus 138.5 equals B divided by 1.385 equals C. A is the CPI-W All Items for indexes on a 1967 = 100 base, 138.5 is the Reference Base Index, and C is the multiplier.

(4) Each dollar amount for which a change is to be made is to be adjusted as follows: C divided by 100 times D plus D. C is the multiplier and D is the original dollar amount found in the 1969 Uniform Consumer Credit Code.

(b) Notices. When dollar amounts are going to change in July, the Department shall mail a chart with the designated statute sections and the corresponding dollar amounts to all licensed supervised lenders and persons who have made a timely written request for notice of dollar amount changes. The charts shall be mailed no later than April 30 of each year. [14A:1-106(4)(c)]

(c) Appendix. The Department shall mail the dollar amount changes chart to the Secretary of State no later than April 30 of each year. The charts shall be published in the Oklahoma Administrative Code in an appendix to the Department's rules. The charts are exempt from the rulemaking process. [14A:1-106(4)(c)]

History

Added at 16 Ok Reg 2142, eff 6-25-99

Okla. Admin. Code § 160:20-1-21 Rate and rebate tables

As a courtesy, the Department may prepare rate and rebate tables for use in Oklahoma. Such tables shall be consistent with the tables or supplements thereto approved by the Board of Governors of the Federal Reserve System.

History

Added at 16 Ok Reg 2142, eff 6-25-99

Chapter 25 Uniform Consumer Credit Code Rules

Okla. Admin. Code § 160:25-1-1 Purpose

The rules in this chapter provide regulations pursuant to the Uniform Consumer Credit Code, Title 14A of the Oklahoma Statutes, that are not addressed by chapters 10, 20, 45 or 65 of this title.

History

Amended at 17 Ok Reg 1583, eff 5-25-00

Okla. Admin. Code § 160:25-1-2 Limitation on garnishment of earnings for pay periods other than a week

(a) For a pay period other than a week, the maximum part of aggregate disposable earnings subject to garnishment to enforce payment of a judgment arising from a consumer credit sale, consumer lease, or consumer loan is:

(1) the amount above $127.50 if an individual's disposable earnings for a workweek or lesser period are more than $127.50, but less than $170.

(2) 25% of an individual's disposable earnings if an individual's disposable earnings for a workweek or less are $170 or more.

(3) the amount above $255 if an individual's disposable earnings for a 2-week period are more than $255, but less than $340.

(4) 25% of an individual's disposable earnings if an individual's disposable earnings for a 2-week period are $340 or more.

(5) the amount above $276.25 if an individual's disposable earnings for a semi-monthly period are more than $276.25, but less than $368.33.

(6) 25% of an individual's disposable earnings if an individual's disposable earnings for a semi-monthly period are $368.33 or more.

(7) the amount above $552.50 if an individual's disposable earnings for a month are more than $552.50, but less than $736.67.

(8) 25% of an individual's disposable earnings if an individual's disposable earnings for a month are $736.67 or more.

(b) The dollar amounts in (a) are based on the federal minimum wage of $4.25 so when the minimum wage increases the proportionate amount of earnings which may not be garnished also increases. To calculate the dollar amount of disposable earnings which would not be subject to garnishment, you multiply the number of workweeks or fractions thereof, by the applicable federal minimum wage and that amount is multiplied by 30. For purposes of this formula, a calendar month is considered to consist of 4 1/3 workweeks.

(c) The date that disposable earnings are paid or payable, and not the date the court issues the garnishment order, is controlling in determining the amount of disposable earnings that may be garnished. If the federal minimum wage increases after the court has issued a garnishment order, then the amounts change for disposable earnings that are paid or payable after the effective date of the increase.

History

Added at 17 Ok Reg 1583, eff 5-25-00; Amended at 18 Ok Reg 2357, eff 6-25-01

Okla. Admin. Code § 160:25-1-3 Credit features exempted from advance notice of change of terms

No advance notice of a change in terms need be given pursuant to Title 14A of the Oklahoma Statutes, § 3-408(2) if the change is contracted for and the change results from:

(1) a rate increase under a contracted for variable rate plan;

(2) a rate increase that occurs when an employee has been under a preferential rate agreement and terminates employment;

(3) a rate increase that occurs when a consumer has been under an agreement to maintain a certain balance in a savings accounts or similar account in order to keep a particular rate and the account balance falls below the specified minimum;

(4) a rate increase that occurs when a consumer has been under an agreement for the direct deposit of the consumer's payroll or other monthly income check, or a payroll deduction plan, in order to keep a particular rate, and the direct deposit or payroll deduction is terminated by someone other than the creditor;

(5) a contracted for increase in the minimum monthly payment that occurs as a result of a rate increase as set forth in paragraphs (1) through (4) above.

Chapter 10 Consumer Leasing

Okla. Admin. Code tit. 160, ch. 10, app A Model Open-End or Finance Vehicle Lease Disclosures

Figure 1

Figure 2

History

Added at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code tit. 160, ch. 10, app B Model Closed-End or Net Vehicle Lease Disclosures

Figure 1

Figure 2

History

Added at 17 Ok Reg 1528, eff 5-25-00

Okla. Admin. Code tit. 160, ch. 10, app C Model Furniture Lease Disclosures

Figure 1

Figure 2

History

Added at 17 Ok Reg 1528, eff 5-25-00

Chapter 20 Changes in Dollar Amounts

Okla. Admin. Code tit. 160, ch. 20, app D Changes in Dollar Amounts - July 1, 2003

History

Added eff 7-1-031
1This appendix is being published in the OAC as required by 14A O.S., §1-106(4)(c). It was not published in The Oklahoma Register and "shall not be construed as rulemaking." [See also Editor's Note at beginning of this Chapter]

Okla. Admin. Code tit. 160, ch. 20, app E Changes in Dollar Amounts - July 1, 2005

History

Added eff 7-1-051
1This appendix is being published in the OAC as required by 14A O.S., §1-106(4)(c). It was not published in The Oklahoma Register and "shall not be construed as rulemaking." [See also Editor's Note at beginning of this Chapter]

Okla. Admin. Code tit. 160, ch. 20, app F Changes in Dollar Amounts - July 1, 2006

History

Added eff 7-1-061
1This appendix is being published in the OAC as required by 14A O.S., §1-106(4)(c). It was not published in The Oklahoma Register and "shall not be construed as rulemaking." [See also Editor's Note at beginning of this Chapter]

Okla. Admin. Code tit. 160, ch. 20, app G Changes in Dollar Amounts - July 1, 2007

History

Added eff 7-1-071
1This appendix is being published in the OAC as required by 14A O.S., §1-106(4)(c). It was not published in The Oklahoma Register and "shall not be construed as rulemaking." [See also Editor's Note at beginning of this Chapter]

Okla. Admin. Code tit. 160, ch. 20, app H Changes in Dollar Amounts - July 1, 2008

History

Added eff 7-1-081
1This appendix is being published in the OAC as required by 14A O.S., §1-106(4)(c). It was not published in The Oklahoma Register and "shall not be construed as rulemaking." [See also Editor's Note at beginning of this Chapter]

Okla. Admin. Code tit. 160, ch. 20, app I Changes in Dollar Amounts - July 1, 2010

History

Added eff 7-1-101
1This appendix is being published in the OAC as required by 14A O.S., §1-106(4)(c). It was not published in The Oklahoma Register and "shall not be construed as rulemaking." [See also Editor's Note at beginning of this Chapter]

Okla. Admin. Code tit. 160, ch. 20, app J Changes in Dollar Amounts - July 1, 2011

History

Added eff 7-1-111
1This appendix is being published in the OAC as required by 14A O.S., §1-106(4)(c). It was not published in The Oklahoma Register and "shall not be construed as rulemaking." [See also Editor's Note at beginning of this Chapter]

Okla. Admin. Code tit. 160, ch. 20, app K Changes in Dollar Amounts - July 1, 2012

History

Added eff 7-1-121
1This appendix is being published in the OAC as required by 14A O.S., §1-106(4)(c). It was not published in The Oklahoma Register and "shall not be construed as rulemaking." [See also Editor's Note at beginning of this Chapter]