Definition: "Loan".

1. Law
2. Oklahoma Statutes
3. Consumer Credit Code
4. Definition: "Loan".

(1) "Loan" includes

• (a)the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor;
• (b)the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw immediately;
• (c)the creation of debt pursuant to a lender credit card or similar arrangement, except that the creation of debt or the forbearance of debt arising from a sale or lease of goods or services pursuant to a lender credit card shall be a "loan" only as to the issuer of such card and not as to a seller nor a lessor nor any assignee of a seller's right to payment or lessor's right to payment; and
• (d)the forbearance of debt arising from a loan.

(2) "Loan" does not include the creation of debt nor the forbearance of debt in connection with a sale or lease of goods or services arising pursuant to a seller credit card as to the issuer of such card, nor a seller, a lessor or any assignee of a seller's or lessor's right to payment, nor otherwise.

Added by Laws 1969, c. 352, § 3-106, eff. July 1, 1969.

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