Applicability - Information required.

1. Law
2. Oklahoma Statutes
3. Consumer Credit Code
4. Applicability - Information required.

(1) For purposes of this part, this part covers and consumer loan includes a loan secured primarily by an interest in land without regard to the rate of the loan finance charge if the loan is otherwise a consumer loan as defined by Section 3-104 of this title; a loan in which the debt is secured by personal property in which a security interest is or will be acquired which is used or expected to be used as the principal dwelling of the consumer without regard to the amount of the amount financed, if the loan is otherwise a consumer loan; and loan transactions in which any card issuer extends credit that is not subject to a finance charge and that is not payable by written agreement in four or more installments.

(2) The lender shall disclose to the debtor to whom credit is extended with respect to a consumer loan the information required by either this part or the Federal Consumer Credit Protection Act and compliance with either is sufficient.

(3) For the purposes of subsection (2) information which would otherwise be required pursuant to the Federal Consumer Credit Protection Act is sufficient even though the transaction is one of a class of credit transactions exempted from that act pursuant to regulation of the Board of Governors of the Federal Reserve System.

(4) A person who regularly arranges for the extension of consumer loans which are payable in four or more installments or for which the payment of a finance charge is or may be required from persons who are not subject to disclosure duties shall make the disclosures required of a lender under this part.

(5) In the case of an application to open an account under any revolving loan account plan described in Section 3-309.2 of this title which is provided to a consumer by any person other than the creditor:

• (a)such person shall provide such consumer with:
• (i)the disclosures required under subsection (1) of Section 3-309.2 of this title with respect to such plan, in accordance with subsection (9) of Section 3-302 of this title; and
• (ii)the pamphlet required under subsection (3) of Section 3-309.2 of this title; or
• (b)if such person cannot provide specific terms about the plan because specific information about the plan terms is not available, no nonrefundable fee may be imposed in connection with such application before the end of the three-day period beginning on the date the consumer receives the disclosures required under subsection (1) of Section 3-309.2 of this title with respect to the application.

(6) For purposes of this part, the terms "creditor", "card issuer", "applicant", "card holder", "dwelling" and "consumer" have the same meanings those terms have in the Federal Consumer Credit Protection Act, as limited by the subject matter of this article.

(7) The fact a charge or fee or a practice is mentioned in this part does not itself serve to authorize it or to remove any limitation in this title applicable to it.

Added by Laws 1969, c. 352, § 3-301, eff. July 1, 1969. Amended by Laws 1970, c. 282, § 7; Laws 1982, c. 335, § 37, operative Oct. 1, 1982; Laws 1990, c. 260, § 21, operative July 1, 1990.

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