Notwithstanding the provisions of Title 14A of the Oklahoma Statutes which otherwise limit enforceable charges for delinquent payments and collection of delinquent loans which are granted to students for educational costs while attending accredited institutions in The Oklahoma State System of Higher Education, as defined in the Oklahoma Constitution, Article XIII-A, Section 1, the loan agreement between the lender and the student who is borrowing to attend such an institution may lawfully provide for the collection of the following:
1. A delinquency charge on any installment not paid within ten (10) days after its scheduled due date in an amount not exceeding the greater of either Five Dollars ($5.00) or five percent (5%) of the unpaid amount of the installment; and
2. Reasonable attorney's fees and fees paid to collection agencies by the lender in the event the delinquent loan is referred to an attorney or a commercial collection agency for collection.
Provided that this section shall apply only to education loans for which the loan finance charge imposed under the agreement does not exceed an annual percentage rate of twelve percent (12%) per annum calculated according to the actuarial method.
Laws 1979, c. 119, § 1.