Okla. Stat. tit. 14A, § 14A-1-301

In addition to definitions appearing in subsequent articles, in

this title:

(1) "Actuarial Method" means the method, defined by rules

adopted by the Administrator, of allocating payments made on a debt

between principal or amount financed and loan finance charge or

credit service charge pursuant to which a payment is applied first

to the accumulated loan finance charge or credit service charge and

the balance is applied to the unpaid principal or unpaid amount

financed.

(2) "Administrator" means the Administrator designated in the

article (Article 6) on administration under Section 6-103 of this

title.

(3) "Agreement" means the bargain of the parties in fact as

found in their language or by implication from other circumstances

including course of dealing or usage of trade or course of

performance.

(4) "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 the

agricultural products. "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, and any and all products raised or produced

on farms and any processed or manufactured products thereof.

(5) "Closing costs" with respect to a debt secured by an

interest in land includes:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 14

(a) fees or premiums for title examination, title

insurance or similar purposes including surveys;

(b) fees for preparation of a deed, settlement statement

or other documents;

(c) escrows for future payments of taxes and insurance;

(d) fees for notarizing deeds and other documents;

(e) appraisal fees; and

(f) credit reports.

(6) "Conspicuous": A term or clause is "conspicuous" when it

is so written that a reasonable person against whom it is to operate

ought to have noticed it. Whether a term or clause is conspicuous

or not is for decision by the court.

(7) "Credit" means the right granted by a creditor to a debtor

to defer payment of debt or to incur debt and defer its payment.

(8) "Earnings" means compensation paid or payable to an

individual or for the individual's account for personal services

rendered or to be rendered by the individual, whether denominated as

wages, salary, commission, bonus, or otherwise, and includes

periodic payments pursuant to a pension, retirement, or disability

program.

(9) "Lender credit card or similar arrangement" means an

arrangement or loan agreement, other than a seller credit card,

pursuant to which a lender gives a debtor the privilege of using a

credit card, letter of credit, or other credit confirmation or

identification in transactions out of which debt arises:

(a) by a lender's honoring a draft or similar order for

the payment of money drawn or accepted by the debtor;

(b) by the lender's payment or agreement to pay the

debtor's obligations; or

(c) by the lender's purchase from the obligee of the

debtor's obligations.

(10) (a) "Subsection 10 mortgage" means a consumer credit

transaction that is secured by the consumer's

principal dwelling, other than a residential mortgage

transaction, a reverse mortgage transaction, or a

transaction under an open-end credit plan, if:
der's payment or agreement to pay the

debtor's obligations; or

(c) by the lender's purchase from the obligee of the

debtor's obligations.

(10) (a) "Subsection 10 mortgage" means a consumer credit

transaction that is secured by the consumer's

principal dwelling, other than a residential mortgage

transaction, a reverse mortgage transaction, or a

transaction under an open-end credit plan, if:

(i) the annual percentage rate at consummation of the

transaction will exceed by more than eight (8)

percentage points for first-lien loans, or by

more than ten (10) percentage points for

subordinate-lien loans, the yield on treasury

securities having comparable periods of maturity

on the fifteenth day of the month immediately

preceding the month in which the application for

the extension of credit is received by the

creditor; or

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 15

(ii) the total points and fees payable by the consumer

at or before closing will exceed the greater of:

(aa) eight percent (8%) of the total loan amount;

or

(bb) Four Hundred Dollars ($400.00).

(b) After the two-year period beginning on the effective

date of the regulations promulgated under Section 155

of the Riegle Community Development and Regulatory

Improvement Act of 1994, and no more frequently than

biennially after the first increase or decrease under

this subsection, the Administrator may by rule

increase or decrease the number of percentage points

specified in subparagraph (i) of paragraph (a) of this

subsection, if the Administrator determines that the

increase or decrease is consistent with the consumer

protections against abusive lending provided by the

amendments made by subtitle B of Title I of the Riegle

Community Development and Regulatory Improvement Act

of 1994 and is warranted by the need for credit.

Such an increase or decrease may not result in the

number of percentage points referred to in this

subsection being less than eight (8) percentage points

or greater than twelve (12) percentage points.

In determining whether to increase or decrease the

number of percentage points, the Administrator shall

consult with representatives of consumers, including

low-income consumers, and lenders.

(c) The amount specified in division (bb) of subparagraph

(ii) of paragraph (a) of this subsection shall be

adjusted annually on January 1 by the annual

percentage change in the Consumer Price Index, as

reported on June 1 of the year preceding such

adjustment.

(d) For purposes of subparagraph (ii) of paragraph (a) of

this subsection, points and fees shall include:

(i) all items included in the finance charge, except

interest or the time-price differential;

(ii) all compensation paid to mortgage brokers;

(iii) each of the charges listed in 15 U.S.C., Section

1605(e), except an escrow for future payment of

taxes, unless:

(aa) the charge is reasonable;

(bb) the creditor receives no direct or indirect

compensation; and

(cc) the charge is paid to a third party

unaffiliated with the creditor;

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 16

(iv) premiums or other charges for credit life,

accident, health, or loss-of-income insurance, or

debt-cancellation coverage, whether or not the

debt-cancellation coverage is insurance under

applicable law, that provides for cancellation of

all or part of the consumer's liability in the

event of the loss of life, health, or income or

in the case of accident, written in connection

with the credit transaction; and

(v) such other charges as the Administrator

determines to be appropriate.

(e) The provisions of this subsection shall not be

construed to limit the rate of interest or the finance

charge that a person may charge a consumer for any

extension of credit.

(11) "Official fees" means:
s of life, health, or income or

in the case of accident, written in connection

with the credit transaction; and

(v) such other charges as the Administrator

determines to be appropriate.

(e) The provisions of this subsection shall not be

construed to limit the rate of interest or the finance

charge that a person may charge a consumer for any

extension of credit.

(11) "Official fees" means:

(a) fees and charges prescribed by law which actually are

or will be paid to public officials for determining

the existence of or for perfecting, releasing, or

satisfying a security interest related to a consumer

credit sale, consumer lease, or consumer loan; or

(b) premiums payable for insurance in lieu of perfecting a

security interest otherwise required by the creditor

in connection with the sale, lease, or loan if the

premium does not exceed the fees and charges described

in paragraph (a) which would otherwise be payable.

(12) "Organization" means a corporation, government or

governmental subdivision or agency, trust, estate, partnership,

cooperative or association.

(13) "Payable in installments" means that payment is required

or permitted by agreement to be made in:

(a) two or more periodic payments, excluding a down

payment, with respect to a debt arising from a

consumer credit sale pursuant to which a credit

service charge is made;

(b) four or more periodic payments, excluding a down

payment, with respect to a debt arising from a

consumer credit sale pursuant to which no credit

service charge is made; or

(c) two or more periodic payments with respect to a debt

arising from a consumer loan.

If any periodic payment other than the down payment under an

agreement requiring or permitting two or more periodic payments is

more than twice the amount of any other periodic payment, excluding

the down payment, the consumer credit sale, consumer lease, or

consumer loan is "payable in installments."

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 17

(14) "Person" includes a natural person or an individual, and

an organization, joint venture or any legal entity however

organized.

(15) (a) "Person related to" with respect to an individual

means:

(i) the spouse of the individual;

(ii) a brother, brother-in-law, sister, sister-

in-law of the individual;

(iii) an ancestor or lineal descendant of the

individual or the individual's spouse; and

(iv) any other relative, by blood or marriage, of

the individual or the individual's spouse

who shares the same home with the

individual.

(b) "Person related to" with respect to an organization

means:

(1) a person directly or indirectly controlling,

controlled by or under common control with

the organization;

(2) an officer or director of the organization

or a person performing similar functions

with respect to the organization or to a

person related to the organization;

(3) the spouse of a person related to the

organization; and

(4) a relative by blood or marriage of a person

related to the organization who shares the

same home with such person.

(16) "Presumed" or "presumption" means that the trier of fact

must find the existence of the fact presumed unless and until

evidence is introduced which would support a finding of its

nonexistence.

(17) "Residential mortgage transaction" means a transaction in

which a mortgage, deed of trust, purchase money security interest

arising under an installment sales contract, or equivalent

consensual security interest is created or retained against the

consumer's dwelling to finance the acquisition or initial

construction of such dwelling.

(18) "Reverse mortgage transaction" means a nonrecourse

transaction in which a mortgage, deed of trust, or equivalent

consensual security interest is created against the consumer's

principal dwelling:

(a) securing one or more advances; and
consensual security interest is created or retained against the

consumer's dwelling to finance the acquisition or initial

construction of such dwelling.

(18) "Reverse mortgage transaction" means a nonrecourse

transaction in which a mortgage, deed of trust, or equivalent

consensual security interest is created against the consumer's

principal dwelling:

(a) securing one or more advances; and

(b) with respect to which the payment of any principal,

interest, and shared appreciation or equity is due and

payable (other than in the case of default) only

after:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 18

(i) the transfer of the dwelling;

(ii) the consumer ceases to occupy the dwelling as a

principal dwelling; or

(iii) the death of the consumer.

(19) "Seller credit card" means an arrangement pursuant to

which a person gives to a buyer or lessee the privilege of using a

credit card, letter of credit or other credit confirmation or

identification primarily for the purpose of purchasing or leasing

goods or services from that person, or:

(a) from a person related to that person;

(b) from others licensed or franchised to do business

under the person's business or trade name or

designation; or

(c) from any other persons with the consent of that

person.

(20) "Supervised financial organization" means a person, other

than an insurance company or other organization primarily engaged in

an insurance business:

(a) organized, chartered, or holding an authorization

certificate under the laws of a state or of the United

States which authorizes the person to make loans and

to receive deposits, including a savings, share,

certificate or deposit account; and

(b) subject to supervision by an official or agency of

this state or the United States other than the

Oklahoma Securities Commission.