Okla. Stat. tit. 14A, § 14A-2-203
This is the official text of Okla. Stat. tit. 14A, § 14A-2-203, part of Oklahoma’s Stat. tit. 14A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 14A,." Browse the sections below, each linked to its official government source.
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Delinquency charges
Official statutory text
(1) With respect to a consumer credit sale, refinancing, or
consolidation, including a revolving charge account, the parties may
contract for a delinquency charge on any installment not paid in
full within ten (10) days after its scheduled due date as follows:
(a) an amount, not exceeding the greater of five percent
(5%) of the unpaid portion of the scheduled
installment or Five Dollars ($5.00), subject to
adjustment pursuant to Section 1-106 of this title; or
(b) the deferral charge, as set forth in subsection (1) of
Section 2-204 of this title, that would be permitted
to defer the unpaid amount of the installment for the
period that it is delinquent.
However, a minimum late fee of Five Dollars ($5.00) may
be contracted for by the parties under either paragraph
(a) or (b) of this subsection.
(2) A delinquency charge under paragraph (a) of subsection (1)
of this section may be collected only once on an installment however
long it remains in default. No delinquency charge may be collected
if the installment has been deferred and a deferral charge, Section
2-204 of this title, has been paid or incurred. A delinquency
charge may be collected at the time it accrues or at any time
thereafter.
(3) No delinquency charge may be collected on an installment
which is paid in full within ten (10) days after its scheduled
installment due date even though an earlier maturing installment or
a delinquency charge on an earlier installment may not have been
paid in full. For purposes of this subsection payments are applied
first to current installments and then to delinquent installments.
(4) With regard to a revolving account, no more than one
delinquency charge may be imposed in each billing cycle and it may
be collected at any time after it accrues either independently of
any payment made on the account or from a payment made if the seller
discloses delinquency charges to the buyer on the billing statement.
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 29
consolidation, including a revolving charge account, the parties may
contract for a delinquency charge on any installment not paid in
full within ten (10) days after its scheduled due date as follows:
(a) an amount, not exceeding the greater of five percent
(5%) of the unpaid portion of the scheduled
installment or Five Dollars ($5.00), subject to
adjustment pursuant to Section 1-106 of this title; or
(b) the deferral charge, as set forth in subsection (1) of
Section 2-204 of this title, that would be permitted
to defer the unpaid amount of the installment for the
period that it is delinquent.
However, a minimum late fee of Five Dollars ($5.00) may
be contracted for by the parties under either paragraph
(a) or (b) of this subsection.
(2) A delinquency charge under paragraph (a) of subsection (1)
of this section may be collected only once on an installment however
long it remains in default. No delinquency charge may be collected
if the installment has been deferred and a deferral charge, Section
2-204 of this title, has been paid or incurred. A delinquency
charge may be collected at the time it accrues or at any time
thereafter.
(3) No delinquency charge may be collected on an installment
which is paid in full within ten (10) days after its scheduled
installment due date even though an earlier maturing installment or
a delinquency charge on an earlier installment may not have been
paid in full. For purposes of this subsection payments are applied
first to current installments and then to delinquent installments.
(4) With regard to a revolving account, no more than one
delinquency charge may be imposed in each billing cycle and it may
be collected at any time after it accrues either independently of
any payment made on the account or from a payment made if the seller
discloses delinquency charges to the buyer on the billing statement.
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 29
Status: in_force · Read it on the official government site
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