Okla. Stat. tit. 14A, § 14A-2-307

(1) Except as rules adopted by the Administrator not

inconsistent with the Federal Consumer Credit Protection Act may

otherwise prescribe, if the seller refinances an existing balance

owing with respect to a consumer credit sale, refinancing or

consolidation pursuant to the provisions on refinancing (Section 2-

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 44

205) or consolidates an existing balance owing from a previous

consumer credit sale, refinancing, or consolidation with the amount

financed from a subsequent consumer credit sale, refinancing, or

consolidation so as to satisfy any existing balance and replace it

with a new obligation undertaken by the same buyer, the seller shall

make disclosure with respect to the new transaction to the buyer of

the information and in the manner required by this part.

(2) A refinancing does not include:

(a) a renewal of a single payment obligation with no

change in the original terms;

(b) a reduction in the annual percentage rate with a

corresponding change in the payment schedule;

(c) an agreement involving a court proceeding;

(d) a change in the payment schedule or a change in

collateral requirements as a result of the buyer's

default or delinquency, unless the rate is increased

or the new amount financed exceeds the unpaid balance

plus earned finance charge and premiums for

continuation of consumer credit insurance or insurance

against loss of or damage to property or against

liability arising out of the ownership or use of

property; or

(e) the renewal of optional insurance purchased by the

buyer and added to an existing transaction if

disclosures relating to the initial purchase were

provided in accordance with law.