Okla. Stat. tit. 14A, § 14A-2-310.2

plans secured by consumer's principal dwelling.

Disclosure requirements for revolving charge account plans

secured by consumer's principal dwelling.

(1) In the case of any revolving charge account plan which

provides for any extension of credit which is secured by the

consumer's principal dwelling, the creditor shall make the following

disclosures in accordance with subsection (9) of Section 2-302 of

this title:

(a) Each annual percentage rate imposed in connection with

extensions of credit under the plan and a statement

that such rate does not include costs other than

interest.

(b) In the case of a plan which provides for variable

rates of interest on credit extended under the plan:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 57

(i) a description of the manner in which such rate

will be computed and a statement that such rate

does not include costs other than interest;

(ii) a description of the manner in which any changes

in the annual percentage rate will be made,

including:

(aa) any negative amortization and interest rate

carryover;

(bb) the time of any such changes;

(cc) any index or margin to which such changes in

the rate are related; and

(dd) a source of information about any such

index;

(iii) if an initial annual percentage rate is offered

which is not based on an index:

(aa) a statement of such rate and the period of

time such initial rate will be in effect;

and

(bb) a statement that such rate does not include

costs other than interest;

(iv) a statement that the consumer should ask about

the current index value and interest rate;

(v) a statement of the maximum amount by which the

annual percentage rate may change in any one-year

period or a statement that no such limit exists;

(vi) a statement of the maximum annual percentage rate

that may be imposed at any time under the plan;

(vii) subject to subsection (9)(g) of Section 2-302 of

this title, a table, based on a Ten Thousand

Dollar ($10,000.00) extension of credit, showing

how the annual percentage rate and the minimum

periodic payment amount under each repayment

option of the plan would have been affected

during the preceding fifteen-year period by

changes in any index used to compute such rate;

(viii) a statement of:

(aa) the maximum annual percentage rate which may

be imposed under each repayment option of

the plan;

(bb) the minimum amount of any periodic payment

which may be required, based on a Ten

Thousand Dollar ($10,000.00) outstanding

balance, under each such option when such

maximum annual percentage rate is in effect;

and

(cc) the earliest date by which such maximum

annual interest rate may be imposed; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 58

(ix) a statement that interest rate information will

be provided on or with each periodic statement.

(c) An itemization of any fees imposed by the creditor in

connection with the availability or use of credit

under such plan, including annual fees, application

fees, transaction fees, and closing costs (including

costs commonly described as "points"), and the time

when such fees are payable.

(d) (i) An estimate, based on the creditor's experience

with such plans and stated as a single amount or

as a reasonable range, of the aggregate amount of

additional fees that may be imposed by third

parties including but not limited to governmental

authorities, appraisers, and attorneys in

connection with opening an account under the

plan.

(ii) A statement that the consumer may ask the

creditor for a good faith estimate by the

creditor of the fees that may be imposed by third

parties.

(e) A statement that:

(i) any extension of credit under the plan is secured

by the consumer's dwelling; and

(ii) in the event of any default, the consumer risks

the loss of the dwelling.
in

connection with opening an account under the

plan.

(ii) A statement that the consumer may ask the

creditor for a good faith estimate by the

creditor of the fees that may be imposed by third

parties.

(e) A statement that:

(i) any extension of credit under the plan is secured

by the consumer's dwelling; and

(ii) in the event of any default, the consumer risks

the loss of the dwelling.

(f) (i) A clear and conspicuous statement:

(aa) of the time by which an application must be

submitted to obtain the terms disclosed; or

(bb) if applicable, that the terms are subject to

change.

(ii) A statement that:

(aa) the consumer may elect not to enter into an

agreement to open an account under the plan

if any term changes, other than a change

contemplated by a variable feature of the

plan, before any such agreement is final;

and

(bb) if the consumer makes an election described

in division (aa) of this subparagraph, the

consumer is entitled to a refund of all fees

paid in connection with the application.

(iii) A statement that the consumer should make or

otherwise retain a copy of information disclosed

under this subparagraph.

(g) A statement that:

(i) under certain conditions, the creditor may

terminate any account under the plan and require

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immediate repayment of any outstanding balance,

prohibit any additional extension of credit to

the account, or reduce the credit limit

applicable to the account; and

(ii) the consumer may receive, upon request, more

specific information about the conditions under

which the creditor may take any action described

in subparagraph (i) of this paragraph.

(h) The repayment options under the plan, including:

(i) if applicable, any differences in repayment

options with regard to:

(aa) any period during which additional

extensions of credit may be obtained; and

(bb) any period during which repayment is

required to be made and no additional

extensions of credit may be obtained;

(ii) the length of any repayment period, including any

differences in the length of any repayment period

with regard to the periods described in divisions

(aa) and (bb) of subparagraph (i) of this

paragraph; and

(iii) an explanation of how the amount of any minimum

monthly or periodic payment will be determined

under each such option, including any differences

in the determination of any such amount with

regard to the periods described in divisions (aa)

and (bb) of subparagraph (i) of this paragraph.

(i) An example, based on a Ten Thousand Dollar

($10,000.00) outstanding balance and the interest

rate, other than a rate not based on the index under

the plan, which is, or was recently, in effect under

such plan, showing the minimum monthly or periodic

payment, and the time it would take to repay the

entire Ten Thousand Dollars ($10,000.00) if the

consumer paid only the minimum periodic payments and

obtained no additional extensions of credit.

(j) If, under any repayment option of the plan, the

payment of not more than the minimum periodic payments

required under such option over the length of the

repayment period:

(i) would not repay any of the principal balance; or

(ii) would repay less than the outstanding balance by

the end of such period,

as the case may be, a statement of such fact, including an

explicit statement that at the end of such repayment period

a balloon payment as defined in subsection (12) of Section

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2-313 of this title would result which would be required to

be paid in full at that time.

(k) If applicable, a statement that:
by

the end of such period,

as the case may be, a statement of such fact, including an

explicit statement that at the end of such repayment period

a balloon payment as defined in subsection (12) of Section

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2-313 of this title would result which would be required to

be paid in full at that time.

(k) If applicable, a statement that:

(i) any limitation in the plan on the amount of any

increase in the minimum payments may result in

negative amortization;

(ii) negative amortization increases the outstanding

principal balance of the account; and

(iii) negative amortization reduces the consumer's

equity in the consumer's dwelling.

(l) (i) Any limitation contained in the plan on the

number of extensions of credit and the amount of

credit which may be obtained during any month or

other defined time period.

(ii) Any requirement which establishes a minimum

amount for:

(aa) the initial extension of credit to an

account under the plan;

(bb) any subsequent extension of credit to an

account under the plan; or

(cc) any outstanding balance of an account under

the plan.

(m) A statement that the consumer should consult a tax

advisor regarding the deductibility of interest and

charges under the plan.

(n) Any other term which the Administrator requires, in

rules to be disclosed.

(2) For purposes of this section and Sections 2-310.3 and 2-313

of this title, the term "principal dwelling" includes any second or

vacation home of the consumer.

(3) In addition to the disclosures required under subsection

(1) of this section with respect to an application to open an

account under any revolving charge account plan described in such

subsection, the creditor or other person providing such disclosures

to the consumer shall provide:

(a) a pamphlet published by the Board of Governors of the

Federal Reserve System pursuant to Section 4 of the

Home Equity Consumer Protection Act of 1988; or

(b) any pamphlet which provides substantially similar

information to the information described in such

section, as determined by the Administrator.