Okla. Stat. tit. 14A, § 14A-3-104
This is the official text of Okla. Stat. tit. 14A, § 14A-3-104, 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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Definition: "Consumer Loan"
Official statutory text
Except with respect to a loan primarily secured by an interest
in land (Section 3-105 of this title), or except with respect to
loans granted by institutions of postsecondary education except that
such loans by institutions of postsecondary education shall be
subject to disclosure requirements pursuant to Section 3-301 of this
title and remedies for violation of disclosure provisions pursuant
to Articles 5 and 6 of this title if otherwise they meet the
definition of consumer loan, a "consumer loan" is a loan made by a
person regularly engaged in the business of making loans in which:
(a) the debtor is a person other than an organization;
(b) the debt is incurred primarily for a personal, family
or household purpose;
(c) either the debt is payable in installments or a loan
finance charge is made; and
(d) either the principal does not exceed Fifty Thousand
Dollars ($50,000.00), unless the loan is a private
education loan as that term is defined in Section 8 of
this act, or the debt is secured by an interest in
land. The dollar amount in this paragraph shall be
adjusted annually as indicated by the Consumer
Financial Protection Bureau by the annual percentage
increase in the Consumer Price Index for Urban Wage
Earners and Clerical Workers, as published by the
Bureau of Labor Statistics, rounded to the nearest
multiple of One Hundred Dollars ($100.00) or One
Thousand Dollars ($1,000.00) as applicable.
in land (Section 3-105 of this title), or except with respect to
loans granted by institutions of postsecondary education except that
such loans by institutions of postsecondary education shall be
subject to disclosure requirements pursuant to Section 3-301 of this
title and remedies for violation of disclosure provisions pursuant
to Articles 5 and 6 of this title if otherwise they meet the
definition of consumer loan, a "consumer loan" is a loan made by a
person regularly engaged in the business of making loans in which:
(a) the debtor is a person other than an organization;
(b) the debt is incurred primarily for a personal, family
or household purpose;
(c) either the debt is payable in installments or a loan
finance charge is made; and
(d) either the principal does not exceed Fifty Thousand
Dollars ($50,000.00), unless the loan is a private
education loan as that term is defined in Section 8 of
this act, or the debt is secured by an interest in
land. The dollar amount in this paragraph shall be
adjusted annually as indicated by the Consumer
Financial Protection Bureau by the annual percentage
increase in the Consumer Price Index for Urban Wage
Earners and Clerical Workers, as published by the
Bureau of Labor Statistics, rounded to the nearest
multiple of One Hundred Dollars ($100.00) or One
Thousand Dollars ($1,000.00) as applicable.
Status: in_force · Read it on the official government site
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