Okla. Stat. tit. 14A, § 14A-3-204
This is the official text of Okla. Stat. tit. 14A, § 14A-3-204, 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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Deferral charges
Official statutory text
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 89
(1) With respect to any consumer loan, refinancing, or
consolidation, the parties before or after default may agree in
writing to a deferral of all or part of one or more unpaid
installments.
(2) With respect to a consumer loan, refinancing, or
consolidation, which is not precomputed, at the time of deferral the
debtor may agree in writing to a deferral charge that the lender may
make and collect.
(3) With respect to a precomputed consumer loan, refinancing,
or consolidation, the lender may make and collect a charge not
exceeding the rate previously stated to the debtor pursuant to the
provisions on disclosure (Part 3) applied to the amount or amounts
deferred for the period of deferral calculated without regard to
difference in the lengths of months, but proportionally for a part
of a month, counting each day as one-thirtieth (1/30) of a month.
(4) A deferral charge may be collected at the time it is
assessed or at any time thereafter.
(5) The lender may, in addition to the deferral charge, make
appropriate additional charges (Section 3-202). The amount of these
additional charges which is not paid in cash may be added to the
amount financed. With respect to a precomputed consumer loan,
refinancing, or consolidation, these additional charges not paid in
cash may be considered part of the amount deferred for the purpose
of calculating the deferral charge.
(6) The parties may agree in writing at the time of a
precomputed consumer loan, refinancing, or consolidation that if an
installment is not paid within ten (10) days after its due date, the
lender may unilaterally grant a deferral and make charges as
provided in subsection (3) of this section.
(7) No deferral charge may be made for a period after the date
that the lender elects to accelerate the maturity of the agreement,
except in circumstances where the lender waives the acceleration and
the parties then mutually agree to a deferral.
(8) With respect to a precomputed consumer loan, refinancing,
or consolidation, a delinquency charge made by the lender on an
installment may not be retained if a deferral charge is made
pursuant to this section with respect to the period of delinquency.
(1) With respect to any consumer loan, refinancing, or
consolidation, the parties before or after default may agree in
writing to a deferral of all or part of one or more unpaid
installments.
(2) With respect to a consumer loan, refinancing, or
consolidation, which is not precomputed, at the time of deferral the
debtor may agree in writing to a deferral charge that the lender may
make and collect.
(3) With respect to a precomputed consumer loan, refinancing,
or consolidation, the lender may make and collect a charge not
exceeding the rate previously stated to the debtor pursuant to the
provisions on disclosure (Part 3) applied to the amount or amounts
deferred for the period of deferral calculated without regard to
difference in the lengths of months, but proportionally for a part
of a month, counting each day as one-thirtieth (1/30) of a month.
(4) A deferral charge may be collected at the time it is
assessed or at any time thereafter.
(5) The lender may, in addition to the deferral charge, make
appropriate additional charges (Section 3-202). The amount of these
additional charges which is not paid in cash may be added to the
amount financed. With respect to a precomputed consumer loan,
refinancing, or consolidation, these additional charges not paid in
cash may be considered part of the amount deferred for the purpose
of calculating the deferral charge.
(6) The parties may agree in writing at the time of a
precomputed consumer loan, refinancing, or consolidation that if an
installment is not paid within ten (10) days after its due date, the
lender may unilaterally grant a deferral and make charges as
provided in subsection (3) of this section.
(7) No deferral charge may be made for a period after the date
that the lender elects to accelerate the maturity of the agreement,
except in circumstances where the lender waives the acceleration and
the parties then mutually agree to a deferral.
(8) With respect to a precomputed consumer loan, refinancing,
or consolidation, a delinquency charge made by the lender on an
installment may not be retained if a deferral charge is made
pursuant to this section with respect to the period of delinquency.
Status: in_force · Read it on the official government site
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