Okla. Stat. tit. 14A, § 14A-3-208
This is the official text of Okla. Stat. tit. 14A, § 14A-3-208, 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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Advances to perform covenants of debtor
Official statutory text
(1) If the agreement with respect to a consumer loan,
refinancing, or consolidation contains covenants by the debtor to
perform certain duties pertaining to insuring or preserving
collateral and if the lender pursuant to the agreement pays for
performance of the duties on behalf of the debtor the lender may add
the amounts paid to the debt. In the case of covenants as to duties
other than the payment of taxes and insuring the collateral, the
lender shall give written notice to the debtor setting forth the
duties to be performed and a statement of the amount to be charged
for the performance of said duties. Said written notice shall be by
certified mail to the last-known address of the debtor, at least
thirty (30) days prior to the commencement of the performance of the
specified duties, unless otherwise agreed in writing by the lender
and debtor. The debtor, prior to commencement of performance, shall
have the option to make alternative arrangements for compliance with
the covenants. Within a reasonable time after advancing any sums,
he shall state to the debtor in writing the amount of the sums
advanced, any charges with respect to this amount, and any revised
payment schedule, and, if the duties of the debtor performed by the
lender pertain to insurance, a brief description of the insurance
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 92
paid for by the lender including the type and amount of coverages.
No further information need be given.
(2) A loan finance charge may be made for sums advanced
pursuant to subsection (1) at a rate not exceeding the rate stated
to the debtor pursuant to the provisions on disclosure (Part 3) with
respect to the loan, refinancing, or consolidation, except that with
respect to a revolving loan account the amount of the advance may be
added to the unpaid balance of the debt and the lender may make a
loan finance charge not exceeding that permitted by the provisions
on loan finance charge for consumer loans (Section 3-201) or for
supervised loans (Section 3-508A), whichever is appropriate.
refinancing, or consolidation contains covenants by the debtor to
perform certain duties pertaining to insuring or preserving
collateral and if the lender pursuant to the agreement pays for
performance of the duties on behalf of the debtor the lender may add
the amounts paid to the debt. In the case of covenants as to duties
other than the payment of taxes and insuring the collateral, the
lender shall give written notice to the debtor setting forth the
duties to be performed and a statement of the amount to be charged
for the performance of said duties. Said written notice shall be by
certified mail to the last-known address of the debtor, at least
thirty (30) days prior to the commencement of the performance of the
specified duties, unless otherwise agreed in writing by the lender
and debtor. The debtor, prior to commencement of performance, shall
have the option to make alternative arrangements for compliance with
the covenants. Within a reasonable time after advancing any sums,
he shall state to the debtor in writing the amount of the sums
advanced, any charges with respect to this amount, and any revised
payment schedule, and, if the duties of the debtor performed by the
lender pertain to insurance, a brief description of the insurance
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 92
paid for by the lender including the type and amount of coverages.
No further information need be given.
(2) A loan finance charge may be made for sums advanced
pursuant to subsection (1) at a rate not exceeding the rate stated
to the debtor pursuant to the provisions on disclosure (Part 3) with
respect to the loan, refinancing, or consolidation, except that with
respect to a revolving loan account the amount of the advance may be
added to the unpaid balance of the debt and the lender may make a
loan finance charge not exceeding that permitted by the provisions
on loan finance charge for consumer loans (Section 3-201) or for
supervised loans (Section 3-508A), whichever is appropriate.
Status: in_force · Read it on the official government site
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