Okla. Stat. tit. 14A, § 14A-3-210

(1) Except as provided in subsection (2), upon prepayment in

full of the unpaid balance of a precomputed consumer loan,

refinancing, or consolidation, an amount not less than the unearned

portion of the loan finance charge calculated according to this

section shall be rebated to the debtor. If the rebate otherwise

required is less than One Dollar ($1.00), no rebate need be made.

(2) Upon prepayment in full of a consumer loan other than one

pursuant to a revolving loan account, a refinancing, or

consolidation, whether or not precomputed, the lender may collect or

retain a minimum charge within the limits stated in this subsection

if the loan finance charge earned at the time of prepayment is less

than any minimum charge contracted for. The minimum charge may not

exceed the amount of loan finance charge contracted for, or Five

Dollars ($5.00) in a transaction which had a principal of Seventy-

five Dollars ($75.00) or less, or Seven Dollars and fifty cents

($7.50) in a transaction which had a principal of more than Seventy-

five Dollars ($75.00).

(3) Except as otherwise provided in this subsection with

respect to a loan primarily secured by an interest in land, the

unearned portion of the loan finance charge

(a) in a consumer loan payable according to its original

terms in more than sixty-one (61) months shall be

determined (i) by applying, according to the actuarial

method, the disclosed annual percentage rate to the

actual unpaid balances of the amount financed for the

actual time that the unpaid balances were outstanding

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 93

as of the date of prepayment, giving effect to each

payment, to determine the unearned portion of the loan

finance charge, and (ii) subtracting that earned

portion from the loan finance charge to determine the

unearned portion of the loan finance charge, or

(b) in a consumer loan payable according to its original

terms in sixty-one (61) months or less, is a fraction

of the loan finance charge of which the numerator is

the sum of the periodic balances scheduled to follow

the computational period in which prepayment occurs,

and the denominator is the sum of all periodic

balances under either the loan agreement or, if the

balance owing resulted from a refinancing (Section 3-

205) or a consolidation (Section 3-206), under the

refinancing agreement or consolidation agreement. In

the case of a loan primarily secured by an interest in

land, reasonable sums actually paid or payable to

persons not related to the lender for customary

closing costs included in the loan finance charge are

deducted from the loan finance charge before the

calculation prescribed by this subsection is made.

(4) In this section:

(a) "periodic balance" means the amount scheduled to be

outstanding on the last day of a computational period

before deducting the payment, if any, scheduled to be

made on that day;

(b) "computational period" means one (1) month if one-half

(1/2) or more of the intervals between scheduled

payments under the agreement is one (1) month or more,

and otherwise means one (1) week;

(c) the "interval" to the due date of the first scheduled

installment or the final scheduled payment date is

measured from the date of a loan, refinancing, or

consolidation, and includes either the first or last

day of the interval; and

(d) if the interval to the due date of the first scheduled

installment does not exceed one (1) month by more than

fifteen (15) days when the computational period is one

(1) month, or eleven (11) days when the computational

period is one (1) week, the interval shall be

considered as one computational period.

(5) This subsection applies only if the schedule of payments is

not regular.

(a) If the computational period is one (1) month and
st scheduled

installment does not exceed one (1) month by more than

fifteen (15) days when the computational period is one

(1) month, or eleven (11) days when the computational

period is one (1) week, the interval shall be

considered as one computational period.

(5) This subsection applies only if the schedule of payments is

not regular.

(a) If the computational period is one (1) month and

(i) if the number of days in the interval to the due

date of the first scheduled installment is less

than one (1) month by more than five (5) days, or

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 94

more than one (1) month by more than five (5) but

not more than fifteen (15) days, the unearned

loan finance charge shall be increased by an

adjustment for each day by which the interval is

less than one (1) month and, at the option of the

lender, may be reduced by an adjustment for each

day by which the interval is more than one (1)

month; the adjustment for each day shall be one-

thirtieth (1/30) of that part of the loan finance

charge earned in the computational period prior

to the due date of the first scheduled

installment assuming that period to be one (1)

month; and

(ii) if the interval to the final scheduled payment date is

a number of computational periods plus an

additional number of days less than a full month,

the additional number of days shall be considered

a computational period only if sixteen (16) days

or more. This subparagraph applies whether or

not subparagraph (i) applies. (b)Notwithstanding

paragraph (a), if the computational period is one

(1) month, the number of days in the interval to

the due date of the first installment exceeds one

(1) month by not more than fifteen (15) days, and

the schedule of payments is otherwise regular,

the lender may, at his option, exclude the extra

days and the charge for the extra days in

computing the unearned loan finance charge; but

if he does so and a rebate is required before the

due date of the first scheduled installment, he

shall compute the earned charge for each elapsed

day as one-thirtieth (1/30) of the amount the

earned charge would have been if the first

interval had been one (1) month.

(c) If the computational period is one (1) week and

(i) if the number of days in the interval to the due

date of the first scheduled installment is less

than five (5) days, or more than nine (9) days

but not more than eleven (11) days, the unearned

loan finance charge shall be increased by an

adjustment for each day by which the interval is

less than seven (7) days and, at the option of

the lender, may be reduced by an adjustment for

each day by which the interval is more than seven

(7) days; the adjustment for each day shall be

one-seventh (1/7) of that part of the loan

finance charge earned in the computational period

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 95

prior to the due date of the first scheduled

installment assuming that period to be one (1)

week; and

(ii) if the interval to the final scheduled payment

date is a number of computational periods plus an

additional number of days less than a full week,

the additional number of days shall be considered

a computational period only if four (4) days or

more. This subparagraph applies whether or not

subparagraph (i) applies.

(6) If a deferral (Section 3-204) has been agreed to, the

unearned portion of the loan finance charge shall be computed

without regard to the deferral. The amount of deferral charge

earned at the date of prepayment shall also be calculated. If the

deferral charge earned is less than the deferral charge paid, the

difference shall be added to the unearned portion of the loan

finance charge. If any part of a deferral charge has been earned

but has not been paid, that part shall be subtracted from the

unearned portion of the loan finance charge, or shall be added to

the unpaid balance.
e date of prepayment shall also be calculated. If the

deferral charge earned is less than the deferral charge paid, the

difference shall be added to the unearned portion of the loan

finance charge. If any part of a deferral charge has been earned

but has not been paid, that part shall be subtracted from the

unearned portion of the loan finance charge, or shall be added to

the unpaid balance.

(7) This section does not preclude the collection or retention

by the lender of delinquency charges (Section 3-203).

(8) If the maturity is accelerated for any reason and judgment

is obtained, the debtor is entitled to the same rebate as if the

payment had been made on the date judgment is entered.

(9) Upon prepayment in full of a consumer loan by the proceeds

of consumer credit insurance (Section 4-103), the debtor or his

estate is entitled to the same rebate as though the debtor had

prepaid the agreement on the date the proceeds of the insurance are

paid to the lender.