Okla. Stat. tit. 14A, § 14A-3-309.1

solicitation.

Disclosure in credit and charge card applications and

solicitation:

(1) Any application to open a credit card account for any

person under a revolving loan account plan, or a solicitation to

open such an account without requiring an application that is mailed

to consumers shall disclose the following information, subject to

subsection (8) of this section and subsections (5) through (8) of

Section 3-302 of this title.

(a) Each annual percentage rate applicable to extensions

of credit under such credit plan.

(b) Where an extension of credit is subject to a variable

rate, the fact that the rate is variable, the annual

percentage rate in effect at the time of the mailing,

and how the rate is determined.

(c) Where more than one rate applies, the range of

balances to which each rate applies.

(d) Any annual fee, other periodic fee, or membership fee

imposed for the issuance or availability of a credit

card, including any account maintenance fee or other

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 111

charge imposed based on activity or inactivity for the

account during the billing cycle.

(e) Any minimum finance charge imposed for each period

during which any extension of credit which is subject

to a finance charge is outstanding.

(f) Any transaction charge imposed in connection with use

of the card to purchase goods or services.

(g) The date by which or the period within which any

credit extended under such credit plan for purchases

of goods or services must be repaid to avoid incurring

a loan finance charge, and, if no such period is

offered, such fact shall be clearly stated.

(h) If the length of such "grace period" varies, the card

issuer may disclose the range of days in the grace

period, the minimum number of days in the grace

period, or the average number of days in the grace

period, if the disclosure is identified as such.

(i) The name of the balance calculation method used in

determining the balance on which the loan finance

charge is computed if the method used has been defined

by the Administrator, or a detailed explanation of the

balance calculation method used if the method has not

been so defined.

(j) In prescribing rules to carry out the requirements of

paragraph (i) of this subsection, the Administrator

shall define and name not more than the five balance

calculation methods determined by the Administrator to

be the most commonly used methods.

(2) In addition to the information required to be disclosed

under subsection (1) of this section each application or

solicitation to which such subsection applies shall disclose clearly

and conspicuously the following information, subject to subsections

(8) and (9) of this section:

(a) Any fee imposed for an extension of credit in the form

of cash.

(b) Any fee imposed for a late payment.

(c) Any fee imposed in connection with an extension of

credit in excess of the amount of credit authorized to

be extended with respect to such account.

(3) (a) In any telephone solicitation to open a credit card

account for any person under a revolving loan account

plan, the person making the solicitation shall orally

disclose the information described in subsection (1)

of this section.

(b) Paragraph (a) of this subsection shall not apply to

any telephone solicitation if:
t of credit authorized to

be extended with respect to such account.

(3) (a) In any telephone solicitation to open a credit card

account for any person under a revolving loan account

plan, the person making the solicitation shall orally

disclose the information described in subsection (1)

of this section.

(b) Paragraph (a) of this subsection shall not apply to

any telephone solicitation if:

(i) the credit card issuer:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 112

(aa) does not impose any fee described in

paragraph (d) of subsection (1) of this

section, or

(bb) does not impose any fee in connection with

telephone solicitations unless the consumer

signifies acceptance by using the card;

(ii) the card issuer discloses clearly and

conspicuously in writing the information

described in subsections (1) and (2) of this

section within thirty (30) days after the

consumer requests the card, but in no event later

than the date of delivery of the card; and

(iii) the card issuer discloses clearly and

conspicuously that the consumer is not obligated

to accept the card or account and the consumer

will not be obligated to pay any of the fees or

charges disclosed unless the consumer elects to

accept the card or account by using the card.

(4) (a) Any application to open a credit card account for any

person under a revolving loan account plan, and any

solicitation to open an account without requiring an

application, that is made available to the public or

contained in catalogs, magazines or other publications

shall meet the disclosure requirements of paragraph

(b), (c), or (d) of this subsection.

(b) An application or solicitation described in paragraph

(a) of this subsection meets the requirement of this

paragraph if such application or solicitation

contains:

(i) the information:

(aa) described in subsection (1) of this section

in the form required under subsections (5)

through (8) of Section 3-302 of this title

subject to subsection (8) of this section;

and

(bb) described in subsection (2) of this section

in a clear and conspicuous form, subject to

subsections (8) and (9) of this section;

(ii) a statement, in a conspicuous and prominent

location on the application or solicitation,

that:

(aa) the information is accurate as of the date

the application or solicitation was printed;

(bb) the information contained in the application

or solicitation is subject to change after

such date; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 113

(cc) the applicant should contact the creditor

for information on any change in the

information contained in the application or

solicitation since it was printed;

(iii) a clear and conspicuous disclosure of the date

the application or solicitation was printed; and

(iv) a disclosure, in a conspicuous and prominent

location on the application or solicitation, of a

toll free telephone number or a mailing address

at which the applicant may contact the creditor

to obtain any change in the information provided

in the application or solicitation since it was

printed.

(c) An application or solicitation described in paragraph

(a) of this subsection meets the requirement of this

paragraph if such application or solicitation:
pplication or solicitation, of a

toll free telephone number or a mailing address

at which the applicant may contact the creditor

to obtain any change in the information provided

in the application or solicitation since it was

printed.

(c) An application or solicitation described in paragraph

(a) of this subsection meets the requirement of this

paragraph if such application or solicitation:

(i) contains a statement, in a conspicuous and

prominent location on the application or

solicitation, that:

(aa) there are costs associated with the use of

credit cards; and

(bb) the applicant may contact the creditor to

request disclosure of specific information

of such costs by calling a toll free

telephone number or by writing to an address

specified in the application;

(ii) contains a disclosure, in a conspicuous and

prominent location on the application or

solicitation, of a toll free telephone number and

a mailing address at which the applicant may

contact the creditor to obtain such information;

and

(iii) does not contain any of the items described in

subsections (1) and (2) of this section.

(d) An application or solicitation meets the requirements

of this subsection if it contains, or is accompanied

by:

(i) the disclosures required by paragraphs (a)

through (f) of subsection (l) of Section 3-309 of

this title;

(ii) the disclosures required by subsections (1) and

(2) of this section included clearly and

conspicuously, except that the provisions of

subsections (5) through (8) of Section 3-302 of

this title shall not apply; and

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 114

(iii) a toll free telephone number or a mailing address

at which the applicant may contact the creditor

to obtain any change in the information provided.

(e) Upon receipt of a request for any of the information

referred to in paragraph (b), (c) or (d) of this

subsection, the card issuer or the agent of such

issuer shall promptly disclose all of the information

described in subsections (1) and (2) of this section.

(5) (a) Any application or solicitation to open a charge card

account shall disclose clearly and conspicuously the

following information in the form required by

subsections (5) through (8) of Section 3-302 of this

title subject to subsection (8) of this section:

(i) Any annual fee, other periodic fee, or membership

fee imposed for the issuance or availability of

the charge card, including any account

maintenance fee or other charge imposed based on

activity or inactivity for the account during the

billing cycle.

(ii) Any transaction charge imposed in connection with

use of the card to purchase goods or services.

(iii) A statement that charges incurred by use of the

charge card are due and payable upon receipt of a

periodic statement rendered for such charge card

account.

(b) In addition to the information required to be

disclosed under paragraph (a) of this subsection each

written application or solicitation to which such

paragraph applies shall disclose clearly and

conspicuously the following information, subject to

subsections (8) and (9) of this section:

(i) Any fee imposed for an extension of credit in the

form of cash.

(ii) Any fee imposed for a late payment.

(iii) Any fee imposed in connection with an extension

of credit in excess of the amount of credit

authorized to be extended with respect to such

account.

(c) Any application to open a charge card account, and any

solicitation to open such an account without requiring

an application, that is made available to the public

or contained in catalogs, magazines, or other

publications shall contain:
ii) Any fee imposed in connection with an extension

of credit in excess of the amount of credit

authorized to be extended with respect to such

account.

(c) Any application to open a charge card account, and any

solicitation to open such an account without requiring

an application, that is made available to the public

or contained in catalogs, magazines, or other

publications shall contain:

(i) the information:

(aa) described in paragraph (a) of this

subsection in the form required under

subsections (5) through (8) of Section 3-302

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 115

of this title subject to subsection (8) of

this section; and

(bb) described in paragraph (b) of this

subsection in a clear and conspicuous form,

subject to subsections (8) and (9) of this

section;

(ii) a statement, in a conspicuous and prominent

location on the application or solicitation,

that:

(aa) the information is accurate as of the date

the application or solicitation was printed;

(bb) the information contained in the application

or solicitation is subject to change after

such date; and

(cc) the applicant should contact the creditor

for information on any change in the

information contained in the application or

solicitation since it was printed;

(iii) a clear and conspicuous disclosure of the date

the application or solicitation was printed; and

(iv) a disclosure, in a conspicuous and prominent

location on the application or solicitation, of a

toll free telephone number or a mailing address

at which the applicant may contact the creditor

to obtain any change in the information provided

in the application or solicitation since it was

printed.

(d) If a charge card permits the card holder to receive an

extension of credit under a revolving loan account

plan which is not maintained by the charge card issuer

the charge card issuer may provide the information

described in paragraphs (a) and (b) of this subsection

in the form required by such paragraphs in lieu of the

information required to be provided under subsection

(1), (2), (3) or (4) of this section with respect to

any credit extended under such plan, if the charge

card issuer discloses clearly and conspicuously to the

consumer in the application or solicitation that:

(i) the charge card issuer will make an independent

decision as to whether to issue the card;

(ii) the charge card may arrive before the decision is

made with respect to an extension of credit under

a revolving loan account plan; and

(iii) approval by the charge card issuer does not

constitute approval by the issuer of the

extension of credit.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 116

(e) The information required to be disclosed under

subsections (1) and (2) of this section shall be

provided to the charge card holder by the creditor

which maintains such revolving loan account plan

before the first extension of credit under such plan.
issuer does not

constitute approval by the issuer of the

extension of credit.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 116

(e) The information required to be disclosed under

subsections (1) and (2) of this section shall be

provided to the charge card holder by the creditor

which maintains such revolving loan account plan

before the first extension of credit under such plan.

(f) For the purposes of this subsection, the term "charge

card" means a card, plate, or other single credit

device that may be used from time to time to obtain

credit which is not subject to a finance charge.

(6) The Administrator may, by rule, require the disclosure of

information in addition to that otherwise required by subsections

(1) through (7) of this section, and modify any disclosure of

information required by subsections (1) through (7) of this section,

in any application to open a credit card account for any person

under a revolving loan account plan or any application to open a

charge card account for any person, or a solicitation to open any

such account without requiring an application, if the Administrator

determines that such action is necessary to carry out the purposes

of, or prevent evasions of, any subsection of this section.

(7) (a) A card issuer that imposes any fee described in

paragraph (d) of subsection (1) or subparagraph (i) of

paragraph (a) of subsection (5) of this section shall

transmit to a consumer at least thirty (30) days prior

to the scheduled renewal date of the consumer's credit

or charge card account a clear and conspicuous

disclosure of:

(i) the date by which, the month by which, or the

billing period at the close of which, the account

will expire if not renewed;

(ii) the information described in subsection (1) or

paragraph (a) of subsection (5) of this section

that would apply if the account were renewed,

subject to subsection (8) of this section; and

(iii) the method by which the consumer may terminate

continued credit availability under the account.

(b) (i) The disclosures required by this subsection may

be provided:

(aa) prior to posting a fee described in

paragraph (d) of subsection (1) or

subparagraph (i) of paragraph (a) of

subsection (5) of this section to the

account; or

(bb) with the periodic billing statement first

disclosing that the fee has been posted to

the account.

(ii) disclosures may be provided under subparagraph

(i) of this paragraph only if:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 117

(aa) the consumer is given a thirty-day period to

avoid payment of the fee or to have the fee

recredited to the account in any case where

the consumer does not wish to continue the

availability of the credit; and

(bb) the consumer is permitted to use the card

during such period without incurring an

obligation to pay such fee.

(c) The Administrator may, by rule, provide for fewer

disclosures than are required by paragraph (a) of this

subsection in the case of an account which is

renewable for a period of less than six (6) months.

(8) (a) If the amount of any fee required to be disclosed

under the previous subsections of this section is

determined on the basis of a percentage of another

amount, the percentage used in making such

determination and the identification of the amount

against which such percentage is applied shall be

disclosed in lieu of the amount of such fee.

(b) If a credit or charge card issuer does not impose any

fee required to be disclosed under any provision of

the previous subsections of this section, such

provision shall not apply with respect to such issuer.

(9) If the amount of any fee required to be disclosed by a

credit or charge card issuer under subsection (2), division (bb) of

subparagraph (i) of paragraph (b) of subsection (4), paragraph (b)

of subsection (5) or division (bb) of subparagraph (i) of paragraph
sclosed under any provision of

the previous subsections of this section, such

provision shall not apply with respect to such issuer.

(9) If the amount of any fee required to be disclosed by a

credit or charge card issuer under subsection (2), division (bb) of

subparagraph (i) of paragraph (b) of subsection (4), paragraph (b)

of subsection (5) or division (bb) of subparagraph (i) of paragraph

(c) of subsection (5) of this section varies from state to state,

the card issuer may disclose the range of such fees for purposes of

subsections (1) through (5) of this section in lieu of the amount

for each applicable state, if such disclosure includes a statement

that the amount of such fee varies from state to state.

(10) (a) Whenever a card issuer that offers any guarantee or

insurance for repayment of all or part of the

outstanding balance of a revolving loan account plan

proposes to change the person providing that guarantee

or insurance, the card issuer shall send each insured

consumer written notice of the proposed change not

less than thirty (30) days prior to the change,

including notice of any increase in the rate or

substantial decrease in coverage or service which will

result from such change. Such notice may be included

on or with the monthly statement provided to the

consumer prior to the month in which the proposed

change would take effect.

(b) In any case in which a proposed change described in

paragraph (a) of this subsection occurs, the insured

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 118

consumer shall be given the name and address of the

new guarantor or insurer and a copy of the policy or

group certificate containing the basic terms and

conditions, including the premium rate to be charged.

(c) The notices required under paragraphs (a) and (b) of

this subsection shall each include a statement that

the consumer has the option to discontinue the

insurance or guarantee.

(d) No provision of this subsection shall be construed as

superseding any provision of Oklahoma law which is

applicable to the regulation of insurance.

(e) The Administrator shall define, in rules, what

constitutes a "substantial decrease in coverage or

service" for purposes of paragraph (a) of this

subsection.

(11) (a) In the case of any credit card account under an open-

end consumer credit plan, a creditor shall provide a

written notice of an increase in an annual percentage

rate (except in the case of an increase described in

paragraph (1), (2) or (3) of 15 U.S.C. Section 1661i-

1(b)) not later than forty-five (45) days prior to the

effective date of the increase.

(b) In the case of any credit card account under an open-

end consumer credit plan, a creditor shall provide a

written notice of any significant change, as

determined by rule of the Administrator, in the terms

(including an increase in any fee or finance charge,

other than as provided in paragraph (a) of this

subsection) of the cardholder agreement between the

creditor and the obligor not later than forty-five

(45) days prior to the effective date of the change.

(c) Each notice required by paragraph (a) or (b) of this

subsection shall be made in a clear and conspicuous

manner, and shall contain a brief statement of the

right of the obligor to cancel the account pursuant to

rules established by the Administrator, before the

effective date of the subject rate increase or other

change.
n forty-five

(45) days prior to the effective date of the change.

(c) Each notice required by paragraph (a) or (b) of this

subsection shall be made in a clear and conspicuous

manner, and shall contain a brief statement of the

right of the obligor to cancel the account pursuant to

rules established by the Administrator, before the

effective date of the subject rate increase or other

change.

(d) Closure or cancellation of an account by the obligor

shall not constitute a default under an existing

cardholder agreement, and shall not trigger an

obligation to immediately repay the obligation in full

or through a method that is less beneficial to the

obligor than one of the methods described in 15 U.S.C.

Section 1661i-1(c)(2), or the imposition of any other

penalty or fee.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 119

(12) (a) Except as provided in subsection (2) of this section,

a creditor may not impose any finance charge on a

credit card account under an open-end consumer credit

plan as a result of the loss of any time period

provided by the creditor within which the obligor may

repay any portion of the credit extended without

incurring a finance charge, with respect to:

(i) any balances for days in billing cycles that

precede the most recent billing cycle; or

(ii) any balances or portions thereof in the current

billing cycle that were repaid within such time

period.

(b) This subsection shall not apply to:

(i) any adjustment to a finance charge as a result of

the resolution of a dispute; or

(ii) any adjustment to a finance charge as a result of

the return of a payment for insufficient funds.

(13) (a) In the case of any credit card account under an open-

end consumer credit plan under which an over-the-limit

fee may be imposed by the creditor for any extension

of credit in excess of the amount of credit authorized

to be extended under such account, no such fee shall

be charged, unless the consumer has expressly elected

to permit the creditor, with respect to such account,

to complete transactions involving the extension of

credit under such account in excess of the amount of

credit authorized.

(b) No election by a consumer under paragraph (a) of this

subsection shall take effect unless the consumer,

before making such election, received a notice from

the creditor of any over-the-limit fee in the form and

manner, and at the time, determined by the

Administrator. If the consumer makes the election

referred to in paragraph (a) of this subsection, the

creditor shall provide notice to the consumer of the

right to revoke the election, in the form prescribed

by the Administrator, in any periodic statement that

includes notice of the imposition of an over-the-limit

fee during the period covered by the statement.

(c) A consumer may make or revoke the election referred to

in paragraph (a) of this subsection orally,

electronically, or in writing, pursuant to regulations

prescribed by the Administrator. The Administrator

shall prescribe regulations to ensure that the same

options are available for both making and revoking

such election.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 120

(d) A consumer may make the election referred to in

paragraph (a) of this subsection at any time, and such

election shall be effective until the election is

revoked in the manner prescribed under paragraph (c)

of this subsection.

(e) The Administrator shall prescribe regulations:

(i) governing disclosures under this subsection; and

(ii) that prevent unfair or deceptive acts or

practices in connection with the manipulation of

credit limits designed to increase over-the-limit

fees or other penalty fees.
n shall be effective until the election is

revoked in the manner prescribed under paragraph (c)

of this subsection.

(e) The Administrator shall prescribe regulations:

(i) governing disclosures under this subsection; and

(ii) that prevent unfair or deceptive acts or

practices in connection with the manipulation of

credit limits designed to increase over-the-limit

fees or other penalty fees.

(f) Nothing in this subsection shall be construed to

prohibit a creditor from completing an over-the-limit

transaction; provided, that a consumer who has not

made a valid election under paragraph (a) of this

subsection is not charged an over-the-limit fee for

such transaction.

(g) With respect to a credit card account under an open-

end consumer credit plan, an over-the-limit fee may be

imposed only once during a billing cycle if the credit

limit on the account is exceeded, and an over-the-

limit fee, with respect to such excess credit, may be

imposed only once in each of the two subsequent

billing cycles, unless the consumer has obtained an

additional extension of credit in excess of such

credit limit during any such subsequent cycle or the

consumer reduces the outstanding balance below the

credit limit as of the end of such billing cycle.

(14) With respect to a credit card account under an open-end

consumer credit plan, the creditor may not impose a separate fee to

allow the obligor to repay an extension of credit or finance charge,

whether such repayment is made by mail, electronic transfer,

telephone authorization, or other means, unless such payment

involves an expedited service by a service representative of the

creditor.

(15) With respect to the terms of any credit card account under

an open-end consumer credit plan, the term "fixed", when appearing

in conjunction with a reference to the annual percentage rate or

interest rate applicable with respect to such account, may only be

used to refer to an annual percentage rate or interest rate that

will not change or vary for any reason over the period specified

clearly and conspicuously in the terms of the account.

(16) If the terms of a credit card account under an open-end

consumer credit plan require the payment of any fees (other than any

late fee, over-the-limit fee, or fee for a payment returned for

insufficient funds) by the consumer in the first year during which

the account is opened in an aggregate amount in excess of twenty-

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 121

five percent (25%) of the total amount of credit authorized under

the account when the account is opened, no payment of any fees

(other than any late fee, over-the-limit fee, or fee for a payment

returned for insufficient funds) may be made from the credit made

available under the terms of the account. No provision of this

paragraph may be construed as authorizing any imposition or payment

of advance fees otherwise prohibited by any provision of law.

(17) The payment due date for a credit card account under an

open-end consumer credit plan shall be the same day each month. If

the payment due date for a credit card account under an open-end

consumer credit plan is a day on which the creditor does not receive

or accept payments by mail (including weekends and holidays), the

creditor may not treat a payment received on the next business day

as late for any purpose.

(18) No credit card may be issued to, or open-end consumer

credit plan established by or on behalf of, a consumer who has not

attained the age of twenty-one (21), unless the consumer has

submitted a written application to the card issuer that meets the

requirements of paragraph (a) of this subsection.

(a) An application to open a credit card account by a

consumer who has not attained the age of twenty-one

(21) as of the date of submission of the application

shall require:
by or on behalf of, a consumer who has not

attained the age of twenty-one (21), unless the consumer has

submitted a written application to the card issuer that meets the

requirements of paragraph (a) of this subsection.

(a) An application to open a credit card account by a

consumer who has not attained the age of twenty-one

(21) as of the date of submission of the application

shall require:

(i) the signature of a cosigner, including the

parent, legal guardian, spouse, or any other

individual who has attained the age of twenty-one

(21) having a means to repay debts incurred by

the consumer in connection with the account,

indicating joint liability for debts incurred by

the consumer in connection with the account

before the consumer has attained the age of

twenty-one (21); or

(ii) submission by the consumer of financial

information, including through an application,

indicating an independent means of repaying any

obligation arising from the proposed extension of

credit in connection with the account.

(b) The Administrator shall promulgate regulations

providing standards that, if met, would satisfy the

requirements of subparagraph (ii) of paragraph (a) of

this subsection.

(19) No increase may be made in the amount of credit authorized

to be extended under a credit card account for which a parent, legal

guardian, or spouse of the consumer, or any other individual has

assumed joint liability for debts incurred by the consumer in

connection with the account before the consumer attains the age of

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 122

twenty-one (21), unless that parent, guardian, or spouse approves in

writing, and assumes joint liability for, such increase.