Okla. Stat. tit. 14A, § 14A-3-411
This is the official text of Okla. Stat. tit. 14A, § 14A-3-411, 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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Refinancing loan to subsection 10 mortgage – Borrower’s
Official statutory text
interest.
A creditor may not refinance any consumer loan to the same
borrower into a loan subject to subsection (10) of Section 1-301 of
Title 14A of the Oklahoma Statutes, unless the refinancing is in the
borrower’s interest. Factors to be considered in determining whether
the refinancing is in the borrower's interest include, but are not
limited to, whether:
(a) the borrower's new monthly payment is lower than the total
of all monthly obligations being financed, taking into account the
costs and fees;
(b) there is a change in the amortization period of the new
loan;
(c) the borrower receives cash in excess of the costs and fees
of refinancing;
(d) the borrower's note rate of interest is reduced;
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 146
(e) there is a change from an adjustable to a fixed rate loan,
taking into account costs and fees; or
(f) the refinancing is necessary to respond to a bona fide
personal need or an order of a court of competent jurisdiction.
A creditor is prohibited from engaging in acts or practices to
evade this provision, including a pattern or practice of arranging
for the refinancing of its own loans by affiliated or unaffiliated
creditors, or modifying a loan agreement, whether or not the
existing loan is satisfied and replaced by the new loan, and
charging a fee.
A creditor may not refinance any consumer loan to the same
borrower into a loan subject to subsection (10) of Section 1-301 of
Title 14A of the Oklahoma Statutes, unless the refinancing is in the
borrower’s interest. Factors to be considered in determining whether
the refinancing is in the borrower's interest include, but are not
limited to, whether:
(a) the borrower's new monthly payment is lower than the total
of all monthly obligations being financed, taking into account the
costs and fees;
(b) there is a change in the amortization period of the new
loan;
(c) the borrower receives cash in excess of the costs and fees
of refinancing;
(d) the borrower's note rate of interest is reduced;
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 146
(e) there is a change from an adjustable to a fixed rate loan,
taking into account costs and fees; or
(f) the refinancing is necessary to respond to a bona fide
personal need or an order of a court of competent jurisdiction.
A creditor is prohibited from engaging in acts or practices to
evade this provision, including a pattern or practice of arranging
for the refinancing of its own loans by affiliated or unaffiliated
creditors, or modifying a loan agreement, whether or not the
existing loan is satisfied and replaced by the new loan, and
charging a fee.
Status: in_force · Read it on the official government site
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