Okla. Stat. tit. 14A, § 14A-3-509
This is the official text of Okla. Stat. tit. 14A, § 14A-3-509, 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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Use of multiple agreements or split loans
Official statutory text
A lender may not, whether acting independently or in concert
with one or more other lenders, use multiple agreements or split a
loan (including any refinancing thereof) into multiple loans with
intent to obtain a higher rate or amount of loan finance charge
under Section 3-508A or 3-508B, whichever is appropriate, than would
otherwise be permitted by this article or to avoid disclosure of an
annual percentage rate pursuant to the provisions on disclosure and
advertising (Part 3). The excess amount of loan finance charge
provided for in agreements or split loans in violation of this
section are excess charges for the purposes of the provisions on
effect of violation on rights of parties (Section 5-202) and the
provisions on civil actions by Administrator (Section 6-113).
with one or more other lenders, use multiple agreements or split a
loan (including any refinancing thereof) into multiple loans with
intent to obtain a higher rate or amount of loan finance charge
under Section 3-508A or 3-508B, whichever is appropriate, than would
otherwise be permitted by this article or to avoid disclosure of an
annual percentage rate pursuant to the provisions on disclosure and
advertising (Part 3). The excess amount of loan finance charge
provided for in agreements or split loans in violation of this
section are excess charges for the purposes of the provisions on
effect of violation on rights of parties (Section 5-202) and the
provisions on civil actions by Administrator (Section 6-113).
Status: in_force · Read it on the official government site
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