Okla. Stat. tit. 14A, § 14A-4-107
This is the official text of Okla. Stat. tit. 14A, § 14A-4-107, 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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Maximum charge by creditor for insurance
Official statutory text
(1) Except as provided in subsection (2), if a creditor
contracts for or receives a separate charge for insurance, the
amount charged to the debtor for the insurance may not exceed the
premium to be charged by the insurer, as computed at the time the
charge to the debtor is determined, conforming to any rate filings
required by law and made by the insurer with the Insurance
Department.
(2) A creditor who provides consumer credit insurance in
relation to a revolving charge account (Section 2-108) or revolving
loan account (Section 3-108) may calculate the charge to the debtor
in each billing cycle by applying the current premium rate to
(a) the average daily unpaid balance of the debt in the
cycle;
(b) the unpaid balance of the debt or a median amount
within a specified range of unpaid balances of debt on
approximately the same day of the cycle. The day of
the cycle need not be the day used in calculating the
credit service charge (Section 2-207) or loan finance
charge (Section 3-201 and Section 3-508A), but the
specified range shall be the range used for that
purpose; or
(c) the unpaid balances of principal calculated according
to the actuarial method.
contracts for or receives a separate charge for insurance, the
amount charged to the debtor for the insurance may not exceed the
premium to be charged by the insurer, as computed at the time the
charge to the debtor is determined, conforming to any rate filings
required by law and made by the insurer with the Insurance
Department.
(2) A creditor who provides consumer credit insurance in
relation to a revolving charge account (Section 2-108) or revolving
loan account (Section 3-108) may calculate the charge to the debtor
in each billing cycle by applying the current premium rate to
(a) the average daily unpaid balance of the debt in the
cycle;
(b) the unpaid balance of the debt or a median amount
within a specified range of unpaid balances of debt on
approximately the same day of the cycle. The day of
the cycle need not be the day used in calculating the
credit service charge (Section 2-207) or loan finance
charge (Section 3-201 and Section 3-508A), but the
specified range shall be the range used for that
purpose; or
(c) the unpaid balances of principal calculated according
to the actuarial method.
Status: in_force · Read it on the official government site
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