Okla. Stat. tit. 14A, § 14A-4-202
This is the official text of Okla. Stat. tit. 14A, § 14A-4-202, 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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Amount of insurance
Official statutory text
(1) Except as provided in subsection (2)
(a) in the case of consumer credit insurance providing
life coverage, the amount of insurance may not
initially exceed the debt; or
(b) in the case of any other consumer credit insurance,
the total amount of periodic benefits payable may not
exceed the total of scheduled unpaid installments of
the debt, and the amount of any periodic benefit may
not exceed the original amount of debt divided by the
number of periodic installments in which it is
payable.
(2) If consumer credit insurance is provided in connection with
a revolving charge account or revolving loan account, the amounts
payable as insurance benefits may be reasonably commensurate with
the amount of debt as it exists from time to time. If consumer
credit insurance is provided in connection with a commitment to
grant credit in the future, the amounts payable as insurance
benefits may be reasonably commensurate with the total from time to
time of the amount of debt and the amount of the commitment. If the
debt or the commitment is primarily for an agricultural purpose, and
there is no regular schedule of payments, the amounts payable as
insurance benefits may equal the total of the initial amount of debt
and the amount of the commitment.
(a) in the case of consumer credit insurance providing
life coverage, the amount of insurance may not
initially exceed the debt; or
(b) in the case of any other consumer credit insurance,
the total amount of periodic benefits payable may not
exceed the total of scheduled unpaid installments of
the debt, and the amount of any periodic benefit may
not exceed the original amount of debt divided by the
number of periodic installments in which it is
payable.
(2) If consumer credit insurance is provided in connection with
a revolving charge account or revolving loan account, the amounts
payable as insurance benefits may be reasonably commensurate with
the amount of debt as it exists from time to time. If consumer
credit insurance is provided in connection with a commitment to
grant credit in the future, the amounts payable as insurance
benefits may be reasonably commensurate with the total from time to
time of the amount of debt and the amount of the commitment. If the
debt or the commitment is primarily for an agricultural purpose, and
there is no regular schedule of payments, the amounts payable as
insurance benefits may equal the total of the initial amount of debt
and the amount of the commitment.
Status: in_force · Read it on the official government site
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