Okla. Stat. tit. 14A, § 14A-4-301
This is the official text of Okla. Stat. tit. 14A, § 14A-4-301, 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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Property insurance
Official statutory text
(1) A creditor may not contract for or receive a separate
charge for insurance against loss of or damage to property unless:
(a) the insurance covers a substantial risk of loss of or
damage to property related to the credit transaction;
(b) the amount, terms, and conditions of the insurance are
reasonable in relation to the character and value of
the property insured or to be insured; and
(c) the term of the insurance is reasonable in relation to
the terms of credit.
(2) The term of insurance is reasonable if it is customary and
does not extend substantially beyond a scheduled maturity.
charge for insurance against loss of or damage to property unless:
(a) the insurance covers a substantial risk of loss of or
damage to property related to the credit transaction;
(b) the amount, terms, and conditions of the insurance are
reasonable in relation to the character and value of
the property insured or to be insured; and
(c) the term of the insurance is reasonable in relation to
the terms of credit.
(2) The term of insurance is reasonable if it is customary and
does not extend substantially beyond a scheduled maturity.
Status: in_force · Read it on the official government site
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