Okla. Stat. tit. 14A, § 14A-5-107
This is the official text of Okla. Stat. tit. 14A, § 14A-5-107, 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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Extortionate extensions of credit
Official statutory text
(1) If it is the understanding of the creditor and the debtor
at the time an extension of credit is made that delay in making
repayment or failure to make repayment could result in the use of
violence or other criminal means to cause harm to the person,
reputation, or property of any person, the repayment of the
extension of credit is unenforceable through civil judicial
processes against the debtor.
(2) If it is shown that an extension of credit was made at an
annual rate exceeding forty-five percent (45%) calculated according
to the actuarial method and that the creditor then had a reputation
for the use or threat of use of violence or other criminal means to
cause harm to the person, reputation, or property of any person to
collect extensions of credit or to punish the nonrepayment thereof,
there is prima facie evidence that the extension of credit was
unenforceable under subsection (1), unless such rate was otherwise
lawful under any provision or provisions of this act.
at the time an extension of credit is made that delay in making
repayment or failure to make repayment could result in the use of
violence or other criminal means to cause harm to the person,
reputation, or property of any person, the repayment of the
extension of credit is unenforceable through civil judicial
processes against the debtor.
(2) If it is shown that an extension of credit was made at an
annual rate exceeding forty-five percent (45%) calculated according
to the actuarial method and that the creditor then had a reputation
for the use or threat of use of violence or other criminal means to
cause harm to the person, reputation, or property of any person to
collect extensions of credit or to punish the nonrepayment thereof,
there is prima facie evidence that the extension of credit was
unenforceable under subsection (1), unless such rate was otherwise
lawful under any provision or provisions of this act.
Status: in_force · Read it on the official government site
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