Okla. Stat. tit. 14A, § 14A-5-203

(1) Except as otherwise provided in this section, any creditor

who fails to comply with any requirement imposed by the provisions

on disclosure (Part 3), other than the provisions on advertising

pursuant to Sections 2-313 of Article 2 of this title and 3-312 of

Article 3 of this title, or with any requirement imposed by the

provision on the right to rescind pursuant to Section 5-204 of this

title, with respect to any person is liable to that person in an

amount equal to the sum of:

(a) any actual damage sustained by that person as a result

of the failure;

(b) (i) (aa) in the case of an individual action twice

the amount of the credit service or loan

finance charge in connection with the

transaction,

(bb) in the case of an individual action relating

to a consumer lease twenty-five percent

(25%) of the total amount of monthly

payments under the lease but the liability

pursuant to this division shall be not less

than One Hundred Dollars ($100.00) nor more

than One Thousand Dollars ($1,000.00),

(cc) in the case of an individual action relating

to a credit transaction not under an open-

end credit plan that is secured by real

property or a dwelling, not less than Four

Hundred Dollars ($400.00) or greater than

Four Thousand Dollars ($4,000.00), or

(dd) in the case of an individual action relating

to an open-end consumer credit plan that is

not secured by real property or a dwelling,

twice the amount of any finance charge in

connection with the transaction, with a

minimum of Five Hundred Dollars ($500.00)

and a maximum of Five Thousand Dollars

($5,000.00), or such higher amount as may be

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 193

appropriate in the case of an established

pattern or practice of such failures; or

(ii) in the case of a class action, an amount the

court may allow, except that as to each member of

the class no minimum recovery shall be applicable

and the total recovery other than for actual

damages in any class action or series of class

actions arising out of the same failure to comply

by the same creditor shall not be more than the

lesser of Five Hundred Thousand Dollars

($500,000.00) or one percent (1%) of the net

worth of the creditor;

(c) in the case of a successful action to enforce the

liability under paragraph (b) of this subsection or in

any action in which a person is determined to have a

right of rescission under Section 11 of this act and

Section 5-204 of this title, the costs of the action

together with reasonable attorney fees as determined

by the court. In determining the amount of award in

any class action, the court shall consider among other

relevant factors the amount of any actual damages

awarded, the frequency and persistence of failures of

compliance by the creditor, the resources of the

creditor, the number of persons adversely affected,

and the extent to which the creditor's failure of

compliance was intentional. In connection with the

disclosures required by Sections 2-310 and 3-309 of

this title, a creditor shall have a liability

determined under paragraph (b) of this subsection only

for failing to comply with the requirements of Section

5-204 of this title, subsection (1) of Section 2-310

and subsection (1) of Section 3-309 of this title,

paragraphs (d) through (k) of subsection (2) of

Section 2-310 of this title, and paragraphs (d)

through (m) of subsection (2) and subsections (3) and
editor shall have a liability

determined under paragraph (b) of this subsection only

for failing to comply with the requirements of Section

5-204 of this title, subsection (1) of Section 2-310

and subsection (1) of Section 3-309 of this title,

paragraphs (d) through (k) of subsection (2) of

Section 2-310 of this title, and paragraphs (d)

through (m) of subsection (2) and subsections (3) and

(4) of Section 3-309 of this title. In connection

with the disclosures referred to in subsections (1)

through (7) of Sections 2-310.1 and 3-309.1 of this

title, a card issuer shall have a liability under this

section only to a cardholder who pays a fee described

in paragraph (d) of subsection (1) or subparagraph (i)

of paragraph (a) of subsection (5) of Section 2-310.1,

or paragraph (d) of subsection (1) or subparagraph (i)

of paragraph (a) of subsection (5) of Section 3-309.1

of this title or who uses the credit card or charge

card. In connection with disclosures for closed-end

credit, a creditor shall have a liability determined

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 194

under paragraph (b) of this subsection only for

failing to comply with the requirements of Section 5-

204 of this title, paragraphs (b) insofar as it

requires a disclosure of the amount financed, through

(f) and paragraph (j) of subsection (2) of Section 2-

306 of this title, and paragraphs (b) insofar as it

requires a disclosure of the amount financed, through

(f) and paragraph (h) of subsection (2) of Section 3-

306 of this title, subsections (2) and (3) of Section

3-310 of this title, and paragraph (a), (b), (d), (f),

or (j) of subsection (2) of Section 11 of this act

(for purposes of subsection (2) or (4), paragraph (c)

of subsection (4) and subsection (6), (7), or (8) of

Section 11 of this act). With respect to any failure

to make disclosure, liability shall be imposed only

upon the creditor required to make disclosure, except

as provided in subsection (3) of Section 2-302 of this

title, subsection (3) of Section 3-302 of this title

and otherwise in this section; and

(d) in the case of a failure to comply with any

requirement under Section 3-309.4 of this title, an

amount equal to the sum of all finance charges and

fees paid by the consumer, unless the creditor

demonstrates that the failure to comply is not

material.

(2) A creditor or assignee has no liability under this section,

Section 5-302 of this title or Article 6 of this title in relation

to disclosure if within sixty (60) days after discovering an error

whether pursuant to a final written examination report or notice

issued under subsection (4) of Section 6-105 of this title or

through the creditor's or assignee's own procedures, and prior to

the institution of an action under this section or the receipt of

written notice of the error from the obligor, the creditor or

assignee notifies the person concerned of the error and makes

whatever adjustments in the appropriate account are necessary to

assure that the person will not be required to pay a credit service

charge or loan finance charge in excess of the amount actually

disclosed or the dollar equivalent of the percentage rate actually

disclosed, whichever is lower.

(3) A creditor or assignee may not be held liable in any action

brought under this section or Section 5-204 of this title for a

violation of this title if the creditor or assignee shows by a

preponderance of evidence that the violation was not intentional and

resulted from a bona fide error notwithstanding the maintenance of

procedures reasonably adapted to avoid the error. A bona fide error

includes, but is not limited to, a clerical, calculation, computer

malfunction and programming, and printing error, but not an error of

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legal judgment with respect to a person's disclosure obligations

under this title.
fide error notwithstanding the maintenance of

procedures reasonably adapted to avoid the error. A bona fide error

includes, but is not limited to, a clerical, calculation, computer

malfunction and programming, and printing error, but not an error of

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 195

legal judgment with respect to a person's disclosure obligations

under this title.

(4) (a) Except as otherwise specifically provided in this

section, any civil action for a violation of this

section or administrative proceeding for restitution

which may be brought against the original creditor in

any transaction may be maintained against any

subsequent assignee of the original creditor in any

transaction where the violation from which the alleged

liability arose is apparent on the face of the

disclosure statement unless the assignment was

involuntary. For the purpose of this section, a

violation apparent on the face of the disclosure

statement includes, but is not limited to, a

disclosure which can be determined to be incomplete or

inaccurate from the face of the disclosure statement

or other documents assigned or a disclosure which does

not use the terms required to be used by this title.

(b) (i) Except as otherwise specifically provided in this

title, any civil action against a creditor for a

violation of this title, and any administrative

proceeding against a creditor, with respect to a

consumer credit transaction secured by real

property may be maintained against any assignee

of such creditor only if:

(aa) the violation for which such action or

proceeding is brought is apparent on the

face of the disclosure statement provided in

connection with such transaction pursuant to

this title; and

(bb) the assignment to the assignee was

voluntary.

(ii) For the purpose of this section, a violation is

apparent on the face of the disclosure statement

if:

(aa) the disclosure can be determined to be

incomplete or inaccurate by a comparison

among the disclosure statement, any

itemization of the amount financed, the

note, or any other disclosure of

disbursement; or

(bb) the disclosure statement does not use the

terms or format required to be used by this

title.

(5) Any person who has the right to rescind a transaction under

Section 5-204 of this title may rescind the transaction as against

any assignee of the obligation.

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(6) No action pursuant to this section may be brought more than

one (1) year after the date of the occurrence of the violation or in

the case of a private education loan, as the term is defined in

Section 8 of this act, one (1) year from the date on which the first

regular payment of principal is due under the loan.

(7) (a) In this section, "creditor" includes sellers, lessors,

lenders, persons who regularly offer to lease or

arrange to lease under consumer leases and any other

person required to make disclosures under Part 3 of

either Article 2 or Article 3 of this title.
defined in

Section 8 of this act, one (1) year from the date on which the first

regular payment of principal is due under the loan.

(7) (a) In this section, "creditor" includes sellers, lessors,

lenders, persons who regularly offer to lease or

arrange to lease under consumer leases and any other

person required to make disclosures under Part 3 of

either Article 2 or Article 3 of this title.

(b) (i) A servicer of a consumer obligation arising from

a consumer credit transaction shall not be

treated as an assignee of such obligation for

purposes of this section unless the servicer is

or was the owner of the obligation.

(ii) A servicer of a consumer obligation arising from

a consumer credit transaction shall not be

treated as the owner of the obligation for

purposes of this section on the basis of an

assignment of the obligation from the creditor or

another assignee to the servicer solely for the

administrative convenience of the servicer in

servicing the obligation. Upon written request

by the obligor, the servicer shall provide the

obligor, to the best knowledge of the servicer,

with the name, address, and telephone number of

the owner of the obligation or the master

servicer of the obligation.

(iii) For purposes of this subsection, the term

"servicer" has the same meaning as in Section

6(i)(2) of the Real Estate Settlement Procedures

Act of 1974.

(iv) This subsection shall apply to all consumer

credit transactions in existence or consummated

on or after September 30, 1995.

(8) Where there are multiple obligors in a consumer credit

transaction or consumer lease, there shall be no more than one

recovery under paragraph (b) of subsection (1) of this section for a

violation of this title.

(9) The multiple failure to disclose to any person any

information required under this title to be disclosed in connection

with a single account under an open-end consumer credit plan, other

single consumer credit sale, consumer loan, consumer lease, or other

extension of consumer credit shall entitle the person to a single

recovery under this section but continued failure to disclose after

a recovery has been granted shall give rise to rights to additional

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recoveries. This subsection does not bar any remedy permitted by

Section 5-204 of this title.

(10) A person may not take any action to offset any amount for

which a creditor or assignee is potentially liable to that person

under paragraph b of subsection (1) of this section against any

amount owed by that person unless the amount of the creditor's or

assignee's liability has been determined by judgment of a court of

competent jurisdiction in an action to which the person was a party.

This subsection does not bar a person then in default on the

obligation from asserting a violation of disclosure requirements as

an original action or as a defense or counterclaim to an action to

collect amounts owed by the person brought by another person liable

under this title if the claim is not time barred, or as a setoff or

defense in accordance with Section 5-205 of this title.

(11) (a) Any person who purchases or is otherwise assigned a

mortgage referred to in subsection (10) of Section 1-

301 of this title shall be subject to all claims and

defenses with respect to that mortgage that the

consumer could assert against the creditor of the

mortgage, unless the purchaser or assignee

demonstrates, by a preponderance of the evidence, that

a reasonable person exercising ordinary due diligence,

could not determine, based on the documentation

required by this title, the itemization of the amount

financed, and other disclosure of disbursements that

the mortgage was a mortgage referred to in subsection
ert against the creditor of the

mortgage, unless the purchaser or assignee

demonstrates, by a preponderance of the evidence, that

a reasonable person exercising ordinary due diligence,

could not determine, based on the documentation

required by this title, the itemization of the amount

financed, and other disclosure of disbursements that

the mortgage was a mortgage referred to in subsection

(10) of Section 1-301 of this title. The preceding

sentence does not affect rights of a consumer under

paragraph (a) of subsection (4) or subsection (5) of

this section or any other provision of this title.

(b) Notwithstanding any other provision of law, relief

provided as a result of any action made permissible by

paragraph (a) of this subsection may not exceed:

(i) with respect to actions based upon a violation of

this title, the amount specified in subsection

(1) of this section; and

(ii) with respect to all other causes of action, the

sum of:

(aa) the amount of all remaining indebtedness;

and

(bb) the total amount paid by the consumer in

connection with the transaction.

(c) The amount of damages that may be awarded under

subparagraph (ii) of paragraph (b) of this subsection

shall be reduced by the amount of any damages awarded

under subparagraph (i) of paragraph (b) of this

subsection.

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(d) Any person who sells or otherwise assigns a mortgage

referred to in subsection (10) of Section 1-301 of

this title shall include a prominent notice of the

potential liability under this subsection as

determined by the Administrator.

(12) A private educational lender, as the term is defined in

Section 8 of this act, has no liability under this section for

failure to comply with subsection (3) of Section 11 of this act.