Okla. Stat. tit. 14A, § 14A-5-204

(1) Except as otherwise provided in this section, in the case

of a consumer credit sale or consumer loan, including opening or

increasing the credit limit for an open-end credit plan, with

respect to which a security interest, including any such interest

arising by operation of law, is or will be retained or acquired in

any real or personal property which is used as the principal

dwelling of the person to whom credit is extended, each person in

whose principal dwelling a security interest is or will be retained

or acquired, if that person's ownership interest in the dwelling is

or will be subject to the security interest, shall have the right to

rescind the transaction until midnight of the third business day

following the consummation of the transaction or the delivery of the

information and rescission forms required under this section

together with a statement containing the material disclosures as

defined in subsection (7) of this section, whichever is later, by

notifying the creditor, in accordance with rules of the

Administrator, of the person’s intention to do so. The creditor

shall clearly and conspicuously disclose, in accordance with rules

of the Administrator, in a transaction subject to this section the

rights of the person having the right of rescission under this

section. The creditor shall also provide, in accordance with rules

of the Administrator, appropriate forms and an adequate opportunity

to a person having the right of rescission to exercise the right to

rescind any transaction subject to this section. If the required

notice and material disclosures are not delivered, the right to

rescind shall expire no later than three (3) years after the date of

consummation of the transaction giving rise to the right of

rescission, or upon sale of the property, whichever occurs first;

except that if the Administrator or any other appropriate agency

institutes a proceeding to enforce the provisions of this section

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 199

within three (3) years after the date of consummation of the

transaction and finds a violation of this section and the right to

rescind is based in whole or in part on any matter involved in such

proceeding, then the right of rescission shall expire three (3)

years after the date of consummation of the transaction or upon the

earlier sale of the property, or upon the expiration of one (1) year

following the conclusion of the proceeding, or any judicial review

or period for judicial review thereof, whichever is later.

(2) When the right of rescission is exercised under subsection

(1) of this section, the debtor or person exercising the right of

rescission is not liable for any credit service charge, loan finance

charge or other charge, and any security interest given, including

any such interest arising by operation of law, becomes void upon the

rescission. Within twenty (20) days after receipt of a notice of

rescission, the creditor shall return any money or property given as

earnest money, down payment or otherwise, and shall take any action

necessary or appropriate to reflect the termination of any security

interest created under the transaction. If the creditor has

delivered any property to the person exercising the right of

rescission, such person may retain possession of it. Upon the

performance of the creditor's obligations under this section, the

person exercising the right of rescission shall tender to the

creditor all property delivered by the creditor in the consumer

credit transaction, except that if return of the property in kind

would be impractical or inequitable, tender of its reasonable value

shall be made. Tender shall be made at the location of the property

or at the principal dwelling of the person exercising the right of

rescission, at the option of the person. If the creditor does not

take possession of the property within twenty (20) days after tender
ransaction, except that if return of the property in kind

would be impractical or inequitable, tender of its reasonable value

shall be made. Tender shall be made at the location of the property

or at the principal dwelling of the person exercising the right of

rescission, at the option of the person. If the creditor does not

take possession of the property within twenty (20) days after tender

by the person exercising the right of rescission, such person may

keep it without further obligation. The procedures prescribed by

this subsection shall apply except when otherwise ordered by a

court.

(3) Notwithstanding any rule of evidence, written

acknowledgment of receipt of any disclosure required under this

title by a person to whom information, forms, and a statement is

required to be given pursuant to this section does no more than

create a rebuttable presumption of delivery thereof.

(4) The person entitled to exercise the right of rescission may

modify or waive the right to rescind if that person determines that

the extension of credit is necessary in order to meet a bona fide

personal financial emergency. To modify or waive the right, the

person shall give the creditor a dated written statement that

describes the emergency, specifically modifies or waives the right

to rescind, and bears the signature of all of the persons entitled

to rescind. Printed forms for this purpose are prohibited.

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 200

(5) This section does not apply to the creation or retention of

a consensual lien against a principal dwelling to finance the

acquisition or initial construction of that dwelling; a transaction

which constitutes a refinancing or consolidation (with no new

advances) of the principal balance then due and any accrued and

unpaid finance charges of an existing extension of credit by the

same creditor secured by an interest in the same property; a

transaction in which an agency of a state is the creditor; or

advances under a preexisting open-end credit plan if a security

interest has already been retained or acquired and such advances are

in accordance with a previously established credit limit for such

plan.

(6) In any action in which it is determined that a creditor has

violated this section, in addition to rescission the court may award

relief under Section 5-203 of this title for violations of this

title not relating to the right to rescind.

(7) The term "material disclosures" means the disclosure, as

required by this title, of the annual percentage rate, the method of

determining the finance charge and the balance upon which a finance

charge will be imposed, the amount of the finance charge, the amount

to be financed, the total of payments, the number and amount of

payments, and the due dates or periods of payments scheduled to

repay the indebtedness.

(8) An obligor shall have no rescission rights arising solely

from the form of written notice used by the creditor to inform the

obligor of the rights of the obligor under this section, if the

creditor provided the obligor the appropriate form of written notice

published and adopted by the Administrator, or a comparable written

notice of the rights of the obligor, that was properly completed by

the creditor, and otherwise complied with all other requirements of

this section regarding notice.

(9) (a) Notwithstanding the provisions of Section 21 of this

act, and subject to the time period provided in

subsection (1) of this section, in addition to any

other right of rescission available under this section

for a transaction, after the initiation of any

judicial or nonjudicial foreclosure process on the

primary dwelling of an obligor securing an extension

of credit, the obligor shall have a right to rescind

the transaction equivalent to other rescission rights

provided by this section, if:
subsection (1) of this section, in addition to any

other right of rescission available under this section

for a transaction, after the initiation of any

judicial or nonjudicial foreclosure process on the

primary dwelling of an obligor securing an extension

of credit, the obligor shall have a right to rescind

the transaction equivalent to other rescission rights

provided by this section, if:

(i) a mortgage broker fee is not included in the

finance charge in accordance with the laws and

regulations in effect at the time the consumer

credit transaction was consummated; or

(ii) the form of notice of rescission for the

transaction is not the appropriate form of

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written notice published and adopted by the

Administrator or a comparable written notice, and

otherwise complied with all the requirements of

this section regarding notice.

(b) Notwithstanding the provisions of subsection (6) of

Section 3-304 of this title, and subject to the time

period provided in subsection (1) of this section, for

the purposes of exercising any rescission rights after

the initiation of any judicial or nonjudicial

foreclosure process on the principal dwelling of the

obligor securing an extension of credit, the

disclosure of the finance charge and other disclosures

affected by any finance charge shall be treated as

being accurate for purposes of this section if the

amount disclosed as the finance charge does not vary

from the actual finance charge by more than Thirty-

five Dollars ($35.00) or is greater than the amount

required to be disclosed under this title.

(c) Nothing in this subsection affects a consumer's right

of rescission in recoupment under law.

(d) This subsection shall apply to all consumer credit

transactions in existence or consummated on or after

September 30, 1995.