Okla. Stat. tit. 14A, § 14A-6-105

supervised financial institutions.

(1) With respect to supervised financial organizations, the

powers of examination and investigation under Sections 3-506 and 6-

106 of this title and administrative enforcement under Section 6-108

of this title shall be exercised by the official or agency to whose

supervision the organization is subject. All other powers of the

Administrator under this title may be exercised by the Administrator

with respect to a supervised financial organization.

(2) If the Administrator receives a complaint or other

information concerning noncompliance with this title by a supervised

financial organization, the Administrator shall inform the official

or agency having supervisory authority over the organization

concerned. The Administrator may request information about

supervised financial organizations from the officials or agencies

supervising them.

(3) The Administrator and any official or agency of this state

having supervisory authority over a supervised financial

organization are authorized and directed to consult and assist one

another in maintaining compliance with this title. They may jointly

pursue investigations, prosecute suits, and take other official

action, as they deem appropriate, if either of them is otherwise

empowered to take the action.

(4) (a) In carrying out their enforcement activities each

agency having administrative responsibility with

respect to persons subject to this title, including

the Administrator, in cases where an annual percentage

rate or finance charge was inaccurately disclosed,

shall notify the creditor of such disclosure error and

are authorized in accordance with the provisions of

this subsection to require the creditor to make an

adjustment to the account of the person to whom credit

was extended, to assure that such person will not be

required to pay a finance charge in excess of the

finance charge actually disclosed or the dollar

equivalent of the annual percentage rate actually

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 208

disclosed, whichever is lower. For the purposes of

this subsection, except where such disclosure error

resulted from a willful violation which was intended

to mislead the person to whom credit was extended, in

determining whether a disclosure error has occurred

and in calculating any adjustment:

(i) each agency shall apply:

(aa) with respect to the annual percentage rate,

a tolerance of one-quarter of one percent

(1/4 of 1%) more or less than the actual

rate, determined without regard to tolerance

rules for other purposes, and

(bb) with respect to the finance charge, a

corresponding numerical tolerance as

generated by the tolerance provided under

this subsection for the annual percentage

rate; except that:

(ii) with respect to transactions consummated after

two (2) years following March 31, 1980, each

agency shall apply:

(aa) for transactions that have a scheduled

amortization of ten (10) years or less, with

respect to the annual percentage rate, a

tolerance not to exceed one-quarter of one

percent (1/4 of 1%) more or less than the

actual rate, determined without regard to

tolerance rules for other purposes, but in

no event a tolerance of less than the

tolerances allowed for other purposes,

(bb) for transactions that have a scheduled

amortization of more than ten (10) years,

with respect to the annual percentage rate,

only such tolerances as are allowed for

other purposes, and

(cc) for all transactions, with respect to the

finance charge, a corresponding numerical

tolerance as generated by the tolerances

provided under this subsection for the

annual percentage rate.
rposes,

(bb) for transactions that have a scheduled

amortization of more than ten (10) years,

with respect to the annual percentage rate,

only such tolerances as are allowed for

other purposes, and

(cc) for all transactions, with respect to the

finance charge, a corresponding numerical

tolerance as generated by the tolerances

provided under this subsection for the

annual percentage rate.

(iii) In connection with credit transactions not under

an open-end credit plan that are secured by real

property or a dwelling, the disclosure of the

finance charge and other disclosures affected by

any finance charge:

(aa) shall be treated as being accurate for

purposes of this title if the amount

disclosed as the finance charge:

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 209

(I) does not vary from the actual finance

charge by more than One Hundred Dollars

($100.00), or

(II) is greater than the amount required to

be disclosed under this title, and

(bb) shall be treated as being accurate for

purposes of Section 5-204 of this title if:

(I) except as provided in subparagraph (ii)

of this paragraph, the amount disclosed

as the finance charge does not vary

from the actual finance charge by more

than an amount equal to one-half of one

percent (1/2 of 1%) of the total amount

of credit extended, or

(II) in the case of a transaction, other

than a subsection 10 mortgage referred

to in subsection (10) of Section 1-301

of this title, which:

(A) is a refinancing of the principal

balance then due and any accrued

and unpaid finance charges of a

residential mortgage transaction

as defined in subsection (17) of

Section 1-301 of this title, or is

any subsequent refinancing of such

a transaction, and

(B) does not provide any new

consolidation or new advance,

if the amount disclosed as the finance charge does not

vary from the actual finance charge by more than an

amount equal to one percent (1%) of the total amount

of credit extended.

(b) Each agency shall require such an adjustment when it

determines that such disclosure error resulted from:

(i) a clear and consistent pattern or practice of

violations,

(ii) gross negligence, or

(iii) a willful violation which was intended to mislead

the person to whom the credit was extended.

Notwithstanding the preceding sentence, except where

such disclosure error resulted from a willful

violation which was intended to mislead the person to

whom credit was extended, an agency need not require

such an adjustment if it determines that such

disclosure error:

(aa) resulted from an error involving the

disclosure of a fee or charge that would

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 210

otherwise be excludable in computing the

finance charge, including but not limited to

violations involving the disclosures

concerning consumer credit insurance,

property and liability insurance, and

official fees, in which event the agency may

require such remedial action as it

determines to be equitable, except that for

transactions consummated after two (2) years

following March 31, 1980, such an adjustment

shall be ordered for violations of

disclosure of consumer credit insurance,

(bb) involved a disclosed amount which was ten

percent (10%) or less of the amount that

should have been disclosed and in cases

where the error involved a disclosed finance

charge, the annual percentage rate was

disclosed correctly, and in cases where the

error involved a disclosed annual percentage

rate, the finance charge was disclosed

correctly; in which event the agency may

require such adjustment as it determines to

be equitable,

(cc) involved a total failure to disclose either

the annual percentage rate or the finance

charge, in which event the agency may

require such adjustment as it determines to

be equitable, or

(dd) resulted from any other unique circumstance

involving clearly technical and
charge was disclosed

correctly; in which event the agency may

require such adjustment as it determines to

be equitable,

(cc) involved a total failure to disclose either

the annual percentage rate or the finance

charge, in which event the agency may

require such adjustment as it determines to

be equitable, or

(dd) resulted from any other unique circumstance

involving clearly technical and

nonsubstantive disclosure violations that do

not adversely affect information provided to

the buyer, debtor or lessee and that have

not misled or otherwise deceived the buyer,

debtor or lessee.

In the case of other such disclosure errors, each

agency may require such an adjustment.

(c) Notwithstanding the provisions of paragraph (b) of

this subsection, no adjustment shall be ordered:

(i) if it would have a significantly adverse impact

upon the safety or soundness of the creditor, but

in any such case, the agency may require a

partial adjustment in an amount which does not

have such an impact except that with respect to

any transaction consummated after March 1, 1980,

the agency shall require the full adjustment, but

permit the creditor to make the required

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 211

adjustment in partial payments over an extended

period of time which the agency considers to be

reasonable,

(ii) if the amount of the adjustment would be less

than One Dollar ($1.00), except that if more than

one (1) year has elapsed since the date of the

violation, the agency may require that such

amount be paid to the Administrator, or

(iii) except where such disclosure error resulted from

a willful violation which was intended to mislead

the person to whom credit was extended, in the

case of an open-end credit plan, more than two

(2) years after the violation, or in the case of

any other extension of credit, as follows:

(aa) with respect to creditors that are subject

to examination by the agencies referred to

in this section, except in connection with

violations arising from practices identified

in the current examination and only in

connection with transactions that are

consummated after the date of the

immediately preceding examination, except

that where practices giving rise to

violations identified in earlier

examinations have not been corrected,

adjustments for those violations shall be

required in connection with transactions

consummated after the date of the

examination in which such practices were

first identified,

(bb) with respect to creditors that are not

subject to examination, except in connection

with transactions that are consummated after

May 10, 1978, and

(cc) in no event after the later of the

expiration of the life of the credit

extension, or two (2) years after the

agreement to extend credit was consummated.

(d) Notwithstanding any other provision of this

subsection, an adjustment under this subsection may be

required by an agency only by an order issued in

accordance with cease and desist procedures either as

prescribed in a statute governing that agency or in

Section 6-108 of this title.

(e) Except as otherwise specifically provided in this

subsection, no agency may require a creditor to make

Oklahoma Statutes - Title 14A. Consumer Credit Code Page 212

dollar adjustments for disclosure errors in any

requirements under this title.

(f) A creditor shall not be subject to an order to make an

adjustment, if within sixty (60) days after

discovering a disclosure error, whether pursuant to a

final written examination report or through the

creditor's own procedures, the creditor notifies the

person concerned of the error and adjusts the account

so as to assure that such person will not be required

to pay a finance charge in excess of the finance

charge actually disclosed or the dollar equivalent of

the annual percentage rate actually disclosed,

whichever is lower.
pursuant to a

final written examination report or through the

creditor's own procedures, the creditor notifies the

person concerned of the error and adjusts the account

so as to assure that such person will not be required

to pay a finance charge in excess of the finance

charge actually disclosed or the dollar equivalent of

the annual percentage rate actually disclosed,

whichever is lower.

(g) Notwithstanding the second sentence of paragraph (a)

of this subsection and divisions (aa) and (bb) of

subparagraph (iii) of paragraph (c) of this

subsection, each agency shall require an adjustment

for an annual percentage rate disclosure error that

exceeds a tolerance of one-quarter of one percent (1/4

of 1%) less than the actual rate, determined without

regard to tolerance rules for other purposes, except

in the case of an irregular mortgage lending

transaction, with respect to any transaction

consummated between January 1, 1977, and April 1,

1980.

(h) The Administrator may prescribe guidelines and

interpretations to govern agency action under this

subsection.