Okla. Stat. tit. 15, § 15-140
This is the official text of Okla. Stat. tit. 15, § 15-140, part of Oklahoma’s Stat. tit. 15, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 15,." Browse the sections below, each linked to its official government source.
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Credit agreements - Actions to enforce or seek damages -
Official statutory text
limits to actions on oral agreements.
A. As used in this section:
1. "Credit agreement" means an agreement by a financial
institution to lend money, extend credit or otherwise make any other
financial accommodation, or to renew, extend, modify, rearrange or
forebear the repayment of any such loan, extension of credit or
financial accommodation, but does not include any promissory note,
real estate mortgage, or security agreement.
Oklahoma Statutes - Title 15. Contracts Page 23
2. "Financial institution" means any bank, savings and loan
association, or credit union, or any holding company or subsidiary
thereof.
3. "Lender" means a financial institution that makes a credit
agreement with a borrower.
4. "Borrower" means a person who seeks a credit agreement with
a lender or financial institution as defined herein or to whom money
is loaned, credit is extended, or any other financial accommodation
is made or for whom any such loan, extension of credit or financial
accommodation is renewed, extended, modified, rearranged or forborne
by a lender or financial institution as defined herein.
B. No lender or borrower may maintain an action to enforce or
seek damages for the breach of any term or condition of credit
agreement having a principal amount greater than Fifteen Thousand
Dollars ($15,000.00), unless such term or condition has been agreed
to in writing and signed by the party against whom it is sought to
be enforced or against whom damages are sought.
C. The provisions of this section shall not be construed to
preclude a lender from maintaining an action against a borrower,
whether or not a credit agreement has been signed by the borrower,
with respect to any of the following:
1. Credit extended on an "account", as such term is defined in
Section 4-104 of Title 12A of the Oklahoma Statutes; or
2. Credit extended pursuant to a "lender credit card or similar
arrangement" or a "revolving loan account", as such terms are
defined, respectively, in Sections 1-301 and 3-108 of Title 14A of
the Oklahoma Statutes, if the terms or conditions relevant thereto
are in writing and are provided to the borrower prior to his usage
of the card or account or otherwise in accordance with applicable
law.
D. The provisions of this section shall be effective with
respect to credit agreements entered into after the effective date
of this act.
A. As used in this section:
1. "Credit agreement" means an agreement by a financial
institution to lend money, extend credit or otherwise make any other
financial accommodation, or to renew, extend, modify, rearrange or
forebear the repayment of any such loan, extension of credit or
financial accommodation, but does not include any promissory note,
real estate mortgage, or security agreement.
Oklahoma Statutes - Title 15. Contracts Page 23
2. "Financial institution" means any bank, savings and loan
association, or credit union, or any holding company or subsidiary
thereof.
3. "Lender" means a financial institution that makes a credit
agreement with a borrower.
4. "Borrower" means a person who seeks a credit agreement with
a lender or financial institution as defined herein or to whom money
is loaned, credit is extended, or any other financial accommodation
is made or for whom any such loan, extension of credit or financial
accommodation is renewed, extended, modified, rearranged or forborne
by a lender or financial institution as defined herein.
B. No lender or borrower may maintain an action to enforce or
seek damages for the breach of any term or condition of credit
agreement having a principal amount greater than Fifteen Thousand
Dollars ($15,000.00), unless such term or condition has been agreed
to in writing and signed by the party against whom it is sought to
be enforced or against whom damages are sought.
C. The provisions of this section shall not be construed to
preclude a lender from maintaining an action against a borrower,
whether or not a credit agreement has been signed by the borrower,
with respect to any of the following:
1. Credit extended on an "account", as such term is defined in
Section 4-104 of Title 12A of the Oklahoma Statutes; or
2. Credit extended pursuant to a "lender credit card or similar
arrangement" or a "revolving loan account", as such terms are
defined, respectively, in Sections 1-301 and 3-108 of Title 14A of
the Oklahoma Statutes, if the terms or conditions relevant thereto
are in writing and are provided to the borrower prior to his usage
of the card or account or otherwise in accordance with applicable
law.
D. The provisions of this section shall be effective with
respect to credit agreements entered into after the effective date
of this act.
Status: in_force · Read it on the official government site
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