Okla. Stat. tit. 15, § 15-140.1
This is the official text of Okla. Stat. tit. 15, § 15-140.1, 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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Debt cancellation agreement
Official statutory text
A. A "debt cancellation agreement" means a loan term or
contractual arrangement modifying loan or retail installment
contract terms under which a lender or other creditor agrees to
cancel all or part of an obligation of the borrower to repay an
extension of credit from the lender or other creditor upon the
occurrence of a specified event. The agreement may be separate from
or a part of other loan or retail installment contract documents.
B. A debt cancellation agreement shall not be considered a
contract of, or for, insurance if it is not a contract whereby one
undertakes to indemnify another or to pay a specified amount upon
determinable contingencies, but merely cancels amounts owed by a
Oklahoma Statutes - Title 15. Contracts Page 24
borrower under a loan, retail installment contract or other credit
agreement.
C. A debt cancellation agreement shall not be deemed to create
a special relationship between the parties which would give rise to
an action in tort to recover for breach of the duty of good faith
and fair dealing. This section shall not be construed to preclude a
breach of contract action for failure of the parties to comply with
the implied duty of good faith and fair dealing in carrying out
their obligations as set forth in the agreement.
contractual arrangement modifying loan or retail installment
contract terms under which a lender or other creditor agrees to
cancel all or part of an obligation of the borrower to repay an
extension of credit from the lender or other creditor upon the
occurrence of a specified event. The agreement may be separate from
or a part of other loan or retail installment contract documents.
B. A debt cancellation agreement shall not be considered a
contract of, or for, insurance if it is not a contract whereby one
undertakes to indemnify another or to pay a specified amount upon
determinable contingencies, but merely cancels amounts owed by a
Oklahoma Statutes - Title 15. Contracts Page 24
borrower under a loan, retail installment contract or other credit
agreement.
C. A debt cancellation agreement shall not be deemed to create
a special relationship between the parties which would give rise to
an action in tort to recover for breach of the duty of good faith
and fair dealing. This section shall not be construed to preclude a
breach of contract action for failure of the parties to comply with
the implied duty of good faith and fair dealing in carrying out
their obligations as set forth in the agreement.
Status: in_force · Read it on the official government site
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