Okla. Stat. tit. 59, § 59-3105
This is the official text of Okla. Stat. tit. 59, § 59-3105, part of Oklahoma’s Stat. tit. 59, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 59,." Browse the sections below, each linked to its official government source.
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Right of rescission
Official statutory text
Without penalty or cost of any kind, a debtor in a deferred
deposit loan transaction shall have the right to rescind in writing
the deferred deposit loan until 5 p.m. on the next business day
following the day the debtor signs the deferred deposit loan
agreement; provided, any attempted rescission will not be effective
unless the notice is timely and is accompanied by a return of the
full principal advanced by the lender to the debtor. Exercising
rescission entitles the debtor to a full refund of all fees paid by
the debtor as part of the deferred deposit loan transaction.
Rescission occurs when the debtor gives written notice of rescission
to the lender at the address of the office of the licensee as stated
Oklahoma Statutes - Title 59. Professions and Occupations Page 1507
in the deferred deposit agreement or at the location where the
transaction occurred.
deposit loan transaction shall have the right to rescind in writing
the deferred deposit loan until 5 p.m. on the next business day
following the day the debtor signs the deferred deposit loan
agreement; provided, any attempted rescission will not be effective
unless the notice is timely and is accompanied by a return of the
full principal advanced by the lender to the debtor. Exercising
rescission entitles the debtor to a full refund of all fees paid by
the debtor as part of the deferred deposit loan transaction.
Rescission occurs when the debtor gives written notice of rescission
to the lender at the address of the office of the licensee as stated
Oklahoma Statutes - Title 59. Professions and Occupations Page 1507
in the deferred deposit agreement or at the location where the
transaction occurred.
Status: in_force · Read it on the official government site
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