Okla. Stat. tit. 70, § 70-4314
This is the official text of Okla. Stat. tit. 70, § 70-4314, part of Oklahoma’s Stat. tit. 70, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 70,." Browse the sections below, each linked to its official government source.
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Student loans - Loan agreement - Delinquency charge -
Official statutory text
Attorney fees - Collection fees.
Notwithstanding the provisions of Title 14A of the Oklahoma
Statutes which otherwise limit enforceable charges for delinquent
payments and collection of delinquent loans which are granted to
students for educational costs while attending accredited
institutions in The Oklahoma State System of Higher Education, as
defined in the Oklahoma Constitution, Article XIII-A, Section 1, the
Oklahoma Statutes - Title 70. Schools Page 1641
loan agreement between the lender and the student who is borrowing
to attend such an institution may lawfully provide for the
collection of the following:
1. A delinquency charge on any installment not paid within ten
(10) days after its scheduled due date in an amount not exceeding
the greater of either Five Dollars ($5.00) or five percent (5%) of
the unpaid amount of the installment; and
2. Reasonable attorney's fees and fees paid to collection
agencies by the lender in the event the delinquent loan is referred
to an attorney or a commercial collection agency for collection.
Provided that this section shall apply only to education loans for
which the loan finance charge imposed under the agreement does not
exceed an annual percentage rate of twelve percent (12%) per annum
calculated according to the actuarial method.
Notwithstanding the provisions of Title 14A of the Oklahoma
Statutes which otherwise limit enforceable charges for delinquent
payments and collection of delinquent loans which are granted to
students for educational costs while attending accredited
institutions in The Oklahoma State System of Higher Education, as
defined in the Oklahoma Constitution, Article XIII-A, Section 1, the
Oklahoma Statutes - Title 70. Schools Page 1641
loan agreement between the lender and the student who is borrowing
to attend such an institution may lawfully provide for the
collection of the following:
1. A delinquency charge on any installment not paid within ten
(10) days after its scheduled due date in an amount not exceeding
the greater of either Five Dollars ($5.00) or five percent (5%) of
the unpaid amount of the installment; and
2. Reasonable attorney's fees and fees paid to collection
agencies by the lender in the event the delinquent loan is referred
to an attorney or a commercial collection agency for collection.
Provided that this section shall apply only to education loans for
which the loan finance charge imposed under the agreement does not
exceed an annual percentage rate of twelve percent (12%) per annum
calculated according to the actuarial method.
Status: in_force · Read it on the official government site
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