Oklahoma § 59-3105 - Right of rescission

§ 59-3105. Right of rescission

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

in the deferred deposit agreement or at the location where the

transaction occurred.

Added by Laws 2003, c. 240, § 5, eff. Sept. 1, 2003.