Oklahoma § 59-3150.11 - Written explanation to customers of fees and charges –

§ 59-3150.11. Written explanation to customers of fees and charges –

Right of rescission.

A. A licensee shall provide each customer a written

explanation, in clear, understandable language, of the fees and

charges to be charged by the licensee. The style, content and

method of executing the required written explanation shall comply

with Oklahoma Regulation Z laws and shall contain a statement that

the customer may prepay the unpaid balance in whole or in part at

any time without penalty. The Administrator of the Department of

Consumer Credit may promulgate administrative rules establishing

additional requirements in order to assure complete and accurate

disclosure of the fees and charges to be charged by a licensee under

a small loan.

B. A small loan shall include, along with other state or

federal law requirements:

1. A customer's right of rescission for any small loan. No

lender shall be required to extend a right of rescission past the

close of business on the day after loan proceeds are disbursed

unless the lender is not open on the day after disbursement, in

which case the right of rescission shall be extended to the

subsequent day the lender is open; and

2. A notice informing the customer that complaints may be made

to the Administrator, including the Administrator's telephone number

and address.

Oklahoma Statutes - Title 59. Professions and Occupations

C. Borrowers who default may undergo consumer credit counseling

from a list of organizations approved by the Department of Consumer

Credit and made available upon request by the lender.

Added by Laws 2019, c. 89, § 13, eff. Nov. 1, 2019.