Oklahoma Revises Provisions on Supervised Loans

The state of Oklahoma recently revised provisions regarding the dollar amount charged for its supervised loans subject to Oklahoma’s Uniform Consumer Credit Code.  In lieu of typical finance charges, a supervised lender may only charge up to a fixed dollar amount as an acquisition charge, and a fixed dollar amount as a monthly installment account handling charge.  The amount of these charges vary based on the principal loan balance  Under the revised law, the supervised loan maximum principal limit has been increased from $300 to $3,000, and the maximum amounts that may be charged as an acquisition charge or installment account handling charge have similarly been revised.  These new limits become effective as of November 1, 2022.