Okla. Admin. Code § 160:25-1-3

Current through Vol. 42, No. 4, November 1, 2024

Section 160:25-1-3 - Credit features exempted from advance notice of change of terms

No advance notice of a change in terms need be given pursuant to Title 14A of the Oklahoma Statutes, § 3-408(2) if the change is contracted for and the change results from:

(1) a rate increase under a contracted for variable rate plan;

(2) a rate increase that occurs when an employee has been under a preferential rate agreement and terminates employment;

(3) a rate increase that occurs when a consumer has been under an agreement to maintain a certain balance in a savings accounts or similar account in order to keep a particular rate and the account balance falls below the specified minimum;

(4) a rate increase that occurs when a consumer has been under an agreement for the direct deposit of the consumer's payroll or other monthly income check, or a payroll deduction plan, in order to keep a particular rate, and the direct deposit or payroll deduction is terminated by someone other than the creditor;

(5) a contracted for increase in the minimum monthly payment that occurs as a result of a rate increase as set forth in paragraphs (1) through (4) above.

Okla. Admin. Code § 160:25-1-3