Oklahoma passed a bill allowing electronic payment convenience fees in connection with loans subject to the Uniform Consumer Credit Code. Under the bill, a lender may charge a borrower a convenience fee for making a loan payment by debit card, electronic funds transfer, electronic check or other electronic means. The convenience fee may not exceed 4% of the payment transaction, or the actual third-party costs incurred by for processing the payment, whichever is less. The bill also requires lenders to notify the borrower of the amount of the convenience fee prior to completing the payment transaction, and provide the borrower the opportunity to cancel the payment transaction without incurring a fee. The bill becomes effective November 1, 2018.
See Oklahoma State Legislature website for the full text of the Statutes:
http://webserver1.lsb.state.ok.us/cf_pdf/2017-18%20ENR/SB/SB1151%20ENR.PDF
