Oklahoma passed a bill amending the permissible finance charge under the Uniform Consumer Credit Code. Under the bill, the permissible finance charge a lender may contract for and receive was amended to include the federal funds rate. “Federal funds rate” means the rate published by the Board of Governors of the Federal Reserve System in the statistical release H.15 Selected Interest Rates and in effect as of the first day of each month immediately preceding the month during which the loan is consummated. The bill becomes effective November 1, 2023.
Click to view the OK SB 794: https://www.tenaco.com/wp-content/uploads/2023/04/OK-SB-794-04-25-23.pdf
