Oklahoma passed a bill increasing the permissible finance charge under the Uniform Consumer Credit Code. Under the bill, a supervised lender may contract for and receive a finance charge that does not exceed: (1) 25% per year; or (2) the total of: (A) 32% per year on the principal that is $7,000 or less; (B) 23% per year on the principal that is over $7,000 but not exceeding $11,000; and (C) 15% per year on the principal that is over $11,000. Previously, the dollar amounts were $2,910 and $6,200, respectively, and the finance charge could not exceed 27% in item (2)(A). In addition, the bill permits a supervised lender to assess a closing fee upon consummation of a loan. The closing fee may not exceed $28.85. The bill becomes effective November 1, 2021.
See Oklahoma State Legislature website for the full text of the Statutes: http://webserver1.lsb.state.ok.us/cf_pdf/2021-22%20ENR/SB/SB796%20ENR.PDF
