Oklahoma Const. art. XIV, § 2

Oklahoma Constitution

Article XIV, § 2 — Classification of loans and lenders - Licenses - Maximum rates of interest

This text of Oklahoma Const. art. XIV, § 2 (Classification of loans and lenders - Licenses - Maximum rates of interest) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

JurisdictionOklahoma DocumentConstitution

ArticleXIV

Section§ 2

CitationOklahoma Const. art. XIV, § 2

Bluebook

Okla. Const. art. XIV, § 2.

Full Text

The Legislature shall have authority to classify loans and lenders, license and regulate lenders, define interest and fix maximum rates of interest; provided, however, in the absence of legislation fixing maximum rates of interest, all contracts for a greater rate of interest than ten percent(10%) per annum shall be deemed usurious; provided, further, that in contracts where no rate of interest is agreed upon, the rate shall not exceed six percent (6%) per annum.

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The Legislature shall have authority to classify loans and lenders, license and regulate lenders, define interest and fix maximum rates of interest; provided, however, in the absence of legislation fixing maximum rates of interest, all contracts for a greater rate of interest than ten percent(10%) per annum shall be deemed usurious; provided, further, that in contracts where no rate of interest is agreed upon, the rate shall not exceed six percent (6%) per annum.

History

Amended by State Question No. 454, Legislative Referendum No. 167, adopted at election held Sept. 17, 1968.

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Bluebook (online)

Oklahoma Const. art. XIV, § 2, Counsel Stack Legal Research, https://law.counselstack.com/constitution/ok/XIV/2.