Oklahoma Const. art. XIV, § 2

Oklahoma Constitution

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

Oklahoma Const. art. XIV, § 2 (Classification of loans and lenders - Licenses - Maximum rates of interest) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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.