§ 14A-1-106 — Change in dollar amount used in certain sections.

Oklahoma § 14A-1-106

• Jurisdiction: Oklahoma
• Title 14A: Consumer Credit Code

Text

(1) From time to time the dollar amounts in paragraphs (a), (b) and (c) of subsection (2) of Section 2-201, paragraph (a) of subsection (1) of Section 2-203, subsection (1) of Section 2-407, Section 2-413, paragraph (b) of subsection (1) of Section 3-203, Section 3-203.1, subsection (4) of Section 3-508A, subsection (1) of Section 3-510, paragraphs (a) and (b) of Section 3-511, Section 3- 514, and subsections (2) and (3) of Section 5-103 of the Uniform Consumer Credit Code, are hereby designated as subject to change and shall change, as provided in this section and the rules of the Administrator, according to and to the extent of changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers: U.S. City Average, All Items, 1967=100, compiled by the Bureau of Labor Statistics, United States Department of Labor, and hereafter referred to as the Index. The Index for December of the year 1973 shall be deemed the Reference Base Index. The dollar amounts established by rule of the Administrator in paragraph (e) of subsection (1) of Section 2-104, paragraph (b) of subsection (1) of Section 2-106 and paragraph (d) of Section 3-104 of the Uniform Consumer Credit Code in effect on January 1, 1982, shall remain in full force and effect. (2) From time to time, the dollar amounts in subsection (1) of Section 3-508B of the Uniform Consumer Credit Code are hereby designated as subject to change and shall change, as provided in this section and the rules of the Administrator, according to and to the extent of changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers: U.S. City Average, All Items, 1982- 84=100, compiled by the Bureau of Labor Statistics, United States Department of Labor, and hereafter referred to as the Index. The Index for December 2020 shall be deemed the Reference Base Index. (3) The designated dollar amounts referenced in subsection (1) of this section shall change on July 1 of each year if the percentage of change, calculated to the nearest whole percentage point, between the Index at the end of the preceding year and the Reference Base Index is ten percent (10%) or more, but: (a) the portion of the percentage change in the Index in excess of a multiple of ten percent (10%) shall be disregarded and the dollar amounts shall change only in multiples of ten percent (10%) of the amounts appearing in the Uniform Consumer Credit Code; and (b) the dollar amounts shall not change if the amounts required by this section are those currently in effect pursuant to the Uniform Consumer Credit Code as a result of earlier application of this section. (4) The designated dollar amounts referenced in subsection (2) of this section shall change on July 1 of each year if the percentage of change, calculated to the nearest whole percentage point, between the Index at the end of the preceding year and the Reference Base Index is one percent (1%) or more, but: (a) the portion of the percentage change shall change only in multiples of one percent (1%); and (b) the dollar amounts shall not change if the amounts required by this section are those currently in effect pursuant to the Uniform Consumer Credit Code as a result of earlier application of this section. (5) If the Index is revised, the percentage of change pursuant to this section shall be calculated on the basis of the revised Index. If a revision of the Index changes the Reference Base Index, a revised Reference Base Index shall be determined by multiplying the Reference Base Index then applicable by the rebasing factor furnished by the United States Bureau of Labor Statistics. If the Index is superseded, the Index referred to in this section shall be the one represented by the United States Bureau of Labor Statistics as reflecting most accurately changes in the purchasing power of the dollar for consumers. (6) The rules of the Administrator shall provide for appropriate notice to licensees and other interested persons of any changes in the dollar amounts which result from changes required by this section no later than April 30 of each year. Each dollar amount subject to change as provided in this section shall be listed in an appendix to the rules of the Administrator and shall be published in the Oklahoma Administrative Code. Changes to the appendix shall be submitted to the Secretary of State prior to the annual deadline for submitting material for publication in the Code. Changes in the appendix shall not be construed as rulemaking. (7) A person does not violate the Uniform Consumer Credit Code with respect to a transaction otherwise complying with the Uniform Consumer Credit Code if he or she relies on dollar amounts either determined according to this section or appearing in the last rule of the Administrator announcing the then current dollar amounts.

Legislative History

Added by Laws 1979, c. 109, § 1, emerg. eff. April 25, 1979. Amended by Laws 1979, c. 152, § 5, emerg. eff. May 9, 1979; Laws 1980, c. 122, § 5, emerg. eff. April 15, 1980; Laws 1982, c. 335, § 1, operative June 1, 1982; Laws 1988, c. 114, § 1, emerg. eff. April 6, 1988; Laws 1998, c. 352, § 2, eff. July 1, 1998; Laws 2002, c. 249, § 1, eff. Nov. 1, 2002; Laws 2006, c. 203, § 1, eff. July 1, 2006; Laws 2014, c. 297, § 1; Laws 2019, c. 178, § 1, eff. Nov. 1, 2019; Laws 2021, c. 142, § 1, eff. Nov. 1, 2021; Laws 2022, c. 207, § 1, eff. Nov. 1, 2022; Laws 2023, c. 110, § 1, emerg. eff. April 28, 2023. NOTE: Laws 1988, c. 8, § 2 repealed by Laws 1989, c. 353, § 14, emerg. eff. June 3, 1989.