Oklahoma § 14A-3-510 Restrictions on interest in land as security.

Oklahoma Statutes

§ 14A-3-510 — Restrictions on interest in land as security.

Oklahoma·Title 14A Consumer Credit Code

(1)With respect to a supervised loan in which the principal is One Thousand Dollars ($1,000.00) or less, and the loan finance charge calculated according to the actuarial method exceeds twenty- one percent (21%) per year on the unpaid balances of principal, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.

(2)This section shall not apply with respect to an open-end credit plan under which a lender makes advances and takes or retains a security interest in the principal dwelling of the debtor where the advances are made in accordance with an established credit limit of at least One Thousand Dollars ($1,000.00) for the plan.

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(1) With respect to a supervised loan in which the principal is One Thousand Dollars ($1,000.00) or less, and the loan finance charge calculated according to the actuarial method exceeds twenty- one percent (21%) per year on the unpaid balances of principal, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void. (2) This section shall not apply with respect to an open-end credit plan under which a lender makes advances and takes or retains a security interest in the principal dwelling of the debtor where the advances are made in accordance with an established credit limit of at least One Thousand Dollars ($1,000.00) for the plan.

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