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

Oklahoma Statutes

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

Oklahoma § 14A-3-510

Title 14AConsumer Credit Code

This text of Oklahoma § 14A-3-510 (Restrictions on interest in land as security.) 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.

Bluebook

Okla. Stat. tit. 14A, § 14A-3-510 (2026).

Text

(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.