Oklahoma § 14A-4-107 Maximum charge by creditor for insurance.

Oklahoma Statutes

§ 14A-4-107 — Maximum charge by creditor for insurance.

Oklahoma § 14A-4-107

Title 14AConsumer Credit Code

This text of Oklahoma § 14A-4-107 (Maximum charge by creditor for insurance.) 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-4-107 (2026).

Text

(1)Except as provided in subsection (2), if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by the insurer, as computed at the time the charge to the debtor is determined, conforming to any rate filings required by law and made by the insurer with the Insurance Department.

(2)A creditor who provides consumer credit insurance in relation to a revolving charge account (Section 2-108) or revolving loan account (Section 3-108) may calculate the charge to the debtor in each billing cycle by applying the current premium rate to (a) the average daily unpaid balance of the debt in the cycle;

(b)the unpaid balance of the debt or a median amount within a specified range of unpaid bala

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(1) Except as provided in subsection (2), if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by the insurer, as computed at the time the charge to the debtor is determined, conforming to any rate filings required by law and made by the insurer with the Insurance Department. (2) A creditor who provides consumer credit insurance in relation to a revolving charge account (Section 2-108) or revolving loan account (Section 3-108) may calculate the charge to the debtor in each billing cycle by applying the current premium rate to (a) the average daily unpaid balance of the debt in the cycle; (b) the unpaid balance of the debt or a median amount within a specified range of unpaid balances of debt on approximately the same day of the cycle. The day of the cycle need not be the day used in calculating the credit service charge (Section 2-207) or loan finance charge (Section 3-201 and Section 3-508A), but the specified range shall be the range used for that purpose; or (c) the unpaid balances of principal calculated according to the actuarial method.