§ 14A-5-206 — Closed-end consumer credit transaction secured by real

Oklahoma § 14A-5-206

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

Text

property or dwelling consummated before September 30, 1995 - Nonliability of creditor. (1) For any closed-end consumer credit transaction that is secured by real property or a dwelling, that is subject to Title 14A of the Oklahoma Statutes, and that is consummated before September 30, 1995, a creditor or any assignee of a creditor shall have no civil, administrative, or criminal liability under Title 14A of the Oklahoma Statutes for, and a consumer shall have no extended rescission rights under subsection (1) of Section 5-204 of Title 14A of the Oklahoma Statutes with respect to: (a) the creditor's treatment, for disclosure purpose, of: (i) taxes described in paragraph (a) of subsection (1) of Section 3-202 of Title 14A of the Oklahoma Statutes; (ii) fees described in paragraphs (d) and (e) of subsection (1) of Section 3-202 of Title 14A of the Oklahoma Statutes; (iii) fees and amounts referred to in the third sentence of paragraph (b) of subsection (1) of Section 3-109 of Title 14A of the Oklahoma Statutes; or (iv) borrower-paid mortgage broker fees referred to in subparagraph (vi) of paragraph (b) of subsection (1) of Section 3-109 of Title 14A of the Oklahoma Statutes; (b) the form of written notice used by the creditor to inform the obligor of the rights of the obligor under Section 5-204 of Title 14A of the Oklahoma Statutes if the creditor provided the obligor with a properly dated form of written notice published and adopted by the Administrator or a comparable written notice, and otherwise complied with all the requirements of this section regarding notice; or (c) any disclosure relating to the finance charge imposed with respect to the transaction if the amount or percentage actually disclosed: (i) may be treated as accurate for purposes of this title if the amount disclosed as the finance charge does not vary from the actual finance charge by more than Two Hundred Dollars ($200.00); (ii) may, under paragraph (b) of subsection (6) of Section 3-304 of Title 14A of the Oklahoma Statutes, be treated as accurate for purposes of Section 5-204 of Title 14A of the Oklahoma Statutes; or (iii) is greater than the amount or percentage required to be disclosed under Title 14A of the Oklahoma Statutes. (2) Subsection (1) of this section shall not apply to: (a) any individual action or counterclaim brought under Title 14A of the Oklahoma Statutes which was filed before June 1, 1995; (b) any class action brought under Title 14A of the Oklahoma Statutes for which a final order certifying a class was entered before January 1, 1995; (c) the named individual plaintiffs in any class action brought under Title 14A of the Oklahoma Statutes which was filed before June 1, 1995; or (d) any consumer credit transaction with respect to which a timely notice of rescission was sent to the creditor before June 1, 1995.

Legislative History

Added by Laws 2000, c. 217, § 21, eff. July 1, 2000.