Oklahoma Administrative Code
Title 160 - Department of Consumer Credit
Chapter 45 - Truth in Lending Rules
Subchapter 5 - Closed-End Credit
Section 160:45-5-2 - Content of disclosures
Current through Vol. 42, No. 1, September 16, 2024
For each transaction, the creditor shall disclose the following information as applicable:
(1) Creditor. The identity of the creditor making the disclosures.
(2) Amount financed. The "amount financed," using that term, and a brief description such as "the amount of credit provided to you or on your behalf." The amount financed is calculated by--
(3) Itemization of amount financed.
(4) Finance charge. The "finance charge," using that term, and a brief description such as "the dollar amount the credit will cost you."
(5) Annual percentage rate. The "annual percentage rate," using that term, and a brief description such as "the cost of your credit as a yearly rate." 42/
(6) Variable rate.
(7) Payment schedule. The number, amounts, and timing of payments scheduled to repay the obligation.
(8) Total of payments. The "total of payments," using that term, and a descriptive explanation such as "the amount you will have paid when you have made all scheduled payments." 44/
(9) Demand feature. If the obligation has a demand feature, that fact shall be disclosed. When the disclosures are based on an assumed maturity of one year as provided in 160:45-5-1(c)(5), that fact shall also be disclosed.
(10) Total sale price. In a credit sale, the "total sale price," using that term, and a descriptive explanation (including the amount of any downpayment) such as "the total price of your purchase on credit, including your downpayment of $____________." The total sale price is the sum of the cash price, the items described in paragraph (2)(B), and the finance charge disclosed under paragraph (4) of this section.
(11) Prepayment.
(12) Late payment. Any dollar or percentage charge that may be imposed before maturity due to a late payment, other than a deferral or extension charge.
(13) Security interest. The fact that the creditor has or will acquire a security interest in the property purchased as part of the transaction, or in other property identified by item or type.
(14) Insurance and debt cancellation The items required by 160:45-1-4(d), in order to exclude certain insurance premiums and debt-cancellation fees from the finance charge.
(15) Certain security-interest charges. The disclosures required by 160:45-1-4(e) in order to exclude from the finance charge certain fees prescribed by law or certain premiums for insurance in lieu of perfecting a security interest.
(16) Contract reference. A statement that the consumer should refer to the appropriate contract document for information about nonpayment, default, the right to accelerate the maturity of the obligation, and prepayment rebates and penalties. At the creditor's option, the statement may also include a reference to the contract for further information about security interests and, in a residential mortgage transaction, about the creditor's policy regarding assumption of the obligation.
(17) Assumption policy. In a residential mortgage transaction, a statement whether or not a subsequent purchaser of the dwelling from the consumer may be permitted to assume the remaining obligation on its original terms.
(18) Required deposit. If the creditor requires the consumer to maintain a deposit as a condition of the specific transaction, a statement that the annual percentage rate does not reflect the effect of the required deposit. 45/
40/ Good faith estimates of settlement costs provided for transactions subject to the Real Estate Settlement Procedures Act (12 USC 2601 et seq.) may be substituted for the disclosures required by paragraph (3) of this section.
41/ The following payees may be described using generic or other general terms and need not be further identified: public officials or government agencies, credit reporting agencies, appraisers, and insurance companies.
42/ For any transaction involving a finance charge of $5 or less on an amount financed of $75 or less, or a finance charge of $7.50 or less on an amount financed of more than $75, the creditor need not disclose the annual percentage rate.
43/ Information provided in accordance with 160:45-5-2(6)(B) and 160:45-5-3(b) may be substituted for the disclosures required by paragraph (6)(A) of this section.
44/ In any transaction involving a single payment, the creditor need not disclose the total of payments.
45/ A required deposit need not include, for example:
Amended at (not published Ok Reg), eff 9-3-96 through 7-14-97 (emergency)12; Amended at 17 Ok Reg 1587, eff 5-25-00
1This emergency action was not submitted by the agency in publishable format following approval of the emergency action by the Governor on 9-3-96 and, therefore, has never been published in The Oklahoma Register.
2This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last effective permanent text is reinstated. Therefore, on 7-15-97 (after the 7-14-97 expiration of this emergency action), the text of 160:45-5-2 reverted back to the permanent text that was effective prior to enactment of the emergency action on 9-3-96, as was last published in the 1996 Edition of the OAC, and remained as such until amended by permanent action on 5-25-00.
