Oklahoma Administrative Code
Title 160 - Department of Consumer Credit
Chapter 45 - Truth in Lending Rules
Subchapter 5 - Closed-End Credit
Section 160:45-5-3 - Certain mortgage and variable-rate transactions
Current through Vol. 41, No. 13, March 15, 2024
(a) Mortgage transactions subject to RESPA.
(b) Certain variable-rate transactions. 45a/ If the annual percentage rate may increase after consummation in a transaction secured by the consumer's principal dwelling with a term greater than one year, the following disclosures must be provided at the time an application form is provided or before the consumer pays a nonrefundable fee, whichever is earlier: 45b/
(c) Electronic disclosures. For an application that is accessed by the consumer in electronic form, the disclosures required by paragraph (b) of this section may be provided to the consumer in electronic form on or with the application.
45a/ Information provided in accordance with variable-rate regulations of federal agencies may be substituted for the disclosures required by paragraph (b) of this section.
45b/ Disclosures may be delivered or placed in the mail not later than three business days following receipt of a consumer's application when the application reaches the creditor by telephone, or through an intermediary agent or broker.
Amended at 17 Ok Reg 1587, eff 5-25-00 ; Amended at 25 Ok Reg 2164, eff 7-11-08 ; Amended at 26 Ok Reg 2474, eff 7-11-09 ; Amended at 27 Ok Reg 12, eff 8-6-09 through 7-14-10 (emergency) 1 ; Amended at 30 Ok Reg 1026, eff 7-1-13
1 This emergency action expired without being superseded by a permanent action.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 7-15-10 (after the 7-14-10 expiration of this emergency action), the text of 160:45-5-3 reverted back to the permanent text that became effective 7-11-09, as was last published in the 2009 OAC Supplement.