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WBK Industry News - State Regulatory Developments

Oklahoma Amends Consumer Loans Provisions

Effective November 1, 2018, Oklahoma’s consumer loan provisions will be amended to (1) allow the charge of convenience fees for the use of certain electronic payments, (2) set a maximum amount that may be charged for the convenience fees, (3) require the disclosure of the convenience fees to the borrower, and (4) require the convenience fees to be non-refundable once the borrower elects to make the electronic payments and the fees are charged pursuant to previously listed amendments.

The convenience fees may be charged to a borrower making his or her payment by debit card, electronic funds transfer, electronic check, or other electronic means in order to offset the costs incurred by a lender for accepting and processing payments by electronic means.  However, a lender must still make available the option to make payments on a loan by check, cash, or money order directly to the lender without charging a convenience fee.  A convenience fee may not be more than the actual cost or four percent of the electronic payment transaction, whichever is less.

The full text of the amendments may be found here.