This is not legal advice for your situation*

Oklahoma Updates Maximum Late Charge

The Oklahoma Consumer Credit Commission has updated its annual dollar amounts under the Uniform Consumer Credit Code. These new dollar amounts go into effect July 1, 2007. Among the dollar amounts is the maximum late charge that may be imposed on closed-end loans where the loan has an APR greater than 13%. Under Oklahoma's Consumer Credit Code, a late charge equal to the greater of the dollar amount established by the Consumer Credit Administrator or 5% of the unpaid amount of the installment may be assessed for a payment that is not paid in full within 10 days of its due date. The maximum dollar amount established by the Consumer Credit Administrator has been increased from $20.50 to $21.00, effective on July 1, 2007.




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