The maximum late fee dollar allowed under Okla. Stat. tit. 14a § 3-203 is subject to an annual adjustment on July 1 of each year pursuant to Section 1-106 of the Oklahoma Consumer Credit Code.
The change in dollar amounts for designated sections of the Oklahoma Consumer Credit Code is based on a percentage of the Consumer Price Index (CPI-W). A full list of the changes for 2021, published by the Oklahoma Department of Consumer Credit, can be found here. Effective July 1, 2021, the new maximum dollar amount that lenders may charge for late fees in Oklahoma will increase from $26.50 to $27.00.
The DocMagic system will be updated on July 1, 2021, to reflect the increased late fee dollar amount threshold. If you have any questions regarding this change, please contact DocMagic’s Compliance Department.
