Skip to main content

Oklahoma Updates Late Fee Dollar Amounts

In the state of Oklahoma, the late fee dollar amount in Okla. Stat. Title 14A, 3-203 is subject to change on July 1 of each year under prescribed conditions pursuant to Section 1-106 of the Oklahoma Uniform Consumer Credit Code. 

The Oklahoma Department of Consumer Credit has published its annual update of dollar amounts for 2020.  Effective July 1, 2020, the Oklahoma late fee dollar amount applicable to a consumer loan or revolving loan under Okla. Stat. Ann. Title 14A, 3-203 (1) and (5) will increase from $26.00 to $26.50.  A full list of the changes in dollar amounts for 2020 can be found here.

Accordingly, the DocMagic system and Late Fee Matrix will be updated on July 1, 2020 to reflect the increased late fee dollar amount. If you should have questions, please contact DocMagic’s Compliance Department.

 

 

SOLUTIONS THAT WORK. TECHNOLOGY TO STAY COMPLIANT.