Oklahoma Credit Laws
| INTEREST RATE | (Legal: 6%) |
Consumer loans may not exceed 10% unless the person is licensed to make consumer loans. Maximum rate on non-consumer loans is 45%. The judgment rate is the T-Bill rate plus 4%. |
| STATUTE OF LIMITATIONS | (In Years) |
Sale of Goods Governed by UCC: 5 - Open Acct: 3 - Written Contract 5 - Domestic Judgment 5 renewable - Foreign Judgment 5 renewable |
| BAD CHECK LAWS | (Civil Penalty) | N/A |
| GENERAL GARNISHMENT EXEMPTIONS |
State law: 75% of earnings exempted, more if hardship established. All federal exemptions apply. |
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| HOMESTEAD EXEMPTION | Limit in Oklahoma is unlimited | |
| ADDING FEES | Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer loan may not provide for charges as a result of default by the debtor other than those authorized by this act. A provision of this section is unenforceable. Except as provided by the provisions on limitations on attorney’s fees as to certain supervised loans, with respect to a consumer loan the agreement may provide for the payment by the debtor of reasonable attorney’s fees not in excess of fifteen percent (15%) of the unpaid debt after default and referral to an attorney not a salaried employee of the lender. A provision in violation of this section is unenforceable. |