Oklahoma 2022 Regular Session

Oklahoma House Bill HB3012 Compare Versions

Only one version of the bill is available at this time.

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28	28	STATE OF OKLAHOMA
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30	30	2nd Session of the 58th Legislature (2022 )
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32	32	HOUSE BILL 3012 By: Walke
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38	38	AS INTRODUCED
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40	40	An Act relating to consumer credit; defining terms;
41	41	creating a maximum interest charge for active duty;
42	42	providing for application of maxim um interest charge;
43	43	requiring submission of certain information to
44	44	creditor; authorizing co urts to grant creditor relief
45	45	from limitation under certain circumstance; and
46	46	providing an effective date .
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51	51	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKL AHOMA:
52	52	SECTION 1. NEW LAW A new section of law to be codified
53	53	in the Oklahoma Statutes as Section 9-104 of Title 14A, unless there
54	54	is created a duplication in numbering, reads as follows:
55	55	A. As used in this section:
56	56	1. "Active duty" shall mean active duty pursuant to an
57	57	executive order of the President of the United Sta tes, an act of the
58	58	Congress of the United States, or as defined in paragraphs 54 and 59
59	59	of subsection A of Section 801 of Title 44 of the Oklahoma Statutes ;
60	60	and
61	61	2. "Obligation" shall mean any retail installment sales
62	62	contract, other contract for the purch ase of goods or services, or
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89	89	bond, bill, note, or other instrument of writing for the payment of
90	90	money arising out of a contract or other transaction for the
91	91	purchase of goods or services.
92	92	B. Notwithstanding any other provisions of law to the contrary ,
93	93	no creditor in connection with an obligation entered into on or
94	94	after the effective date of this act shall charge or collect from a
95	95	person, or spouse of a person, who is deployed on active duty
96	96	interest or finance charges exceeding six percent (6%) per year
97	97	during the period that the person is deployed on active duty.
98	98	C. Notwithstanding any other provisions of law to the contrary ,
99	99	interest or finance charges in excess of six percent (6%) per year
100	100	that otherwise would be incurred but for the prohibition in
101	101	subsection B of this section are forgiven.
102	102	D. The amount of any periodic payment due from a person, or
103	103	spouse of a person, who is deployed on active duty under the te rms
104	104	of the obligation shall be reduced by the amount of the interest and
105	105	finance charges forgiven under subsection C of this section that is
106	106	allocable to the period for which the periodic payment is made.
107	107	E. In order for an obligation to be subject to the interest and
108	108	finance charges limitation of this section, the person, or spouse of
109	109	the person, deployed on active duty shall provide the creditor with
110	110	written notice of and a copy of the military or gubernatorial orders
111	111	calling the person to active duty an d of any orders further
112	112	extending active duty, not later than one hundred eighty (180) days
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139	139	after the date of the person's termination of or release from active
140	140	duty.
141	141	F. Upon receipt of the written notice and a copy of the orders
142	142	referred to in subsection E of this section, the creditor shall
143	143	treat the obligation in accordance with subsection B of this
144	144	section, effective as of the date on which the person is deployed to
145	145	active duty.
146	146	G. A court may grant a creditor relief from the interest and
147	147	finance charges limitation of this section, if, in the opinion of
148	148	the court, the ability of the person, or spouse of the person,
149	149	deployed on active duty to pay interest or finance charges with
150	150	respect to the obligation at a rate in excess of six percent (6%)
151	151	per year is not materially affected by reason of the person 's
152	152	deployment on active duty.
153	153	SECTION 2. This act shall become effective November 1, 2022.
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155	155	58-2-8709 AQH 12/07/21