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