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| 29 | 29 | STATE OF OKLAHOMA | |
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| 31 | 31 | 1st Session of the 60th Legislature (2025) | |
| 32 | 32 | ||
| 33 | 33 | HOUSE BILL 1470 By: Blancett | |
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| 39 | 39 | AS INTRODUCED | |
| 40 | 40 | ||
| 41 | 41 | An Act relating to the Consumer Credit Code; | |
| 42 | 42 | requiring lenders make certain disclosures for loans; | |
| 43 | 43 | requiring disclosure appear on first page; requiring | |
| 44 | 44 | signature; providing for codification; and providing | |
| 45 | 45 | an effective date. | |
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| 51 | 51 | BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: | |
| 52 | 52 | SECTION 1. NEW LAW A new section of law to be codified | |
| 53 | 53 | in the Oklahoma Statut es as Section 3-314 of Title 14A, unless there | |
| 54 | 54 | is created a duplication in num bering, reads as follows: | |
| 55 | 55 | A. Lenders shall disclose to a debtor, to whom a loan is made, | |
| 56 | 56 | the interest rate on the loan, whether it a fixed or variable | |
| 57 | 57 | interest rate, and a table of all other charges and fees associated | |
| 58 | 58 | with the loan. | |
| 59 | 59 | B. The disclosure required under subsection A of this section | |
| 60 | 60 | shall be made on the first page of the loan documents and the lender | |
| 61 | 61 | shall require the debtor to sign or initial the disclosure affirming | |
| 62 | 62 | that they have read and understood all charges, fees, and interest | |
| 63 | 63 | related to the loan. | |
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| 66 | 66 | Req. No. 11574 Page 2 1 | |
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| 91 | 91 | SECTION 2. This act shall become effective November 1, 2025. | |
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| 93 | 93 | 60-1-11574 AQH 12/13/24 |