Oklahoma Amends Provisions Regarding Consumer Credit
by: Lee Greenberg
The state of Oklahoma recently amended provisions regarding consumer credit in House Bill 3346. The new law is effective July 1, 2014.
Under the law, a seller or lessor is required to disclose information required by the Federal Consumer Credit Protection Act to a buyer to whom credit is extended or lessee with respect to a consumer credit sale or consumer lease. Also, a lender is required to disclose information required by the Federal Consumer Credit Protection Act to a debtor to whom credit is extended with respect to a consumer loan.
In addition, the new law grants the following powers to the Administrator:
- Receive and act on complaints, take action designed to obtain voluntary compliance with this title, or commence proceedings on the Administrator’s own initiative;
- Counsel persons and groups on their rights and duties under this title;
- Establish programs for the education of consumers with respect to credit practices and problems;
- Make studies appropriate to effectuate the purposes and policies of this title and make the results available to the public;
- With commission approval, adopt, amend, and repeal substantive rules when specifically authorized by this title, and adopt, amend, and repeal procedural rules to carry out the provisions of this title, all as provided by the Administrative Procedures Act; and
- Enforce the disclosure provisions of the Federal Consumer Credit Protection Act.
About the Author:
Lee Greenberg, J.D. is Vice President and Regulatory Compliance Director at Bankers Advisory. Lee is a graduate of the University of Colorado at Boulder and earned his J.D. at the New England School of Law. He is admitted to the bar in Massachusetts. He can be reached at lee@bankersadvisory.com.
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
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