Oklahoma Publishes Notice Regarding Changes in Dollar Amounts
The Oklahoma Department of Consumer Credit has published its annual changes in dollar amounts for 2019. The revised dollar amounts are effective on July 1, 2019, unless otherwise noted in the chart referenced below.
In the state of Oklahoma, various dollar amounts set forth in the Uniform Consumer Credit Code change effective July 1 of each “qualifying year.” A qualifying year is any year in which the percentage of change (calculated according to the nearest whole percentage point) between the Index at the end of the preceding year and the Reference Base Index is ten percent or more. The calculations for dollar amount changes use figures from the Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), issued each December by the Bureau of Labor Statistics.
In a year when statutory dollar amounts are going to change in July, the Department must mail a chart with the designated statute sections and the corresponding dollar amounts to all licensed supervised lenders and persons who have made a timely written request for notice of dollar amount changes. These charts must be mailed no later than April 30th of each year.
The Department must mail the dollar amount changes chart to the Secretary of State as well, no later than April 30 of each year. The charts must also be published in the Oklahoma Administrative Code in an appendix to the Department’s rules. The annual changes in dollar amounts for 2019 are available via the following link: https://www.ok.gov/okdocc/documents/2019%20dollar%20changes%20FINAL.pdf
Zachary Pearlstein, JD, is a Regulatory Compliance Director with CLA's Mortgage Advisory Division. He joined CLA on January 1, 2014, as part of its acquisition of Bankers Advisory, Inc. Zachary oversees Mortgage Advisory's regulatory compliance team, which focuses on federal and state compliance, fair lending, and the Home Mortgage Disclosure Act (HMDA). He is a graduate of Brandeis University and earned his juris doctor at Suffolk University Law School. He is admitted to the Massachusetts Bar.
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