Oklahoma

The relevant statute is the Oklahoma Uniform Consumer Credit Code, Okla. Stat. Title 14A §§1-101 et seq. (“OK-UCCC”).

A. Actions creditor may take: OK-UCCC §2-208(1) - If buyer fails to perform covenants pertaining to insurance, creditor may, pursuant to the contract, pay for performance of the duties on behalf of buyer and add the amounts paid to the debt.

B. Notices required: OK-UCCC §2-208(1) - Within a reasonable time after advancing any sum, creditor must state to buyer in writing the amounts advanced, any charges, a revised payment schedule and a brief description of the insurance paid for by creditor including the type and amount of coverage.

C. Charges permitted: Yes. OK-UCCC §2-208(1).

D. Finance charge allowed on creditor's payment: OK-UCCC §2-208(2) - A rate not in excess of rate disclosed in contract is permitted.

Click here to view relevant Oklahoma Code and Regulations.