Oklahoma

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

A. Actions lender may take: OK-UCCC §3-208(1) - If a lender has to pay for collateral insurance required in a mortgage loan agreement subject to OK-UCCC, the lender may add the amounts paid for that insurance to the loan amount.

B. Notices required: OK-UCCC §3-208(1) - After obtaining any required insurance, the lender must give the borrower a written statement describing the sums advanced, any charges with respect to that amount, any revised payment schedule, and the kind of insurance paid for by the lender (including a description of the type and amount of coverages).

C. Coverage required: No express statutory provision.

D. Charges permitted: No express statutory provision.

E. Finance charge allowed on lender's payment: OK-UCCC §3-208(2) - For mortgage loan agreements subject to the OK-UCCC, the lender may impose the finance charge at the rate previously disclosed to the borrower on the sums advanced. For revolving loan accounts, the lender may add the amount of an advance to the unpaid balance and impose a finance charge up to the amount permitted for consumer loans (OK-UCCC §3-201) or supervised loans (OK-UCCC §3-508A), whichever is appropriate.

Note: Oklahoma courts have recognized that a mortgage lender may force-place insurance required by a mortgage, and may add the cost of that insurance to the loan principal secured by the mortgage (see Hawkins v. Mattes, 41 P.2d 880 (1935)).

Click here to view relevant Oklahoma Code and Regulations.