Oklahoma Statutes
Title 14A. Consumer Credit Code
§14A-1-301. General definitions.

In addition to definitions appearing in subsequent articles, in this title:

(1) “Actuarial Method” means the method, defined by rules adopted by the Administrator, of allocating payments made on a debt between principal or amount financed and loan finance charge or credit service charge pursuant to which a payment is applied first to the accumulated loan finance charge or credit service charge and the balance is applied to the unpaid principal or unpaid amount financed.
(2) “Administrator” means the Administrator designated in the article (Article 6) on administration under Section 6-103 of this title.
(3) “Agreement” means the bargain of the parties in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance.
(4) “Agricultural purpose” means a purpose related to the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, plants, propagates, or nurtures the agricultural products. “Agricultural products” includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured products thereof.
(5) “Closing costs” with respect to a debt secured by an interest in land includes:
(6) “Conspicuous”: A term or clause is “conspicuous” when it is so written that a reasonable person against whom it is to operate ought to have noticed it. Whether a term or clause is conspicuous or not is for decision by the court.
(7) “Credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.
(8) “Earnings” means compensation paid or payable to an individual or for the individual’s account for personal services rendered or to be rendered by the individual, whether denominated as wages, salary, commission, bonus, or otherwise, and includes periodic payments pursuant to a pension, retirement, or disability program.
(9) “Lender credit card or similar arrangement” means an arrangement or loan agreement, other than a seller credit card, pursuant to which a lender gives a debtor the privilege of using a credit card, letter of credit, or other credit confirmation or identification in transactions out of which debt arises:
(11)“Official fees” means:
(12) “Organization” means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative or association.
(13) “Payable in installments” means that payment is required or permitted by agreement to be made in:
If any periodic payment other than the down payment under an agreement requiring or permitting two or more periodic payments is more than twice the amount of any other periodic payment, excluding the down payment, the consumer credit sale, consumer lease, or consumer loan is “payable in installments.”
(14) “Person” includes a natural person or an individual, and an organization, joint venture or any legal entity however organized.
(16) “Presumed” or “presumption” means that the trier of fact must find the existence of the fact presumed unless and until evidence is introduced which would support a finding of its nonexistence.
(17) “Residential mortgage transaction” means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained against the consumer's dwelling to finance the acquisition or initial construction of such dwelling.
(18) “Reverse mortgage transaction” means a nonrecourse transaction in which a mortgage, deed of trust, or equivalent consensual security interest is created against the consumer's principal dwelling:
(19) “Seller credit card” means an arrangement pursuant to which a person gives to a buyer or lessee the privilege of using a credit card, letter of credit or other credit confirmation or identification primarily for the purpose of purchasing or leasing goods or services from that person, or:
(20) “Supervised financial organization” means a person, other than an insurance company or other organization primarily engaged in an insurance business:
Added by Laws 1969, c. 352, § 1-301, eff. July 1, 1969. Amended by Laws 2000, c. 217, § 1, eff. July 1, 2000; Laws 2003, c. 330, § 7, eff. Jan. 1, 2004.

Structure Oklahoma Statutes