Oklahoma Statutes
Title 14A. Consumer Credit Code
§14A-3-309.1. Disclosure in credit and charge card applications and solicitation.

Disclosure in credit and charge card applications and solicitation:

(1) Any application to open a credit card account for any person under a revolving loan account plan, or a solicitation to open such an account without requiring an application that is mailed to consumers shall disclose the following information, subject to subsection (8) of this section and subsections (5) through (8) of Section 3-302 of this title.
(2) In addition to the information required to be disclosed under subsection (1) of this section each application or solicitation to which such subsection applies shall disclose clearly and conspicuously the following information, subject to subsections (8) and (9) of this section:
(6) The Administrator may, by rule, require the disclosure of information in addition to that otherwise required by subsections (1) through (7) of this section, and modify any disclosure of information required by subsections (1) through (7) of this section, in any application to open a credit card account for any person under a revolving loan account plan or any application to open a charge card account for any person, or a solicitation to open any such account without requiring an application, if the Administrator determines that such action is necessary to carry out the purposes of, or prevent evasions of, any subsection of this section.
(9) If the amount of any fee required to be disclosed by a credit or charge card issuer under subsection (2), division (bb) of subparagraph (i) of paragraph (b) of subsection (4), paragraph (b) of subsection (5) or division (bb) of subparagraph (i) of paragraph (c) of subsection (5) of this section varies from state to state, the card issuer may disclose the range of such fees for purposes of subsections (1) through (5) of this section in lieu of the amount for each applicable state, if such disclosure includes a statement that the amount of such fee varies from state to state.
(14) With respect to a credit card account under an open-end consumer credit plan, the creditor may not impose a separate fee to allow the obligor to repay an extension of credit or finance charge, whether such repayment is made by mail, electronic transfer, telephone authorization, or other means, unless such payment involves an expedited service by a service representative of the creditor.
(15) With respect to the terms of any credit card account under an open-end consumer credit plan, the term "fixed", when appearing in conjunction with a reference to the annual percentage rate or interest rate applicable with respect to such account, may only be used to refer to an annual percentage rate or interest rate that will not change or vary for any reason over the period specified clearly and conspicuously in the terms of the account.
(16) If the terms of a credit card account under an open-end consumer credit plan require the payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) by the consumer in the first year during which the account is opened in an aggregate amount in excess of twenty-five percent (25%) of the total amount of credit authorized under the account when the account is opened, no payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) may be made from the credit made available under the terms of the account. No provision of this paragraph may be construed as authorizing any imposition or payment of advance fees otherwise prohibited by any provision of law.
(17) The payment due date for a credit card account under an open-end consumer credit plan shall be the same day each month. If the payment due date for a credit card account under an open-end consumer credit plan is a day on which the creditor does not receive or accept payments by mail (including weekends and holidays), the creditor may not treat a payment received on the next business day as late for any purpose.
(18) No credit card may be issued to, or open-end consumer credit plan established by or on behalf of, a consumer who has not attained the age of twenty-one (21), unless the consumer has submitted a written application to the card issuer that meets the requirements of paragraph (a) of this subsection.
(19) No increase may be made in the amount of credit authorized to be extended under a credit card account for which a parent, legal guardian, or spouse of the consumer, or any other individual has assumed joint liability for debts incurred by the consumer in connection with the account before the consumer attains the age of twenty-one (21), unless that parent, guardian, or spouse approves in writing, and assumes joint liability for, such increase.
Added by Laws 1990, c. 260, § 24, operative July 1, 1990. Amended by Laws 2013, c. 99, § 5, eff. July 1, 2013.

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