A. Each contract between the buyer and a credit services organization for the purchase of the services of the credit services organization shall be in writing, dated, signed by the buyer, and include the following:
1. A conspicuous statement in bold face type, in immediate proximity to the space reserved for the signature of the buyer, as follows: "You, the buyer, may cancel this contract at any time prior to midnight of the fifth day after the date of the transaction. See the attached notice of cancellation form for an explanation of this right";
2. The terms and conditions of payment, including the total of all payments to be made by the buyer, whether to the credit services organization or to some other person;
3. A full and detailed description of the services to be performed by the credit services organization for the buyer, including all guarantees and all promises of full or partial refunds, and the estimated date by which the services are to be performed, or estimated length of time for performing the services; and
4. The credit services organization's principal business address which shall be the actual office location of the organization and the name and address of its agent in the state authorized to receive service of process.
B. The contract shall be accompanied by a completed form in duplicate, captioned "Notice of Cancellation" that shall be attached to the contract, be easily detachable, and contain in bold face type the following statement written in the same language as used in the contract:
C. The credit services organization shall give to the buyer a copy of the completed contract and all other documents the credit services organization requires the buyer to sign at the time they are signed.
Added by Laws 1987, c. 35, § 7, emerg. eff. April 20, 1987.
Structure Oklahoma Statutes
§24-3. Fraud only invalidates contracts of debtor.
§24-4. Alternative right to several funds.
§24-11. Preferences permitted.
§24-12. Fraudulent debts - When due.
§24-13. Insurance on life of debtor - Conditions.
§24-14. Insurance on life of debtor - Penalties.
§24-15. Debt pooling - Prohibition.
§24-16. Debt pooling - Definition.
§24-17. Debt pooling - Penalties.
§24-18. Debt pooling - Application of act.
§24-31. Allowable, when - Preference, effect of.
§24-33. Subsisting liabilities.
§24-34. Assignments void in certain cases.
§24-35. Assignment to be in writing and signed - Acknowledgment, proof and certification.
§24-36. Void unless made as prescribed.
§24-38. Inventory, necessity and requisites of.
§24-40. Record of assignment and inventory - Place of filing - Nonresidents.
§24-41. More than one assignor - Recording assignment - Filing inventory - Nonresidents.
§24-42. Time of recording - Effect of failure to record within time specified.
§24-45. Authority of assignee begins, when.
§24-47. Exempt property and life insurance do not pass - Exception.
§24-48. Compensation of assignee.
§24-49. Good faith protects assignee.
§24-50. Cancellation or modification of assignment - Assent of creditor affected.
§24-81. Persons furnishing ratings to request statement of assets and liabilities.
§24-82. Copy of opinion furnished person to whom it relates.
§24-83. False credit information or false rating - Penalty - Damages.
§24-84. Person rated may see rate book - Penalty.
§24-85. False credit statement.
§24-86. Restrictions on inclusion of tax lien information in credit report or rating.
§24-114. Tests for determining insolvency.
§24-116. Transfers fraudulent to creditors.
§24-118. Tests for determining when transfer is made or obligation incurred.
§24-120. Voidable and nonvoidable transfers - Creditor's remedies and limitations thereon.
§24-121. Limitation of actions.
§24-122. Supplementary principles of law and equity.
§24-123. Application and construction of act.
§24-134. Exemption from bond and trust account provisions - Responsibility for employees or agents.
§24-135. Information statement - Written statement required.
§24-136. Information statement - Contents.
§24-137. Contracts - Contents - Form for "Notice of Cancellation" - Copies.
§24-138. Waivers - Burden of proof - Violations and jurisdiction - Enforcement of rights.
§24-139. Action for damages - Remedies not exclusive.
§24-140. Rules and regulations.
§24-141. License required – Extensions of credit in compliance with law.
§24-142. Application for license - Resident agent.
§24-143. Fees - Administrator's investigation - Issuance or denial of license.
§24-144. Licenses - Contents - Display - Number - Term - Annual fee.
§24-145. Administrative hearing - Suspension, revocation or surrender of license.
§24-146. Investigation and examination of books and records.
§24-148. Request of consumer report – Notice to subject of report.
§24-152. Requests to temporarily lift freeze - Time for compliance - Request procedures.
§24-154. Removal of freeze by consumer request - Identification required.
§24-156. Fees - Written notice of changes.
§24-157. Entities not required to place security freeze.
§24-159. Failure to comply - Use of false pretenses - Penalties.
§24-163. Duty to disclose breach.
§24-164. Notice procedures deemed in compliance.
§24-165. Enforcement – Civil penalty limitation.
§24-170. Short title - Oklahoma Student Borrower's Bill of Rights Act.