The Oklahoma Legislature has passed legislation changing the loan principal amounts for finance rates and permitting a closing fee. The bill awaits the governor’s signature.
The bill, SB 796, was introduced by Sens. James Leewright, R-Bristow; and Marcus McEntire, R-Duncan.
Under the proposed law, the loan finance charge would not be able to exceed the greater of either of the following:
- The total of 32 percent per year on that part of the unpaid balances of the principal which is $7,000 or less; 23 percent per year on that part of the unpaid balance of the principal which is more than $7,000 but does not exceed $11,000; and 20 percent per year on that part of the unpaid balances of the principal which is more than $11,000.
- Twenty-five percent per year on the unpaid balances of the principal.
“In addition to the loan finance charge permitted in this section and other charges permitted in this act, a supervised lender may assess a lender closing fee not to exceed $28.85 upon consummation of the loan,” the bill states.