Except with respect to a loan primarily secured by an interest in land (Section 3-105 of this title), or except with respect to loans granted by institutions of postsecondary education except that such loans by institutions of postsecondary education shall be subject to disclosure requirements pursuant to Section 3-301 of this title and remedies for violation of disclosure provisions pursuant to Articles 5 and 6 of this title if otherwise they meet the definition of consumer loan, a "consumer loan" is a loan made by a person regularly engaged in the business of making loans in which: (a) the debtor is a person other than an organization; (b) the debt is incurred primarily for a personal, family or household purpose; (c) either the debt is payable in installments or a loan finance charge is made; and (d) either the principal does not exceed Fifty Thousand Dollars ($50,000.00), unless the loan is a private education loan as that term is defined in Section 8 of this act, or the debt is secured by an interest in land. The dollar amount in this paragraph shall be adjusted annually as indicated by the Consumer Financial Protection Bureau by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as published by the Bureau of Labor Statistics, rounded to the nearest multiple of One Hundred Dollars ($100.00) or One Thousand Dollars ($1,000.00) as applicable. Added by Laws 1969, c. 352, § 3-104, eff. July 1, 1969. Amended by Laws 1976, c. 190, § 1, emerg. eff. June 4, 1976; Laws 1982, c. 335, § 33, operative June 1, 1982; Laws 2012, c. 172, § 4, eff. July 1, 2012; Laws 2013, c. 99, § 3, eff. July 1, 2013.
Notes of Decisions
Tax/Investments Concepts, Inc. v. McLaughlin, 670 P.2d 981 (Okla. 1982).
· cites it 4× “TIC does not seriously contend that it was qualified to make a "supervised loan," or that it complied with the disclosure requirements of UCCC, but rather asserts that the loan was not a "consumer loan" within the meaning of 14A O.S. 1971, § 3-104 in that it was not incurred…”
Barnes v. Helfenbein, 548 P.2d 1014 (Okla. 1976).
· cites it 2× “3 Because the parties did not so agree and because the loan fails to meet the statutory requirements of 14A O.S.1971 § 3-104 and § 3-105, it is not a “consumer loan.”
First Nat'l Bank of Amarillo v. LaJoie, 537 P.2d 1207 (Okla. 1975).
“There is no similar prohibition applicable to consumer loans as defined in 14A O.S.1971 § 3-104. Bank first contends trial court erred in finding transaction between bank and ap-pellee was consumer credit sale rather than consumer loan.”
In Re Foster, 105 B.R. 67 (Bankr. N.D. Okla 1989).
“Credit Union argued that, as a matter of statutory construction, under Oklahoma law the right of rescission did not apply to this loan because it was not a "consumer loan” as defined in 14A O.S. §§ 3-104, 3-105, 3-301, and 5-201.”
Tinker Fed. Credit Union v. Liticker, 2023 OK CIV APP 6 (Okla. Civ. App. 2022).
“The LaJoie Court acknowledged that then § 2-407 applied only to consumer credit sales and no similar provision was applicable to consumer loans as defined in, then, 14A O.S. 1971 § 3-104 LaJoie , ¶ 17. The Court reasoned, however, that the bank was not a lender but an assignee…”
Tinker Fed. Credit Union v. Liticker, 2023 OK CIV APP 6 (Okla. Civ. App. 2022).
“The LaJoie Court acknowledged that then § 2-407 applied only to consumer credit sales and no similar provision was applicable to consumer loans as defined in, then, 14A O.S. 1971 § 3-104. LaJoie , ¶ 17. The Court reasoned, however, that the bank was not a lender but an assignee…”
Hurt v. Vanderbilt Mortg. & Fin. Inc (W.D. Okla. 2019).
“See Okla. Stat. tit. 14A, § 3-104(d). began demanding payment on the loan, for taking payment for over twenty (20) years but not applying a single cent to the principal balance, and not knowing the identity of the party who owned the loan.”
Tinker Fed. Credit Union v. Liticker, 527 P.3d 979 (Okla. Civ. App. 2022).
“The LaJoie Court acknowledged that then § 2-407 applied only to consumer credit sales and no similar provision was applicable to consumer loans as defined in, then, 14A O.S. 1971 § 3-104 LaJoie , ¶ 17. The Court reasoned, however, that the bank was not a lender but an assignee…”
— Okla. Stat. tit. 14A, § 3-104(2) — 1 case
Tax/Investments Concepts, Inc. v. McLaughlin, 670 P.2d 981 (Okla. 1982).
“TIC does not seriously contend that it was qualified to make a "supervised loan," or that it complied with the disclosure requirements of UCCC, but rather asserts that the loan was not a "consumer loan" within the meaning of 14A O.S. 1971, § 3-104 in that it was not incurred…”
— Okla. Stat. tit. 14A, § 3-104(d) — 1 case
Hurt v. Vanderbilt Mortg. & Fin. Inc (W.D. Okla. 2019).
“See Okla. Stat. tit. 14A, § 3-104(d). began demanding payment on the loan, for taking payment for over twenty (20) years but not applying a single cent to the principal balance, and not knowing the identity of the party who owned the loan.”
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