April 15, 2019
Oklahoma Department of Consumer Credit Publishes UCCC Dollar Amount Adjustments Effective July 1, 2019
The Oklahoma Department of Consumer Credit recently published changes to certain dollar amounts in the Uniform Consumer Credit Code. Designated dollar amounts in the UCCC are subject to change July 1st of every year based on changes in the Consumer Price Index. The following changes, among others, will take effect July 1, 2019:
- The maximum permissible delinquency charge for consumer credit sales, revolving charge accounts, and consumer loans will increase from $25.50 to $26.00; and
- The dollar amount for the restriction on deficiency judgments in consumer credit sales will be raised from $5,100 to $5,200.
Additional dollar amount adjustments impact taking a security interest in sales or leases, attorney's fees, "B loan" ranges, restrictions on taking an interest in land as security, and requirements for a regular schedule of payments on certain loan amounts.
The full list of dollar amount adjustments is available in the below attachment.
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