I am looking at the UCCC and all I can find about rate ceilings is in the section §14A-3-508A Loan finance charge for supervised loans.

Okay, we all know that we are capped at 21%, but I can't find it anywhere outside of this particular section and my eyes are sore looking for it. What am I missing? We are not a supervised institution.

I think that, under Section 3-502 of the UCCC, banks may make loans using the rates permitted by 3-508A for supervised loans, by virtue of being classified as a "supervised financial organization" under UCCC section 1-301(20). Note, the dollar amount tiers under 3-508A have been indexed upwards over the years (see the OK DOCC web site).

"Supervised financial organization" means a person, other than an insurance company or other organization primarily engaged in an insurance business:

(a) organized, chartered, or holding an authorization certificate under the laws of this state or of the United States which authorizes the person to make loans and to receive deposits, including a savings, share, certificate or deposit account; and

(b) subject to supervision by an official or agency of this state or the United States other than the Oklahoma Securities Commission.


I found the following statement in a UCCC Manual: "As noted, a 'supervised loan' is a consumer loan with a loan finance charge producing a rate in excess of ten percent. Okla. U3C section 3-501(1). Only a lender that is a 'supervised financial organization' [citation omitted], or that is licensed by the Oklahoma Administrator [of the Department of Consumer Credit], is authorized to make a 'supervised loan.' Okla. U3C section 3-502."

Thank you so much! I was getting bogged down in the references.

Glad to help.