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#646057 - 12/01/06 10:32 PM Oklahoma Usury Rate
CalifDreamin Offline
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Far from Calif
I just need to see if my understanding of the Oklahoma Usury rate is correct - is it 21%? Is that for just consumer or is there a different one for commercial?

THANKS!
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#646401 - 12/04/06 04:08 PM Re: Oklahoma Usury Rate CalifDreamin
Jay Bruce Offline
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The general usury rate for consumer loans is 21% under the Oklahoma UCCC (See Title 14A, section 3-508A of the Oklahoma Statutes). This section also allows lenders to charge interest under an alternate tiered structure as follows:

30% on principal balance up to $1,230
21% on principal balance between $1,230 and $4,100
15% on principal balance over $4,100

Note: the principal balance tiers reflect the adjusted numbers as of July 1, 2006, as set by the Oklahoma Department of Consumer Credit. Using the tiered rates will result in a blended rate over 21% on loans under $9,000. For reference here is a Rate Chart provided by American Bank Systems.

For non-consumer loans the maximum rate is 45%. See 14A O.S. sections 3-605 and 5-107.2.
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#646458 - 12/04/06 05:22 PM Re: Oklahoma Usury Rate Jay Bruce
CalifDreamin Offline
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Far from Calif
Thank you very much! I had read that the nonconsumer rate was 45%, but wasn't able to find the cite for that, so thank you!
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#1419627 - 07/23/10 11:41 PM Re: Oklahoma Usury Rate Jay Bruce
janed Offline
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Originally Posted By: J. Bruce
The general usury rate for consumer loans is 21% under the Oklahoma UCCC (See Title 14A, section 3-508A of the Oklahoma Statutes). This section also allows lenders to charge interest under an alternate tiered structure as follows:

30% on principal balance up to $1,230
21% on principal balance between $1,230 and $4,100
15% on principal balance over $4,100

Note: the principal balance tiers reflect the adjusted numbers as of July 1, 2006, as set by the Oklahoma Department of Consumer Credit. Using the tiered rates will result in a blended rate over 21% on loans under $9,000. For reference here is a Rate Chart provided by American Bank Systems.

For non-consumer loans the maximum rate is 45%. See 14A O.S. sections 3-605 and 5-107.2.



Anyone know if the maximum rates stated above are current?

Thanks in advance!

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#2295940 - 04/15/24 07:11 PM Re: Oklahoma Usury Rate CalifDreamin
Okie Banker Offline
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Joined: Feb 2024
Posts: 50
Bringing this back up. Is there a Max Rate Sheet around anymore. American Bank Systems used to have one but it is dated 2014 and I don't know if that is current? Anyone?

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#2295941 - 04/15/24 07:18 PM Re: Oklahoma Usury Rate CalifDreamin
rlcarey Offline
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#2295946 - 04/15/24 08:49 PM Re: Oklahoma Usury Rate rlcarey
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Posts: 50
Thank you Randy.

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