Interest Rates
Last Review
Last Update
Statutes
"The default interest rate is 6% when unspecified under Okla. Stat. tit. 15, § 266.
In 2023, the state enacted SB 794, which increased the maximum loan finance charges for supervised loans by additionally including the federal funds rate published by the Board of Governors of the Federal Reserve System. It is codified at Okla. Stat. tit. 14A, § 3-508A. Also in the UCCC, § 3-201 provides for a maximum finance charge of 10% on consumer loans other than supervised loans. Likewise § 3-605 provides bounds for parties contracting for non-consumer loans."
In 2023, the state enacted SB 794, which increased the maximum loan finance charges for supervised loans by additionally including the federal funds rate published by the Board of Governors of the Federal Reserve System. It is codified at Okla. Stat. tit. 14A, § 3-508A. Also in the UCCC, § 3-201 provides for a maximum finance charge of 10% on consumer loans other than supervised loans. Likewise § 3-605 provides bounds for parties contracting for non-consumer loans."
Cases
The Oklahoma Constitution provides that, in the absence of legislation fixing the maximum rate, all contracts for a greater rate of interest than 10% per annum shall be deemed usurious. Okla. Const. art. XIV, § 2. The Oklahoma Supreme Court has interpreted the passage of the Uniform Consumer Credit Code-Loans (the "UCCC"), Okla. Stat. tit. 14A, §§ 3-101 - 3-605, as exercising this authority and rendering the 10% proviso "inapplicable." Barnes v. Helfenbein, 548 P.2d 1014, 1017 (Okla. 1976).
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Contributors
Robert Kalsu
Crowe & Dunlevy
The statutory information was edited and reviewed with the support of MultiState
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