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OK SB1168

Bill

Official Source

Status

Introduced

2/6/2012

Primary Sponsor

Clifford Aldridge

Click for details

Origin

Senate

2012 Regular Session

AI Summary

  • Amends 15 O.S. 2011, Section 140.1 regarding debt cancellation agreements in Oklahoma
  • Requires debt cancellation agreements to remain part of a loan or retail installment contract when the contract is assigned, transferred, or sold to another party
  • Debt cancellation agreements are defined as arrangements where lenders agree to cancel all or part of a borrower's repayment obligation upon occurrence of a specified event
  • Clarifies that debt cancellation agreements are not considered insurance contracts if they merely cancel amounts owed rather than indemnify or pay specified contingency amounts
  • Effective date: November 1, 2012

Legislative Description

Contracts; requiring a debt cancellation agreement to remain a part of the contract upon transfer. Effective date.

Business and Labor

Last Action

Referred to Retirement and Insurance

2/14/2012

Committee Referrals

Retirement and Insurance2/14/2012
Judiciary2/7/2012

Full Bill Text

No bill text available