OK HB1829

Amends Oklahoma's Uniform Consumer Credit Code to increase consumer credit disclosures and protections, including requirements for creditors to provide additional information about interest rates, fees, and payment terms in both applications and billing statements.

Establishes new credit card protections including prohibitions on over-the-limit fees without consumer election, restrictions on penalty fees, requirements for same-day monthly payment dates, and prohibition of credit card issuance to consumers under 21 without a cosigner or proof of independent income.

Enacts the Oklahoma Private Student Loan Transparency and Improvement Act regulating private educational lenders, including prohibitions on gifts to educational institutions in exchange for loan referrals, restrictions on use of school logos in marketing, and requirements for detailed loan disclosures before and after approval.

Requires private educational lenders to disclose interest rates, fees, payment terms, and total loan costs to borrowers, and provides borrowers with a 30-day period to accept loan terms without rate changes and a 3-day cancellation period after loan consummation.

Effective date July 1, 2013, with emergency clause for immediate effect upon passage and approval.