OK SB382

Amends Oklahoma law (14A O.S. Section 3-508A) regarding loan finance charges for supervised lenders, including revolving loan accounts.

Deletes the maximum loan term requirement that previously limited loans to 12 months or longer.

Maintains tiered interest rate structure with 27% per year on balances up to $2,910, 23% on balances $2,910-$6,200, and 20% on balances exceeding $6,200, or alternatively 25% flat rate on all principal balances.

Allows lenders to charge uniform finance charges across specified principal amount ranges if median amounts comply with maximum rates and lowest amounts do not exceed the rate by more than 8%.

Becomes effective November 1, 2015.