§14A-5-206. Closed-end consumer credit transaction secured by real
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property or dwelling consummated before September 30, 1995 - Nonliability of creditor.
(1)For any closed-end consumer credit transaction that is secured by real property or a dwelling, that is subject to Title 14A of the Oklahoma Statutes, and that is consummated before September 30, 1995, a creditor or any assignee of a creditor shall have no civil, administrative, or criminal liability under Title 14A of the Oklahoma Statutes for, and a consumer shall have no extended rescission rights under subsection
(1)of Section 5-204 of Title 14A of the Oklahoma Statutes with respect to:
(a)the creditor's treatment, for disclosure purpose, of:
taxes described in paragraph
(a)of subsection
(1)of Section 3-202 of Title 14A of the Oklahoma
Statutes;
(ii)fees described in paragraphs
(d)and
(e)of
subsection
(1)of Section 3-202 of Title 14A of
the Oklahoma Statutes;
(iii)fees and amounts referred to in the third
sentence of paragraph
(b)of subsection
(1)of
Section 3-109 of Title 14A of the Oklahoma
Statutes; or
(iv)borrower-paid mortgage broker fees referred to in
subparagraph
(vi)of paragraph
(b)of subsection
(1)of Section 3-109 of Title 14A of the Oklahoma
Statutes;
(b)the form of written notice used by the creditor to
inform the obligor of the rights of the obligor under
Section 5-204 of Title 14A of the Oklahoma Statutes if
the creditor provided the obligor with a properly
dated form of written notice published and adopted by
the Administrator or a comparable written notice, and
otherwise complied with all the requirements of this
section regarding notice; or
(c)any disclosure relating to the finance charge imposed
with respect to the transaction if the amount or
percentage actually disclosed:
(i)may be treated as accurate for purposes of this
title if the amount disclosed as the finance
charge does not vary from the actual finance
charge by more than Two Hundred Dollars
($200.00);
(ii)may, under paragraph
(b)of subsection
(6)of
Section 3-304 of Title 14A of the Oklahoma
Statutes, be treated as accurate for purposes of
Section 5-204 of Title 14A of the Oklahoma
Statutes; or
(iii)is greater than the amount or percentage required
to be disclosed under Title 14A of the Oklahoma
Statutes.
(2)Subsection
(1)of this section shall not apply to:
(a)any individual action or counterclaim brought under
Title 14A of the Oklahoma Statutes which was filed
before June 1, 1995;
(b)any class action brought under Title 14A of the
Oklahoma Statutes for which a final order certifying a
class was entered before January 1, 1995;
the named individual plaintiffs in any class action
brought under Title 14A of the Oklahoma Statutes which
was filed before June 1, 1995; or
(d)any consumer credit transaction with respect to which
a timely notice of rescission was sent to the creditor
before June 1, 1995. Added by Laws 2000, c. 217, § 21, eff. July 1, 2000.