SECTION 160:15-2-1. General disclosure requirements

(a)   Form of disclosures.

(1)   The creditor shall make the disclosures required by this subchapter clearly and conspicuously in writing and in a form that the consumer may keep. The disclosures shall be grouped together, shall be segregated from everything else, and shall not contain any information not directly related to the disclosures required under 160:15-2-2. The disclosures may include an acknowledgment of receipt, the date of the transaction, and the consumer's name, address, and account number. The creditor's identity and address under 160:15-2-2(1) may be disclosed together or separately from other required disclosures.

(2)   The following disclosures required by 160:15-2-2 must be separate from the other disclosures under that section:

(A)   The itemization of the amount financed under 160:15-2-2(3).

(B)   The customer's description or the distinctive number from customer's driver's license or military identification under 160:15-2-2(11).

(C)   A statement to the effect that the customer is not obligated to redeem the pledged goods and that the pledged goods may be forfeited to the pawnbroker thirty (30) days after the specified maturity date, provided that the pledged goods may be redeemed by the customer within thirty (30) days following the maturity date of the pawn transaction by payment of the originally agreed redemption price and the payment of an additional pawn finance charge equal to one-thirtieth (1/30) of the original monthly pawn finance charge for each day following the original maturity date, including the day on which the pledged goods are finally redeemed under 160:15-2-2(14).

(b)   Time of disclosures. The creditor shall make disclosures before consummation of the transaction.

(c)   Basis of disclosures and use of estimates.

(1)   The disclosures shall reflect the terms of the legal obligation between the parties.

(2)   If any information necessary for an accurate disclosure is unknown to the creditor, the creditor shall make the disclosure based on the best information reasonably available and shall clearly state that the disclosure is an estimate.

(3)   The creditor may disregard the effects of the following in making calculations for disclosure and disclosures:

(A)   That payments must be collected in whole cents.

(B)   That dates of scheduled payments and advances may be changed because the scheduled date is not a business day.

(C)   That months have different numbers of days.

(D)   The occurrence of leap year.

(d)   Multiple creditors; multiple consumers. If a transaction involves more than one creditor, only one set of disclosures shall be given, and the creditors shall agree among themselves which creditor must comply with the requirements that this rule imposes on any or all of them. If there is more than one consumer, the disclosures may be made to any consumer who is primarily liable on the obligation.

(e)   Effect of subsequent events. If a disclosure becomes inaccurate because of an event that occurs after the creditor delivers the required disclosures, the inaccuracy is not a violation of this rule although new disclosures may be required under (f) of this Section or 160:15-2-3.

(f)   Early disclosures. If disclosures are given before the date of consummation of a transaction and a subsequent event makes them inaccurate, the creditor shall disclose the changed terms before consummation, if the annual percentage rate in the consummated transaction varies from the annual percentage rate disclosed under 160:15-2-2(5) by more than 1/8 of 1 percentage point.

[Source: Amended at 9 Ok Reg 2267, eff 6-25-92]