SECTION 160:15-2-2. Content of Disclosures

  For each transaction, the creditor shall disclose the following information as applicable:

(1)   Creditor. The address and identity of the creditor required to make the disclosures.

(2)   Amount Financed. The "amount financed," using that term, and a brief description, such as "the amount of credit provided to you or on your behalf." The amount financed is the principal loan amount.

(3)   Itemization of amount financed.

(A)   A separate written itemization of the amount financed, including:

(i)   The amount of any proceeds distributed directly to the consumer.

(ii)   The amount credited to the consumer's account with the creditor.

(B)   The creditor need not comply with (3)(A) if the creditor provides a statement that the consumer has the right to receive a written itemization of the amount financed, together with a space for the consumer to indicate whether it is desired, and the consumer does not request it.

(4)   Finance charge. The "finance charge," using that term, and a brief description, such as "the dollar amount the credit will cost you."

(5)   Annual percentage rate. The "annual percentage rate," using that term and a brief description, such as "the cost of your credit as a yearly rate."

(6)   Payment schedule. The number, amounts, and timing of payments scheduled to repay the obligation.

(7)   Total of Payments. The "total of payments," using that term, and a descriptive explanation, such as "the amount you will have paid when you have made all scheduled payments."

(8)   Prepayment.

(A)   When an obligation includes a finance charge computed from time to time by application of a rate to the unpaid principal balance, a statement indicating whether or not a penalty may be imposed if the obligation is prepaid in full.

(B)   When an obligation includes a finance charge other than the finance charge described in (8)(A) of this section, a statement indicating whether or not the consumer is entitled to a rebate of any finance charge if the obligation is prepaid in full.

(9)   Security Interest. The fact that the creditor has or will acquire a security interest in the property pledged, identified by item or type including serial numbers if reasonably available.

(10)   Contract reference. A statement that the consumer should refer to the appropriate contract document for information about nonpayment, default, the right to accelerate the maturity of the obligation, and prepayment rebates and penalties. At the creditor's option, the statement may also include a reference to the contract for further information about security interests.

(11)   Customer. The name and address of the customer and the customer's description or the distinctive number from customer's driver's license or military identification.

(12)   Date. The date of the transaction.

(13)   Maturity Date. The maturity date of the pawn transaction.

(14)   Customer Obligation. 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 (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.

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