SECTION 160:20-1-20. Calculation method; notices; appendix

(a)   Calculation method.

(1)   Various dollar amounts set forth in the Uniform Consumer Credit Code shall change effective July 1 of each qualifying year. A "qualifying year" is any year in which the percentage of change, calculated according to the nearest whole percentage point, between the Index at the end of the preceding year and the Reference Base Index is ten percent (10%) or more. [14A:1-106(2)]

(2)   The calculations for dollar amount changes use figures from the Consumer Price Index Indicators, Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), issued each December by Region 6, Bureau of Labor Statistics [14A:1-106(1) and (3)].

(3)   The multiplier for calculating dollar amount changes is derived as follows: A minus 138.5 equals B divided by 1.385 equals C. A is the CPI-W All Items for indexes on a 1967 = 100 base, 138.5 is the Reference Base Index, and C is the multiplier.

(4)   Each dollar amount for which a change is to be made is to be adjusted as follows: C divided by 100 times D plus D. C is the multiplier and D is the original dollar amount found in the 1969 Uniform Consumer Credit Code.

(b)   Notices. When dollar amounts are going to change in July, the Department shall mail a chart with the designated statute sections and the corresponding dollar amounts to all licensed supervised lenders and persons who have made a timely written request for notice of dollar amount changes. The charts shall be mailed no later than April 30 of each year. [14A:1-106(4)(c)]

(c)   Appendix. The Department shall mail the dollar amount changes chart to the Secretary of State no later than April 30 of each year. The charts shall be published in the Oklahoma Administrative Code in an appendix to the Department's rules. The charts are exempt from the rulemaking process. [14A:1-106(4)(c)]

[Source: Added at 16 Ok Reg 2142, eff 6-25-99]