SECTION 160:45-1-3. Exempt transactions

  This chapter does not apply to the following: 4/

(1)   Business, commercial, agricultural or organizational credit.

(A)   An extension of credit primarily for a business, commercial or agricultural purpose.

(B)   An extension of credit to other that a natural person, including credit to government agencies or instrumentalities.

(2)   Credit over $50,000.00 or applicable threshold amount.

(A)   An extension of credit in which the amount of credit extended exceeeds $50,000 or in which there is an express written commitment to extend credit in excess of $50,000, unless the extension of credit is:

(i)   Secured by any real property used or expected to be used as the principal dwelling of the consumer; or

(ii)   A private education loan as defined in the Federal Consumer Credit Protection Act.

(B)   The dollar amount in this paragraph is adjusted annually as indicated by the Consumer Financial Protection Bureau to reflect increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as applicable.

(3)   Public utility credit. An extension of credit that involves public utility services provided through pipe, wire, other connected facilities, or radio or similar transmission (including extensions of such facilities), if the charges for service, delayed payment, or any discounts for prompt payment are filed with or regulated by any government unit. The financing of durable goods or home improvements by a public utility is not exempt.

(4)   Securities or commodities accounts. Transaction in securities or commodities accounts in which credit is extended by a broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission.

(5)   Home fuel budget plans. An installment agreement for the purchase of home fuels in which no finance charge is imposed.

(6)   Pawnbrokers. An extension of credit by a pawnbroker engaging in pawn transactions as defined in the Oklahoma Pawnshop Act beginning at §1501 of Title 59 of the Oklahoma Statutes.

(7)   Student loan programs. Loans made, insured, or guaranteed pursuant to a program authorized by Title IV of the Higher Education Act of 1965 (20 USC 1070 et seq.) or comparable Oklahoma law.

4/  Reserved

[Source: Amended at 18 Ok Reg 2361, eff 6-25-01; Amended at 27 Ok Reg 492, eff 2-14-10 through 7-14-10 (emergency); Amended at 30 Ok Reg 1026, eff 7-1-13]

Note

EDITOR’S NOTE: This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last effective permanent text is reinstated. Therefore, on 7-15-10 (after the 7-14-10 expiration of this emergency action), the text of 160:45-1-3 reverted back to the permanent text that became effective 6-25-01, as was last published in the 2006 Edition of the OAC, and remained as such until amended by permanent action on 7-1-13.