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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 160. Department of Consumer Credit |
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Chapter 45. Truth in Lending Rules |
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Subchapter 3. Open-End Credit |
SECTION 160:45-3-10. Special credit card provisions
Latest version.
- (a) Issuance of credit cards. Credit cards shall be issued in accordance with federal regulations, 12 CFR §226.12(a).(b) Liability of cardholder for unauthorized use. A cardholder's liability for unauthorized use shall be in accordance with federal regulations, 12 CFR §226.12(b).(c) Right of cardholder to assert claims or defenses against card issuer. A cardholder's right to assert claims or defenses against a card issuer shall be in accordance with federal regulations, 12 CFR §226.12(c).(d) Offsets by card issuer prohibited. Offsets by card issuer are prohibited in accordance with federal regulations, 12 CFR §226.12(d).(e) Prompt notification of returns and crediting of refunds. Notification of returns and crediting of refunds shall be in accordance with federal regulations, 12 CFR §226.12(e).(f) Discounts: tie-in arrangements. No card issuer may, by contract or otherwise---(1) Prohibit any person who honors a credit card from offering a discount to a consumer to induce the consumer to pay by cash, check, or similar means rather than by use of a credit card or its underlying account for the purchase of property or services; or(2) Require any person who honors the card issuer's credit card to open or maintain any account or obtain any other service not essential to the operation of the credit card plan from the card issuer or any other person, as a condition of participation in a credit card plan. If maintenance of an account for clearing purposes is determined to be essential to the operation of the credit card plan, it may be required only if no service charges or minimum balance requirements are imposed.(g) Relation to Electronic Fund Transfer Act and Regulation E. For guidance on whether this chapter or federal Regulation E (12 CFR 205) applies in instances involving both credit and electronic fund transfer aspects, refer to federal Regulation E, 12 CFR 205.12(a) regarding issuance and liability for unauthorized use. On matters other than issuance and liability, this section applies to the credit aspects of combined credit/electronic fund transfer transactions, as applicable.