SECTION 160:45-3-5. Periodic statement

  The creditor shall furnish the consumer with a periodic statement that discloses the following items, to the extent applicable:

(1)   Previous balance. The account balance outstanding at the beginning of the billing cycle.

(2)   Identification of transactions. An identification of each credit transaction in accordance with 160:45-3-6.

(3)   Credits. Any credit to the account during the billing cycle, including the amount and the date of crediting. The date need not be provided if a delay in crediting does not result in any finance or other charge.

(4)   Periodic rates. Each periodic rate that may be used to compute the finance charge, the range of balances to which it is applicable, 14/ and the corresponding annual percentage rate. 15/ If different periodic rates apply to different types of transactions, the types of transactions to which the periodic rates apply shall also be disclosed.

(5)   Balance on which finance charge computed. The amount of the balance to which a periodic rate was applied and an explanation of how that balance was determined. When a balance is determined without first deducting all credits and payments made during the billing cycle, that fact and the amount of the credits and payments shall be disclosed.

(6)   Amount of finance charge. The amount of any finance charge debited or added to the account during the billing cycle, using the term "finance charge." The components of the finance charge shall be individually itemized and identified to show the amount(s) due to the application of any periodic rates and the amount(s) of any other type of finance charge. If there is more than one periodic rate, the amount of the finance charge attributable to each rate need not be separately itemized and identified.

(7)   Annual percentage rate. When a finance charge is imposed during the billing cycle, the annual percentage rate(s) determined under 160:45-3-12, using the term "annual percentage rate."

(8)   Other charges. The amounts, itemized and identified by type, of any charges other than finance charges debited to the account during the billing cycle.

(9)   Closing date of billing cycle; new balance. The closing date of the billing cycle and the account balance outstanding on that date.

(10)   Free-ride period. The date by which or the time period within which the new balance or any portion of the new balance must be paid to avoid additional finance charges. If such a time period is provided, a creditor may, at its option and without disclosure, impose no finance charge when payment is received after the time period's expiration.

(11)   Address for notice of billing errors. Creditors shall provide an address to be used for notice of billing errors in accordance with federal regulations, 12 CFR §226.7(k).

14/  See footnotes 11 and 13.

15/  If a variable rate plan is involved, the creditor shall disclose the fact that the periodic rate(s) may vary.

[Source: Amended at 17 Ok Reg 1587, eff 5-25-00; Amended at 18 Ok Reg 2361, eff 6-25-01]