Why Chat's Credit Confusion

OKLAHOMA

Please note- Oklahoma exempted itself from the TILA, the SOL letter and SOL defense are based on the TILA. The SOL for contracts in Ok. is 5 years. The "shorter" 3 year SOL MAY be argued, but without the TILA, utilizing the Ok Consumer Credit Statutes.

OKLAHOMA STATUTE OF LIMITATIONS

12. Civil Procedure Chapter 3 Section 95 - Limitation of Other Actions

O.S. §,12-3-95

Civil actions other than for the recovery of real property can only be brought within the following periods, after the cause of action shall have accrued, and not afterwards:

1. Within five (5) years: An action upon any contract, agreement, or promise in writing;

2. Within three (3) years: An action upon a contract express or implied not in writing; an action upon a liability created by statute other than a forfeiture or penalty; and an action on a foreign judgment ; This can be claimed as the SOL for credit card open ended revolving accounts, citing the Ok. Consumer Credit Act definitions

3. Within two (2) years: An action for trespass upon real property; an action for taking, detaining, or injuring personal property, including actions for the specific recovery of personal property; an action for injury to the rights of another, not arising on contract, and not hereinafter enumerated; an action for relief on the ground of fraud - the cause of action in such case shall not be deemed to have accrued until the discovery of the fraud;

The Oklahoma UCC calls for a 5 year SOL for car repo's- not the standard 4 year SOL, see the link below to caselaw

5 Year SOL For REPOS UNDER UCC

Oklahoma Consumer Credit Statutes

Excerpted sections

§14A-5-301.

A supervised lender who willfully makes charges in excess of those permitted by the provisions of the article on loans (Article 3) applying to supervised loans (Part 5) is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding Five Hundred Dollars ($500.00), or to imprisonment not exceeding one (1) year, or both. A person, other than a supervised financial organization, who willfully engages in the business of making supervised loans without a license in violation of the provisions of this act applying to authority to make supervised loans (Section 3-502) is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding Five Thousand Dollars ($5,000.00), or to imprisonment not exceeding one (1) year, or both.

A person who willfully engages in the business of making consumer credit sale, consumer leases, or consumer loans, or of taking assignments of rights against debtors arising therefrom and undertakes direct collection of payments or enforcement of these rights, without complying with the provisions of this act concerning notification (Section 6-202) or payment of fees (Section 6-203), is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding Five Hundred Dollars ($500.000).

§14A-6-111.

The Administrator may bring a civil action to restrain a creditor or a person acting in his behalf from engaging in a course of making or enforcing unconscionable terms or provisions of consumer credit sales, consumer leases, or consumer loans; fraudulent or unconscionable conduct in inducing debtors to enter into consumer credit sales, consumer leases, or consumer loans; or fraudulent or unconscionable conduct in the collection of debts arising from consumer credit sales, consumer leases, or consumer loans.

In an action brought pursuant to this section the court may grant relief only if it finds that the respondent has made unconscionable agreements or has engaged or is likely to engage in a course of fraudulent or unconscionable conduct; that the agreements or conduct of the respondent has caused or is likely to cause injury to consumers; and that the respondent has been able to cause or will be able to cause the injury primarily because the transactions involved are credit transactions.

In applying this section, consideration shall be given to each of the following factors, among other: belief by the creditor at the time consumer credit sales, consumer leases, or consumer loans are made that there was no reasonable probability of payment in full of the obligation by the debtor; in the case of consumer credit sales or consumer leases, knowledge by the seller or lessor at the time of the sale or lease of the inability of the buyer or lessee to receive substantial benefits from the property or services sold or leased; in the case of consumer credit sales or consumer leases, gross disparity between the price of the property or services sold or leased and the value of the property or services measured by the price at which similar property or services are readily obtainable in credit transactions by like buyers or lessees; the fact that the creditor contracted for or received separate charges for insurance with respect to consumer credit sales or consumer loans with the effect of making the sales or loans, considered as a whole, unconscionable; and the fact that the respondent has knowingly taken advantage of the inability of the debtor reasonably to protect his interests by reason of physical or mental infirmities, ignorance, illiteracy or inability to understand the language of the agreement, or similar factors.

In an action brought pursuant to this section, a charge or practice expressly permitted by this act is not in itself unconscionable

§12A-3-118.( under construction)

§14A-2-108. Definition: "Revolving charge account".

"Revolving charge account" means an open end credit plan between a seller and a buyer under

(1) which the seller reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and pursuant to which the seller will permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card; and

(2) which provides for a credit service charge which is not precomputed but is computed on the outstanding unpaid balances of the buyer's account from time to time.

Oklahoma Consumer Protection

Explanation Of Oklahoma Statutes

OKLAHOMA UCC

5 Year SOL For REPOS UNDER UCC

LINK TO ALL OKLAHOMA LEGAL RESOURCES