Sections of the Oklahoma Uniform Consumer Credit Code allow for an annual adjustment to dollar amounts based on figures from the Consumer Price Index for Urban Wage Earners and Clerical Workers (“CPI-W”). The allowable adjustments include the maximum late fee that can be charged for both installment and revolving loans under Okla. Stat. Ann. Title 14, §3-203(1)(b) & (5).
The Oklahoma Department of Consumer Credit has published its annual update of dollar amounts for 2023. A full list of the changes to dollar amounts for 2023 can be found here.
The Oklahoma Uniform Consumer Credit Code provides that for a precomputed consumer loan, refinancing, or consolidation, the minimum late fee that can be contracted for is $5.00 and the maximum late fee is the greater of five percent (5%) of the unpaid amount of the installment, or the annually adjusted dollar amount. For 2023, the annually adjusted dollar amount increased from $29.00 to $31.00.
Accordingly, the DocMagic system and Late Fee Matrix has been updated to reflect the increased late fee dollar amount. If you have questions, please contact DocMagic’s Compliance Department.
