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 recently published its annual update of dollar amounts for 2024. The maximum late fee that can be contracted for when a payment is not made within ten days after its scheduled due date increased from $31.00 to $32.00. A full list of the changes to dollar amounts for 2024 can be found here.
Accordingly, the DocMagic system and Late Fee Matrix will be updated for the July 1, 2024, effective date to reflect the increased late fee dollar amount. If you should have questions, please contact DocMagic’s Compliance Department.
