Document Update: MT Acknowledgment that Real Property is Not Exempt From Execution (Cx1412)
Jun 28, 2021
Oklahoma has updated its laws regarding the maximum dollar amounts which can be charged for late fees.
The Oklahoma Department of Consumer Credit has, as they are required to do every year, increased the maximum late charge for delinquent payments on a consumer loan or revolving loan account as promulgated in Okla. Stat. Ann. tit. 14A, § 3-203(1) & (5). This maximum amount has increased from $26.50 to $27.
We will be updating our ConformX Late Fee Defaults to reflect these changes. This modification will be pushed to Production on July 1, 2021; however, clients can test these modifications on our Stage and Stage 2 environments for two weeks beforehand. We strongly urge clients to test this change before it is pushed to Production and to report any issues to Client Support as soon as possible, to ensure a smooth transition.
This adjustment is now reflected on our Late Fee Matrix, and Late Fee Table. If you have any questions or concerns about any of these changes, please contact Client Support at 1.800.497.3584.
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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.