As previously announced, 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, ยง 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 , which have been republished on our Matrices webpage. 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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