As per annual requirements, Oklahoma has updated its laws regarding the maximum dollar amounts which can be charged for late fees.
Per Okla. Stat. Ann. tit. 14A, § 3-203(1) & (5), the Oklahoma Department of Consumer Credit has increased the maximum late charge for delinquent payments on a consumer loan or a revolving loan account from $29.00 to $31.00.
ConformX Late Fee Defaults will be updated to reflect these changes. This modification will be pushed to Production on July 1, 2023.
The new Oklahoma maximum charge increase is now reflected in the Late Fee Matrix and the Late Fee Table, both of which have been republished on the Matrices webpage.
If you have any questions or concerns about any of these changes, please contact Client Support at 1.800.497.3584.