Interest rates in the state of Oklahoma are dealt with in Title 15, Chapter 6 of Section 266. Pursuant to Section 266, in the absence of any contract concerning the rate of interest, the parties may not exceed a lawful rate of six percent (6 %) interest provided under this Section. Furthermore, the parties may agree to any rate, as authorized by law, in a contract they agree upon.
According to Section 3 of Article XIV, Oklahoma Constitution, any person taking, receiving or charging a rate of interest greater than that allowed will forfeit the entire interest. Moreover, any person or his/her legal representative can recover double the amount of usurious interest paid to any person, firm, or corporation.
Under Section 272 of Title 15, Chapter 6, if a bank is found guilty of charging a greater rate of interest than lawfully allowed, then the Bank Commissioner can bring a suit through the Attorney General for the cancellation of the charter and liquidation of assets of that bank.
Under Section 727 of Title 12, Chapter 12, judgments rendered against the state or its political subdivisions will bear interest, during the term of judgment, at a rate not exceeding ten percent (10 %) from the date of rendition. The rate of prejudgment or post-judgment interest is determined using a rate equal to the average United States Treasury Bill rate of the preceding calendar year as certified to the Administrative Director of the courts by the State Treasurer on the first regular business day in January of each year, plus four percentage points.
According to Section 1510 of Title 59, Chapter 37, pawnbrokers may contract for any amount and may charge or receive any amount as finance charge. Furthermore,
Supervised loan is a regulated loan as defined under the Uniform Consumer Credit Code in which the rate of the loan finance charge exceeds ten percent (10 %) per year and therefore such loans are exempted from the usury limits, pursuant to Section 3-201 of Title 14A (Consumer Credit Code).
15 Okl. St. § 266
Legal and contract rates of interest
The legal rate of interest shall be six percent (6%) in the absence of any contract as to the rate of interest, and by contract the parties may agree to any rate as may be authorized by law, now in effect or hereinafter enacted.
Okl. Const. Art. XIV, § 3
Excessive rate–Forfeiture of interest–Recovery of double interest
The taking, receiving, reserving, or charging a rate of interest greater than is allowed by the preceding section, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. In case a greater rate of interest has been paid, the person by whom it has been paid, or his legal representatives, may recover from the person, firm, or corporation taking or receiving the same, in an action in the nature of an action of debt, twice the amount of the interest so paid: Provided, such action shall be brought within two years after the maturity of such usurious contract: Provided, However, That this section may be subject to such changes as the Legislature may prescribe.
15 Okl. St. § 272
Banks to report interest rates–Cancellation of charter for violating usury laws–Procedure
It shall be the duty of the officers of all state banks, organized and doing business under and by virtue of the laws of the state, to make a sworn quarterly report to the Bank Commissioner, setting forth the rate of interest charged, retained, reserved or collected upon the loans made in excess of the legal or contract rate of interest during the quarter for which said report is made, and such other detailed information as the Bank Commissioner may require concerning rates of interest charged, and all such reports as show the rates of interest exceeding ten (10%) percent per annum have been charged, shall be published in the annual report of the Bank Commissioner. Provided, that when the report of any bank shall disclose that such bank is willfully loaning money in violation of the interest laws of the state, it shall be his duty to immediately report such violation to the Governor, who may direct the Bank Commissioner to bring suit, through the Attorney General, in a court of competent jurisdiction in the county where the bank is located, to cancel the charter of such bank and the judgment of the court on the trial of said issue shall find the defendant bank guilty or not guilty, and if the judgment is guilty it shall further provide for the cancellation of the charter of said bank and the liquidation of the assets of said bank as the law now provides in cases of insolvent banks, from which judgment either party shall have the right of appeal to the Supreme Court, as in civil cases. Upon such appeal being filed, the Supreme Court shall hear and determine same as an advanced case.
12 Okl. St. § 727
A. 1. Except as otherwise provided by this section, all judgments of courts of record, including costs and attorney fees authorized by statute or otherwise and allowed by the court, shall bear interest at a rate prescribed pursuant to this section.
2. Costs and attorney fees allowed by the court shall bear interest from the earlier of the date the judgment or order is pronounced, if expressly stated in the written judgment or order awarding the costs and attorney fees, or the date the judgment or order is filed with the court clerk.
B. Judgments, including costs and attorney fees authorized by statute or otherwise and allowed by the court, against this state or its political subdivisions, including counties, municipalities, school districts, and public trusts of which this state or a political subdivision of this state is a beneficiary, shall bear interest during the term of judgment at a rate prescribed pursuant to this section, but not to exceed ten percent (10%), from the date of rendition. No judgment against this state or its political subdivisions, including counties, municipalities, school districts, and public trusts of which this state or a political subdivision of this state is a beneficiary, inclusive of postjudgment interest, shall exceed the total amount of liability of the governmental entity pursuant to the Governmental Tort Claims Act.
59 Okl. St. § 1510
Pawn finance charge
A. Except as provided in subsection F of Section 1511 of this title, no pawnbroker may contract for, charge or receive any amount as a charge in connection with a pawn transaction other than a pawn finance charge.
14A Okl. St. § 3-201
Loan finance charge for consumer loans other than supervised loans
(1) With respect to a consumer loan other than a supervised loan (Section 3-501), a lender may contract for and receive a loan finance charge, calculated according to the actuarial method, not exceeding ten percent (10%) per year on the unpaid balances of the principal.
(2) This section does not limit or restrict the manner of contracting for the loan finance charge, whether by way of add-on, discount, or otherwise, so long as the rate of the loan finance charge does not exceed that permitted by this section. If the loan is precomputed
(a) the loan finance charge may be calculated on the assumption that
all scheduled payments will be made when due; and
(b) the effect of prepayment is governed by the provisions on rebate
upon prepayment (Section 3-210).