Okla. Admin. Code § 160:15-2-5

Current through Vol. 42, No. 4, November 1, 2024

Section 160:15-2-5 - Advertising

(a)Actually available terms. Without limitation to the scope of section 1509(f) of the Act, if an advertisement for credit states specific credit terms, it shall state only those terms that actually are or will be arranged or offered by the pawnbroker.

(b)Advertisement of rate of finance charge. If an advertisement states a rate of finance charge, it shall state the rate as an "annual percentage rate," using that term. The advertisement shall not state any other rate, except that a simple annual rate or periodic rate that is applied to an unpaid balance may be stated in conjunction with, but not more conspicuously than, the annual percentage rate.

(c)Advertisement of terms that require additional disclosures.

(1) If any of the following terms are set forth in an advertisement, the advertisement shall meet the requirements of (c)(2) of this Section:

(A) The amount or percentage of any downpayment.

(B) The number of payments or period of repayment.

(C) The amount of any payment.

(D) The amount of any finance charge.

(2) An advertisement stating any of the terms in (c)(1) of this Section shall state the following terms as applicable:

(A) The amount or percentage of the downpayment.

(B) The terms of repayment.

(C) The "annual percentage rate," using that term, and, if the rate may be increased after consummation, that fact. An example of one or more typical extensions of credit with a statement of all the terms applicable to each may be used.

(d)Catalogs and multiple-page advertisements.

(1) If a catalog or multiple-page advertisement gives information in a table or schedule in sufficient detail to permit determination of the disclosures required by (c)(2) of this section, it shall be considered a single advertisement if -

(A) The table or schedule is clearly set forth; and

(B) Any statement of the credit terms in (c)(1) of this Section appearing anywhere else in the catalog or advertisement clearly refers to the page on which the table or schedule begins.

(2) A catalog or multiple-page advertisement complies with (c)(2) of this Section if the table or schedule of terms includes all appropriate disclosures for a representative scale of amounts up to the level of the more commonly sold higher priced property or services offered.

Okla. Admin. Code § 160:15-2-5

Amended at 9 Ok Reg 2267, eff 6-25-92