Vote button trans.png
April's Project of the Month
It's spring time. It's primary election season!
Click here to find all the information you'll need to cast your ballot.




Article XIV, Oklahoma Constitution

From Ballotpedia
Revision as of 19:27, 23 September 2009 by Ballotpedia Editor (Talk | contribs)

Jump to: navigation, search
Oklahoma Constitution
675px-Flag of Oklahoma.svg.png
Articles
PreambleIIIIIIIVVVIVIIVIIAVIIBVIIIIXXXIXIIXIIAXIIIXIIIAXIIIBXIVXVXVIXVIIXVIIIXIXXXXXIXXIIXXIIIXXIVXXVXXVIXXVIIIXXIXSchedule
Article XIV of the Oklahoma Constitution is entitled Banks and Banking and consists of three sections.

Section 1

Text of Section 1:

Banking Department

General laws shall be enacted by the legislature providing for the creation of a Banking Department, to be under the control of a Bank Commissioner, who shall be appointed by the Governor for a term of four years, by and with the consent of the Senate, with sufficient power and authority to regulate and control all State Banks, Loan, Trust and Guaranty Companies, under laws which shall provide for the protection of depositors and individual stockholders.

Section 2

Text of Section 2:

Classification of Loans and Lenders - Licenses - Maximum Rates of Interest

The Legislature shall have authority to classify loans and lenders, license and regulate lenders, define interest and fix maximum rates of interest; provided, however, in the absence of legislation fixing maximum rates of interest, all contracts for a greater rate of interest than ten percent(10%) per annum shall be deemed usurious; provided, further, that in contracts where no rate of interest is agreed upon, the rate shall not exceed six percent (6%) per annum.

Section 3

Text of Section 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.

External links

Oklahoma Constitution

Navigation