Okla. Stat. tit. 14A, § 4-301
Property Insurance
Effective Mar 14, 1988Laws 1969, HB 1001, c. 352, § 4-301, emerg. eff. July 1, 1969; Amended by Laws 1988, HB 1520, c. 8, § 1, emerg. eff. March 14, 1988.
(1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless:
- (a) the insurance covers a substantial risk of loss of or damage to property related to the credit transaction;
- (b) the amount, terms, and conditions of the insurance are reasonable in relation to the character and value of the property insured or to be insured; and
- (c) the term of the insurance is reasonable in relation to the terms of credit.
- (2) The term of insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity.
Laws 1969, HB 1001, c. 352, § 4-301, emerg. eff. July 1, 1969; Amended by Laws 1988, HB 1520, c. 8, § 1, emerg. eff. March 14, 1988.