OKLAHOMA CONSTITUTION
ARTICLE XIV
BANKS AND BANKING

Art. XIV §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.

Art. XIV §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.

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.

Congratulations! You're now booked up on Article XIV of the Oklahoma Constitution!

This material might help you recover from the damages that lawbreaking judges/lawyers/agencies/organizations have inflicted upon you [and/or the public] (see this example of a Florida judge who outright committed perjury).

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OKLAHOMA CONSTITUTIONARTICLE XIVBANKS AND BANKING

Art. XIV §1 | BANKING DEPARTMENT

Art. XIV §2 | CLASSIFICATION OF LOANS AND LENDERS - LICENSES - MAXIMUM RATES OF INTEREST

Art. XIV §3 | EXCESSIVE RATE - FORFEITURE OF INTEREST - RECOVERY OF DOUBLE INTEREST

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