Finance
Oklahoma's usury laws historically capped interest rates on certain loans. Today, most mortgage interest rates in Oklahoma are governed by:
AStrict Oklahoma usury caps of 10%
BFederal preemption under DIDMCA allowing market-rate lending above state usury limits for most first-lien mortgage loans✓ Correct
COREC interest rate schedules
DOklahoma Banking Department mandated rates
Explanation
The federal Depository Institutions Deregulation and Monetary Control Act (DIDMCA) of 1980 preempted many state usury ceilings for first-lien mortgage loans, allowing lenders to charge market interest rates that may exceed old state caps.
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