STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 6%
• Contract Rate: Any agreed upon rate. Okla. Stat. Tit. 14A, § 2-201
• Judgment Rate: 4% over average U.S. Treasury or 10% against the state
• Corporate Rate: Legislature shall have authority to define rates however any rate greater than 10% will be deemed usurious.
• Aof Majority: 18, 21 for alcohol
• Emancipation: Repealed
• Contracts: Contracts made by minors are voidable within one year of reaching 18. Any minor between 16 and 18 who has paid for any repairing, supplying or equipping of a motor vehicle may disaffirm a contract only by satisfying the other party. A minor cannot disaffirm a contract to pay for things necessary for the support of himself or his family when his parents/guardian could not provide those things.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Spouses can be jointly or severally liable for debts incurred on necessaries furnished to either spouse.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: Oral, 3 years; Written, 5 years
•Judgments: 5 years (does not apply to child support)
This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice please contact an attorney.