I think that, under Section 3-502 of the UCCC
, banks may make loans using the rates permitted by 3-508A
for supervised loans, by virtue of being classified as a "supervised financial organization" under UCCC section 1-301(20)
. Note, the dollar amount tiers under 3-508A have been indexed upwards over the years (see the OK DOCC web site
"Supervised financial organization" means a person, other than an insurance company or other organization primarily engaged in an insurance business:
(a) organized, chartered, or holding an authorization certificate under the laws of this state or of the United States which authorizes the person to make loans and to receive deposits, including a savings, share, certificate or deposit account; and
(b) subject to supervision by an official or agency of this state or the United States other than the Oklahoma Securities Commission.
I found the following statement in a UCCC Manual: "As noted, a 'supervised loan' is a consumer loan with a loan finance charge producing a rate in excess of ten percent. Okla. U3C section 3-501(1). Only a lender that is a 'supervised financial organization' [citation omitted], or that is licensed by the Oklahoma Administrator [of the Department of Consumer Credit], is authorized to make a 'supervised loan.' Okla. U3C section 3-502."