interest. A creditor may not refinance any consumer loan to the same borrower into a loan subject to subsection (10) of Section 1-301 of Title 14A of the Oklahoma Statutes, unless the refinancing is in the borrower’s interest. Factors to be considered in determining whether the refinancing is in the borrower's interest include, but are not limited to, whether: (a) the borrower's new monthly payment is lower than the total of all monthly obligations being financed, taking into account the costs and fees; (b) there is a change in the amortization period of the new loan; (c) the borrower receives cash in excess of the costs and fees of refinancing; (d) the borrower's note rate of interest is reduced; (e) there is a change from an adjustable to a fixed rate loan, taking into account costs and fees; or (f) the refinancing is necessary to respond to a bona fide personal need or an order of a court of competent jurisdiction. A creditor is prohibited from engaging in acts or practices to evade this provision, including a pattern or practice of arranging for the refinancing of its own loans by affiliated or unaffiliated creditors, or modifying a loan agreement, whether or not the existing loan is satisfied and replaced by the new loan, and charging a fee.
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