The Oklahoma governor recently signed SB 794, which increases the maximum loan finance charge for certain loans (i.e., supervised loans under applicable Oklahoma law) by additionally including the federal funds rate published by the Federal Reserve Board. Specifically, a loan finance charge may not exceed the equivalent of the greater of either of the following: the total of (i) 32 percent plus the federal funds rate per year on the part of the unpaid balances of the principal which is $7,000 or less; (ii) 23 percent plus the federal funds rate per year on the part of the unpaid balances of the principal which greater than $7,000 but less than $11,000; and (iii) 20 percent plus the federal funds rate per year on the part of the unpaid balances of the principal which exceeds $11,000; or 25 percent plus the federal funds rate per year on the unpaid balances of the principal. The federal funds rate is defined as the rate published by the Fed that is “in effect as of the first day of each month immediately preceding the month during which the loan is consummated.” Supervised lenders may contract for and receive a loan finance charge not exceeding what is allowed by the Act. The Act is effective November 1.