§46-316. Deduction from taxable income – Exclusion from taxable income.
A. 1. Except as otherwise provided in and subject to the limitations under this act, there shall be deducted from taxable income of an account holder for Oklahoma income tax purposes the amount contributed to a home buyer savings account during each tax year, subject to the limitations of subsection B of this section, not […]
§46-317. Withdrawal of funds for other purposes – Penalty.
Except as otherwise authorized by subsection B of Section 4 of this act, if the account holder withdraws any funds from a home buyer savings account for a purpose other than eligible costs for the purchase of a single-family residence, such funds shall be included in the account holder’s taxable income and the account holder […]
§46-318. Oklahoma Tax Commission forms.
The Oklahoma Tax Commission shall prepare forms for: 1. The designation of an account with a financial institution to serve as a home buyer savings account; 2. The designation of a qualified beneficiary of a home buyer savings account; and 3. An account holder to annually submit to the Oklahoma Tax Commission detailed information regarding […]
§46-302. Abandoned or vacated property – Motion to protect and preserve – Motion and hearing procedure.
A. Upon commencement of a suit, action or proceeding to foreclose or otherwise enforce the remedies in any mortgage, contract for deed or deed of trust in a court of competent jurisdiction, if the plaintiff/mortgagee believes, knows, or has reason to know, that the subject property is abandoned or vacated and, as a result of […]
§46-311. Short title – Oklahoma First-Time Home Buyer Savings Account Act.
This act shall be known and may be cited as the “Oklahoma First-Time Home Buyer Savings Account Act”. Added by Laws 2019, c. 186, § 1, eff. Jan. 1, 2020.
§46-41. Scope of act.
The Oklahoma Power of Sale Mortgage Foreclosure Act shall not apply to: 1. A landlord’s lien unless the parties agree in writing that this act applies; 2. A vendor’s or vendee’s lien pursuant to Sections 26 and 30 of Title 42 of the Oklahoma Statutes unless the lien is specifically created by a writing; 3. […]
§46-312. Definitions.
As used in this act: 1. “Account holder” means an individual who establishes, individually or jointly with one or more other individuals, a home buyer savings account as defined in this act; 2. “Allowable closing costs” means a disbursement listed on a settlement statement for the purchase of a single-family residence in Oklahoma by a […]
§46-42. Definitions.
As used in this act: 1. “Date of sale” means the date that the mortgagee conducts the public auction of the property pursuant to Section 46 of this title; 2. “Homestead” means the property that constitutes the mortgagor’s homestead according to the provisions of Section 1 of Article XII of the Oklahoma Constitution and statutes […]
§46-313. Designation of account – Designation of beneficiary.
A. After the effective date of this act, any individual may open an account with a financial institution and designate the account, in its entirety, as a home buyer savings account to be used to pay or reimburse a qualified beneficiary’s eligible costs for the purchase of a single-family residence in this state. B. An […]
§46-43. Power of sale – Requirements – Sale procedure – Deficiency – Redemption – Writ of assistance – Foreclosure.
A. Notwithstanding Sections 10 and 11 of Title 42, Sections 686 and 760 of Title 12; and Sections 1 and 4 of this title, or any other inconsistent law: 1. a power to sell the mortgaged real estate may be conferred by the mortgagor upon the mortgagee in the mortgage under which the mortgaged property […]