§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 […]
§46-44. Notice of intent to foreclose by power of sale.
In case of breach or default as determined by the terms of the mortgage, before the same may be used as a basis to foreclose the mortgage by power of sale, the mortgagee must give the mortgagor a written notice of intention to foreclose by power of sale by certified mail addressed to the mortgagor […]
§46-315. Duties and liabilities of financial institutions.
A. A financial institution shall not be required to: 1. Designate an account as a home buyer savings account, or designate the qualified beneficiaries of an account, in the financial institution’s account contracts or systems or in any other way; 2. Track the use of money withdrawn from a home buyer savings account; 3. Allocate […]
§46-45. Notice of sale – Time and place of sale.
A. If a mortgagee elects to use a power of sale granted in the mortgage, it shall execute a notice of sale in written form directed to the mortgagor, any holder of a prior mortgage or other lien of record, and any person having an interest, claim or lien of record in the property whose […]
§46-46. Sale of property – Postponed, continued, changed or relocated sale.
A. On the date and at the time and place designated in the notice of sale, the mortgagee exercising the power of sale shall cause the property to be sold at public auction to the highest bidder. To determine the highest bidder, any mortgagor present at the sale may suggest in writing the known lots, […]
§46-47. Closing of sale – Deed.
A. The sale shall be closed at a time and under reasonable conditions specified by the mortgagee at the time of the sale. Upon receipt of payment in form satisfactory to the mortgagee, the mortgagee shall execute and deliver a deed, without warranty, to the purchaser that is in substantial compliance with the form for […]
§46-48. Disposition of sale proceeds.
A. The mortgagee shall apply the proceeds of the sale as follows: 1. To the costs and expenses of exercising the power of sale and of sale, including the payment of reasonable attorney’s fees actually incurred; and 2. Unless otherwise required by law, to the payment of the contract or indebtedness secured by the mortgage, […]
§46-49. Termination of power of sale proceeding.
Notwithstanding anything herein to the contrary, the mortgagee may at any time prior to the conduct of any sale under this act, terminate any power of sale proceeding and pursue judicial foreclosure in accordance with the procedures provided for the foreclosure of mortgages. Added by Laws 1987, c. 107, § 7, eff. Nov. 1, 1987.