§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 […]
§46-314. Duties of account holders.
A. The account holder of a home buyer savings account: 1. Shall not use funds held in a home buyer savings account to pay expenses of administering the account, except that a service fee may be deducted from the account by a financial institution in which the account is held; 2. Shall submit to the […]
§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 […]