reglab/housing_qa huggingface dataset:
46 OK Stat § 46-20 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§46-20. Issuance of title protection document - Notice - Waiver.

|A. If a title protection document will be issued to the mortgagee, the mortgagee shall give to the buyer at the time of loan application written notice containing the following: |1. Whether the title protection document will provide protection to the buyer; and2. That the buyer should seek independent, competent advice as to whether the buyer should obtain any additional title protection document. In the event said additional title protection is desired, it shall be obtained by the buyer in a timely manner in order to avoid undue delay of the closing under the terms of the contract of sale.B. The requirements of this section shall not be subject to waiver by the buyer.Laws 1979, c. 166, § 2.
46 OK Stat § 46-21 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§46-21. Violation - Penalty.

|Any mortgagee who fails to comply with the provisions of this act shall be subject to a penalty in the amount of One Hundred Dollars ($100.00). The penalty imposed herein shall be recoverable by the buyer, plus all costs of any action, including a reasonable attorney fee, to recover the penalty. |Laws 1979, c. 166, § 3.
46 OK Stat § 46-40 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§46-40. Short title.

|Sections 1 through 9 of this act may be cited as the "Oklahoma Power of Sale Mortgage Foreclosure Act". |Added by Laws 1986, c. 319, § 1, eff. Nov. 1, 1986.
46 OK Stat § 46-41 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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. A nonconsensual lien, such as a mechanics or materialmans lien pursuant to Sections 142 through 151 of Title 42 of the Oklahoma Statutes, a judgment lien, or a tax lien;4. An agreement not to convey or encumber;5. A lien created or regulated and subject to an enforcement procedure specifically applicable to it under another statute of this state, such as the lien for the unpaid share of common expenses regulated by Section 524 of Title 60 of the Oklahoma Statutes, unless the parties agree in writing that this act applies;6. A mortgage securing an extension of credit made primarily for an agricultural purpose as defined in paragraph 4 of Section 1-301 of Title 14A of the Oklahoma Statutes where the mortgagor is either a natural person or a farm or ranching business corporation as defined in Section 951 of Title 18 of the Oklahoma Statutes; and7. A mortgage on the mortgagor's homestead if, after the notice of sale is given to the mortgagor pursuant to subsection B of Section 6 of this act, the mortgagor elects judicial foreclosure in compliance with the provisions of subparagraphs b and c of paragraph 2 of subsection A of Section 4 of this act.Added by Laws 1986, c. 319, § 2, eff. Nov. 1, 1986.
46 OK Stat § 46-42 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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 enacted pursuant thereto determined at the time the mortgagor makes any election under subsection A of Section 43 of this title;3. "Mortgage" means an instrument creating a lien upon real estate as security for payment of a debt or other performance of an obligation;4. "Mortgagee" includes a successor or assignee and, if appropriate in the context, an agent or officer or attorney for the mortgagee;5. "Mortgagor" means all persons who to the knowledge of the mortgagee owe payment or other performance of the obligation secured by the mortgage, and, for the purpose of receipt of notice, includes a surety, guarantor or co-signer, but if the mortgagor and the owner of the real estate are not the same person, the term means the owner of the real estate, the obligor, or both as the context requires;6. "Property" means the real estate subject to a mortgage; and7. "Real estate" means any estate in, over, or under land, including minerals, structures, fixtures, and other things which by custom, usage, or law pass with a conveyance of land though not described or mentioned in the instrument of conveyance.Added by Laws 1986, c. 319, § 3, eff. Nov. 1, 1986. Amended by Laws 1987, c. 107, § 2, eff. Nov. 1, 1987.
46 OK Stat § 46-44 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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 at the last-known address of the mortgagor. The notice shall state the name and address of the mortgagee, the nature of the breach(es) or default(s) claimed with reasonable specificity, that the mortgagor has a right for thirty-five (35) days from the date the notice is sent to cure a breach or default and thus to that extent reinstate the mortgage, the amount of money or action necessary to effect cure, that if the breach or default is not cured the mortgagee may accelerate the debt and give the notice provided for in Section 45 of this title or otherwise foreclose the mortgage, and that the notice contains important information concerning legal rights under the mortgage and Oklahoma law and that if the mortgagor has any questions an attorney should be promptly consulted. If a nonhomestead mortgagor is in default more than three (3) times in a twenty-four-month period and has been notified as provided for above, no right to an additional notice of intent to foreclose will be required prior to acceleration under Section 45 of this title. If a homestead mortgagor is in default more than four (4) times in a twenty-four-month period and has been notified as provided for above, no right to an additional notice of intent to foreclose will be required prior to acceleration under Section 45 of this title. If a mortgagee complies with a contractual provision for notice before acceleration in a Federal National Mortgage Association or Federal Home Loan Mortgage Corporation uniform instrument taken by the mortgagee which is substantially in compliance with or more stringent than the provisions of the notice of intention to foreclose by power of sale, such action by the mortgagee constitutes compliance with this section, but in any event, the requirements of this section shall run concurrently with any contractual provision for notice before acceleration in the mortgage. The notice of sale pursuant to Section 45 of this title may not be given or recorded until the provisions of this section are met. |Added by Laws 1986, c. 319, § 5, eff. Nov. 1, 1986. Amended by Laws 1987, c. 107, § 4, eff. Nov. 1, 1987.
46 OK Stat § 46-47 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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 such a deed prepared by the Administrative Director of the Courts with the assistance and approval of the Oklahoma Supreme Court and which identifies the mortgagee's and other interests foreclosed and the parties involved, indicates where the documents evidencing those interests are recorded, and recites that the deed is executed by the mortgagee exercising a power of sale after a breach or default and sale under this act. Signature and title or authority of the person signing the deed as grantor is sufficient proof of the signer's authority to sign. Further proof is not required even though the signer is also named as grantee in the deed. The mortgagee's deed shall raise a presumption of compliance with the requirements of this act regarding the exercise of the power of sale and the sale of the property, including the giving of the notice of intention to foreclose and of sale and the conduct of the sale. Such deed shall constitute conclusive evidence of the meeting of such requirements in favor of purchasers for value and without actual notice so long as the failure to meet those requirements would otherwise render the sale only voidable and, even if the sale is void, after the passage of two (2) years from the date of the recording of the deed. |B. The mortgagee's deed, pursuant to compliance with the provisions of this act, shall operate to convey to the purchaser the title, interest and claim of the mortgagee and of the mortgagor and their respective successors in interest, and of all persons claiming an interest in the property sold which was acquired subsequent to the recording of the mortgage pursuant to which the power of sale is exercised and prior to delivery of the mortgagee's deed, or who join in the exercise of the power of sale. Such conveyance shall be absolute, without right of redemption and clear of all liens, claims, or interests to the extent provided in this section, if the record shows that all necessary parties were duly notified or served with process as provided for herein and except for any statutory right of redemption which may be held by the United States of America under authority of Section 2410 of Title 28 of the United States Code, as amended.Added by Laws 1986, c. 319, § 8, eff. Nov. 1, 1986.
46 OK Stat § 46-48 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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; and2. Unless otherwise required by law, to the payment of the contract or indebtedness secured by the mortgage, the payment of all other obligations provided in or secured by the mortgage, and the obligations of any junior lienholders or encumbrancers, in order of their priority as otherwise provided for by law. After payment in full to all junior lienholders and encumbrancers, payment shall be made to the party who is the owner of the property immediately preceding the sale.B. The mortgagee may elect to deposit all or any part of the sale proceeds with the clerk of the district court in the county in which the sale took place. Upon deposit of such monies together with a legal description of the property whose sale produced the proceeds, the mortgagee shall be discharged from all responsibility for acts performed in good faith according to the provisions of this act, and the clerk shall deposit the amount with the county treasurer subject to order of the district court in the county upon the application, by civil action, of any interested party.Added by Laws 1986, c. 319, § 9, eff. Nov. 1, 1986.
46 OK Stat § 46-49 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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.
46 OK Stat § 46-201 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§46-201. Citation.

|This act shall be known as the "Indefinite Reference to Mortgages Act". |Laws 1965, c. 122, § 1.
46 OK Stat § 46-202 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§46-202. Indefinite reference to mortgage in subsequent deed or mortgage - Effect.

|No indefinite reference to a mortgage in any subsequent deed or mortgage shall constitute notice of any rights of the mortgagee under such mortgage, nor put any person on inquiry with respect thereto, after the expiration of one (1) year from the date of the recording of the deed or mortgage containing such indefinite reference. |Laws 1965, c. 122, § 2.
46 OK Stat § 46-203 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§46-203. Indefinite reference defined.

|For the purpose of this act, a mortgage shall be considered as indefinitely referred to if unrecorded or if the book number and the page number of the records of the county clerk where such mortgage is recorded are not given in the deed or mortgage containing such reference. |Laws 1965, c. 122, § 3.
46 OK Stat § 46-204 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§46-204. Application.

|This act shall apply to indefinite references to mortgages in deeds and mortgages made before the effective date of this act as well as to those made thereafter, except that this act shall not be effective as to mortgages indefinitely referred to in deeds or mortgages now of record until one (1) year from the effective date of this act. |Laws 1965, c. 122, § 4.
46 OK Stat § 46-311 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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 OK Stat § 46-312 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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 qualified beneficiary;3. "Eligible costs" means the down payment and allowable closing costs for the purchase of a single-family residence in this state by a qualified beneficiary;4. "Financial institution" means any bank, trust company, savings institution, industrial loan association, consumer finance company, credit union, or any benefit association, insurance company, safe deposit company, money market mutual fund, or similar entity authorized to do business in this state;5. "Home buyer" means an individual who resides in this state and has never purchased, either individually or jointly, a single-family residence in the State of Oklahoma;6. "Home buyer savings account" or "account" means an account with a financial institution that an account holder designates as a home buyer savings account on the account holder's Oklahoma income tax return for tax year 2020 or any tax year thereafter, pursuant to this act for the purpose of paying or reimbursing eligible costs for the purchase of a single-family residence in this state by a qualified beneficiary;7. "Qualified beneficiary" means a home buyer who is designated as the qualified beneficiary of an account designated by the account holder as a home buyer savings account;8. "Settlement statement" means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. 2601 et seq., as amended, and regulations thereunder; and9. "Single-family residence" means a single-family residence owned and occupied by a qualified beneficiary as the qualified beneficiary's principal residence, which may include a manufactured home, trailer, mobile home, condominium unit, or cooperative.Added by Laws 2019, c. 186, § 2, eff. Jan. 1, 2020.
46 OK Stat § 46-313 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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 account holder shall designate, no later than April 15 of the year following the tax year during which the account is established, a home buyer as the qualified beneficiary of the home buyer savings account. The account holder may designate himself or herself as the qualified beneficiary and may change the designated qualified beneficiary at any time; provided, however, there shall not be more than one qualified beneficiary at any one time.C. An individual may jointly own a home buyer savings account with another person if the joint account holders file a joint income tax return.D. An individual may be the account holder of more than one home buyer savings account. However, an account holder cannot have multiple accounts that designate the same qualified beneficiary.E. An individual may be designated as the qualified beneficiary on more than one home buyer savings account.F. Only cash and marketable securities may be contributed to a home buyer savings account. Subject to the limitations of subsection B of Section 6 of this act, persons other than the account holder may contribute funds to a home buyer savings account. There is no limitation on the amount of contributions that may be made to or retained in a home buyer savings account.Added by Laws 2019, c. 186, § 3, eff. Jan. 1, 2020.
46 OK Stat § 46-314 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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 Oklahoma Tax Commission, with the account holder's Oklahoma income tax return:a.on forms prepared by the Oklahoma Tax Commission, detailed information regarding the home buyer savings account, including a list of transactions for the account during the tax year, andb.The Form 1099 issued by the financial institution for such account; and3. Shall submit to the Oklahoma Tax Commission, upon a withdrawal of funds from a home buyer savings account, a detailed account of the eligible costs toward which the account funds were applied and a statement of the amount of funds remaining in the account, if any.B. An account holder may withdraw funds, in whole or in part, from a home buyer savings account and deposit the funds in a new home buyer savings account held by a different financial institution or the same financial institution.Added by Laws 2019, c. 186, § 4, eff. Jan. 1, 2020.
46 OK Stat § 46-315 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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 funds in a home buyer savings account among joint account holders or multiple qualified beneficiaries; or4. Report any information to the Oklahoma Tax Commission or any other governmental agency that is not otherwise required by law.B. A financial institution is not responsible or liable for:1. Determining or ensuring that an account satisfies the requirements to be a home buyer savings account;2. Determining or ensuring that funds in a home buyer savings account are used for eligible costs; or3. Reporting or remitting taxes or penalties related to the use of a home buyer savings account.C. Upon being furnished proof of the death of the account holder and such other information required by the contract governing the home buyer savings account, a financial institution shall distribute the principal and accumulated interest or other income in the account in accordance with the terms of the contract governing the account.Added by Laws 2019, c. 186, § 5, eff. Jan. 1, 2020.
46 OK Stat § 46-316 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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 to exceed Five Thousand Dollars ($5,000.00) for an account holder who files an individual tax return or Ten Thousand Dollars ($10,000.00) for joint account holders who file a joint tax return. |2. Except as otherwise provided in this act and subject to the limitations under this section, there shall be excluded from taxable income of an account holder for Oklahoma income tax purposes the amount of earnings, including interest and other income on the principal, from the home buyer savings account during the tax year.3. An account holder may claim the deduction and exclusion under this subsection:a.for an aggregate total amount of principal and earnings, not to exceed Fifty Thousand Dollars ($50,000.00), andb.only if the principal and earnings of the account remain in the account until a withdrawal is made for eligible costs related to the purchase of a single-family residence by a qualified beneficiary, except as otherwise provided in subsection B of Section 4 of this act.B. A person other than the account holder who deposits funds in a home buyer savings account shall not be entitled to the deduction and exclusion provided for under subsection A of this section.C. The deduction and exclusion from taxable income provided for by this act shall apply to any alternative bases for calculating taxable income for Oklahoma income tax purposes.D. Any funds in a home buyer savings account not expended on eligible costs by December 31 of the last year of a fifteen-year period shall thereafter be included in the account holder's taxable income.Added by Laws 2019, c. 186, § 6, eff. Jan. 1, 2020.
46 OK Stat § 46-317 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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 shall pay a penalty to the Oklahoma Tax Commission equal to ten percent (10%) of the amount withdrawn. Such penalty shall not apply to funds withdrawn from an account that were: |1. Withdrawn by reason of the account holder's death or disability;2. A disbursement of assets of the account pursuant to a filing for protection under the United States Bankruptcy Code, 11 U.S.C. § 101 et seq.; or3. Transferred from an account established under this act into another account established under this act in accordance with subsection B of Section 4 of this act.Added by Laws 2019, c. 186, § 7, eff. Jan. 1, 2020.
46 OK Stat § 46-318 (2021)
2021 Oklahoma Statutes|Title 46. Mortgages|§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; and3. An account holder to annually submit to the Oklahoma Tax Commission detailed information regarding the home buyer savings account, including but not limited to a list of transactions for the account during the tax year, and identifying any supporting documentation that is required to be maintained by the account holder.Added by Laws 2019, c. 186, § 8, eff. Jan. 1, 2020.