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2023 Oklahoma Statutes › Title 46. Mortgages › §46-2. Conveyance by holder of deed intended as security as assignment.

Any conveyance other than as above provided, by one holding under an instrument purporting to be a conveyance, but intended as security, shall be deemed and treated as an assignment and transfer of the mortgage rights of and indebtedness due the maker thereof.
R.L. 1910, § 1159.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-3. Form of mortgage.

A mortgage upon real estate may be substantially in the following form, to wit:
Know all men by these Presents: That, ...... and ...... of ...... County, in the ...... of ...... part ...... of the first part, have mortgaged and hereby mortgage to ...... of ...... County ...... of ...... part ...... the second part, the following described real estate and premises, situated in ...... County, State of Oklahoma, to-wit: ......, with all the improvements thereon and appurtenances thereunto belonging, and warrant the title to the same; ...... This mortgage is given to secure the principal sum of ...... dollars, with interest thereon at the rate of ...... per centum per annum, payable ...... ...... annually from ...... according to the terms of ...... certain promissory note ...... described as follows, to-wit: ......
Dated this ...... day of ......, 19....
R.L. 1910, § 4015.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-4. Further agreements - Foreclosure - Waiver of appraisement - Assignment of rents and profits as additional security.

A. Every instrument in substantial compliance with the form provided for in Section 3 of this title shall be deemed a good and valid mortgage, with all contracts and covenants essential to protect the rights of the holder thereof; but any further lawful contract embodied therein shall be binding upon the parties thereto; and when the words, "and waive the appraisement" are written or printed therein, the premises mortgaged must be sold without appraisement, in case of foreclosure and sale thereunder, and in such case no order for such sale shall issue for six (6) months after the date of judgment; likewise nothing in this title or in Sections 10 and 11 of Title 42 of the Oklahoma Statutes, shall be construed to prevent a mortgagor, in a mortgage transaction not involving a consumer loan as said term is defined in Section 3-104 of Title 14A of the Oklahoma Statutes, from mortgaging and assigning the rents and profits from the mortgaged real property as additional security for the debts secured by the mortgage, without regard to whether such assignment provides for the immediate collection, or collection upon a future default of the mortgagor, by the mortgagee, or its successors, assigns or agents, of the rents and profits so assigned as the same become due; provided that nothing herein shall be construed to impair the right under other law of the mortgagee to obtain the appointment of a receiver or to become a mortgagee in possession nor does this provision determine the priority of a mortgagee to rents and profits from the mortgaged property. Any mortgagee taking an assignment of rents and profits as described above shall have the obligation to account and pay to the mortgagor regarding any rents and profits actually collected pursuant to such assignment, which are not applied on the indebtedness owing to the mortgagee; however, the mortgagee shall not be deemed to have other fiduciary obligations to the mortgagor resulting from such assignment or be deemed to be in possession of the mortgaged real property, unless the mortgagee also enters into continued physical possession of the mortgaged real property and exercises exclusive operating control of the mortgaged real property.
B. This section shall not apply to mortgages 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.
R.L. 1910, § 4016; Laws 1979, c. 41, § 1; Laws 1986, c. 319, § 11, eff. Nov. 1, 1986.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-4.1. Mortgages securing extension of credit made primarily for agricultural purposes - Waiver of appraisement - Assignment of rents and profits as additional security.

The provisions of this section shall only apply to mortgages 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. Every instrument substantially the same as the above shall be deemed a good and valid mortgage, with all contracts and covenants essential to protect the rights of the holder thereof; but any further lawful contract embodied therein shall be binding upon the parties thereto; and when the words, "and waive the appraisement" are written or printed therein, the premises mortgaged must be sold without appraisement, in case of foreclosure and sale thereunder, and in such case no order for such sale shall issue for six (6) months after the date of judgment; likewise nothing in this title or in Sections 10 and 11 of Title 42 of the Oklahoma Statutes shall be construed to prevent a mortgagor, in a mortgage transaction not involving a consumer loan as defined in Section 3-104 of Title 14A of the Oklahoma Statutes, from mortgaging and assigning the rents and profits from the mortgaged real property as additional security for the debts secured by the mortgage, where such assignment (i) is made contemporaneously with the execution of the mortgage, either as a provision therein or by separate instrument, and (ii) covers a lease or leases then existing or thereafter executed, including renewals or extension thereof or substitutes therefor, which cover all or any part of the mortgaged real property, and (iii) is an assignment not conditioned upon a future default by the mortgagor, and (iv) provides for the immediate collection by the mortgagee, or its successors, assigns or agents, of the rents and profits so assigned as the same become due. Any mortgagee taking an assignment of rents and profits as described above shall have the obligation to account and pay to the mortgagor regarding any rents and profits actually collected pursuant to such assignment, which are not applied on the indebtedness owing to the mortgagee; however, the mortgagee shall not be deemed to have other fiduciary obligations to the mortgagor resulting from such assignment or be deemed to be in possession of the mortgaged real property, unless the mortgagee also enters into continued physical possession of the mortgaged real property and exercises exclusive operating control of the mortgaged real property.
Added by Laws 1986, c. 319, § 12, eff. Nov. 1, 1986. Amended by Laws 1987, c. 107, § 1, eff. Nov. 1, 1987.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-5. Mortgage follows property passing by succession or will.

When real property, subject to a mortgage, passes by succession or will, the successor or devisee must satisfy the mortgage out of his own property, without resorting to the executor or administrator of the mortgagor, unless there is an express direction in the will of the mortgagor that the mortgage shall be otherwise paid.
R.L. 1910, § 4017.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-8. Grant intended as mortgage recorded as mortgage.

Every grant of real property, or of any estate therein, which appears by any other writing, to be intended as a mortgage within the meaning of this chapter, must be recorded as a mortgage; and if such grant and other writing explanatory of its true character are not recorded together at the same time and place, the grantee can derive no benefit from such record.
R.L. 1910, § 4020.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-10. Separate instrument recorded.

Every instrument explanatory of any deed or other writing purporting to be a conveyance but intended to be defeasible or as security for the payment of money, shall be deemed a part thereof, and must be filed and recorded therewith; and unless such instruments are so filed and recorded together, they and each of them shall have no other effect than an unrecorded mortgage, and the recording of the principal instrument shall secure no rights to the holder thereof.
R.L. 1910, § 1157.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-11. Defeasance must be recorded.

When a grant of real property purports to be an absolute conveyance, but is intended to be defeasible on the performance of certain conditions, such grant is not defeated or affected as against any person other than the grantee or his heirs or devisees or persons having actual notice, unless an instrument of defeasance, duly executed and acknowledged, shall have been recorded in the office of the register of deeds of the county where the property is situated.
R.L. 1910, § 4021.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-12. Assignment - Unrecorded - Payment.

In cases where assignments of real estate mortgages are made after the passage of this act, if such assignments are not recorded, the mortgagor, his heirs, personal representatives, or assigns, may pay all matured interest or the principal debt secured thereby, prior to the recording of such assignment to the mortgagee, or if any assignment of such mortgage has been made that duly appears of record, then such payment may be made to the last assignee whose assignment is recorded in accordance with the provisions of this act, and such payment shall be effectual to extinguish the debt secured by such mortgage and all claims against such mortgagor, his heirs, personal representatives, and assigns, for or on account of such interest or such principal indebtedness; and no transfer of any note, bond or other evidence of indebtedness, by endorsement or otherwise, where such indebtedness is secured by mortgage on real estate within this state, shall prevent or operate to defeat the defense of payment of such interest or principal by the mortgagor, his heirs, personal representatives, or assigns, where such payment has been made to the mortgagee or to the assignee whose assignment appears last of record under the provisions of this act: Provided, however, that in all such cases the assignee who may hold such unrecorded assignment shall have a right of action against his assignor to recover the amount of any such payment of interest or principal made to such assignor as upon an account for money had and received for the use of such assignee: Provided, this section applies only to mortgages which have been on record six (6) months or more.
Laws 1931, p. 207, § 1.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-13. Assignments of existing mortgages - Recording within four months - Mortgages on record for six months.

All assignments of mortgages at present existing, bearing date prior to the taking effect of this act, shall within four (4) months next succeeding the taking effect of this act be recorded in the proper county of this state, in accordance with the provisions of Section 1, of this act, whether such assignments be acknowledged or not, and in case such assignments are not recorded within the time herein provided, the payment of any interest or principal on the debts secured by such mortgages to the mortgagees or the assignees whose assignments appear last of record after the expiration of the time herein provided, and before the recording of such assignments, shall be and constitute a complete defense to any action on such mortgage or note or other evidence of indebtedness secured thereby as against the mortgagor, his heirs, personal representatives, or assigns: Provided, however, that the last assignee of an unrecorded assignment shall have a right of action against the assignor to whom such interest or principal is paid; and provided further, that where the mortgagor, his heirs, personal representatives, or assigns have actual notice or knowledge of such assignment or transfer, then in such case such payment shall constitute no defense, and none of the provisions of this act shall apply. Provided, this section applies only to mortgages which have been on record six (6) months or more.
Laws 1931, p. 208, § 2.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-15. Holder must release - Penalty - Definitions.

A. Any mortgage or judgment lien on real estate shall be released by the holder of any such mortgage or judgment lien within thirty (30) days of the payment of the debt secured by the mortgage or judgment lien and the holder of the mortgage or judgment lien shall file the release of the mortgage or judgment lien with the county clerk where the mortgage or judgment lien is recorded. If, at the end of the thirty-day period, the holder has failed to release the mortgage or judgment lien, the mortgagor or debtor, or the agent representing the mortgagor or debtor, may at any time request in writing the holder of the mortgage or judgment lien to release the mortgage or judgment lien and the holder of the mortgage or judgment lien shall have ten (10) days from the date of the request to release such mortgage or judgment lien. If the holder of the mortgage or judgment lien fails to release the mortgage or judgment lien by the end of such ten-day period, the mortgage or judgment lien holder shall then forfeit and pay to the mortgagor or debtor a penalty of one percent (1%) of the principal debt not to exceed One Hundred Dollars ($100.00) per day each day the release is not recorded after the ten-day period has expired and the penalty may be recovered in a civil action in any court having jurisdiction thereof, but the request for the release shall be in writing and describe the mortgage or judgment lien and premises with reasonable certainty. Provided that, the total penalty shall not exceed one hundred percent (100%) of the total principal debt.
B. A title insurance company attorney may bring action on behalf of the mortgagor or debtor to recover the penalty described in subsection A of this section.
C. For purposes of this section:
1. "Mortgagor" shall include any subsequent purchaser of the mortgaged real estate; and
2. "Title insurance company" shall mean a corporation or other business entity authorized and licensed to transact business of insuring titles to interests in real property in this state.
R.L. 1910, § 4023. Amended by Laws 1977, c. 156, § 2, eff. Oct. 1, 1977; Laws 1978, c. 92, § 1, eff. Oct. 1, 1978; Laws 1987, c. 4, § 1, eff. Nov. 1, 1987; Laws 2015, c. 175, § 1, eff. Nov. 1, 2015; Laws 2016, c. 210, § 19, emerg. eff. April 26, 2016; Laws 2021, c. 250, § 1, eff. Nov. 1, 2021.
NOTE: Laws 2015, c. 177, § 1 repealed by Laws 2016, c. 210, § 20, emerg. eff. April 26, 2016.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-16. How released.

A mortgage on real property may be released by written instrument, duly signed and acknowledged and recorded in the office of the county clerk as register of deeds.
R.L. 1910, § 4024; Laws 1953, p. 178, § 1; Laws 1977, c. 156, § 3, eff. Oct. 1, 1977; Laws 1978, c. 92, § 2, eff. Oct. 1, 1978.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-18. Certificate of county treasurer.

The Secretary of State shall not receive for record or for filing any mortgage, deed of trust or instruments supplementary thereto or amendatory thereof, described and covered in Section 1 hereof, unless and until the same has thereon the certificate of a county treasurer that the same has been presented to him under the provisions of the Real Estate Mortgage Tax Law, Title 68, Sections 1171 - 1182, O.S.1961, and that any real estate mortgage tax, if any is due, has been paid or that none is due thereon, as the case may be.
Laws 1963, c. 359, § 2.
2023 Oklahoma Statutes › Title 46. Mortgages › §46-19. Definitions.

As used in this act:
1. "Buyer" means a person who purchases property through financing, in whole or in part, by a loan secured by the property;
2. "Mortgagee" means a person who provides financing, in whole or in part, to a buyer for the purchase of property and the financing is secured by the property;
3. "Person" means an individual, partnership, corporation, trust or other legal entity;
4. "Property" means real property which is either improved property or unimproved property which is purchased through financing by a loan for construction; and
5. "Title protection document" means a lawyer's title opinion letter, a title certificate, a title insurance policy or other written assurance as to the state of the title to property.
Laws 1979, c. 166, § 1.
2023 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; and
2. 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.
2023 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.
2023 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; and
7. 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.
2023 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; and
7. "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.
2023 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.
2023 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.
2023 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; and
2. 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.
2023 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.
2023 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.
2023 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.
2023 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; and
9. "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.
2023 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.
2023 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, and
b.
The Form 1099 issued by the financial institution for such account; and
3. 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.
2023 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; or
4. 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; or
3. 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.
2023 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), and
b.
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.
2023 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.; or
3. 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.
2023 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; and
3. 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.
2023 Oklahoma Statutes › Title 47. Motor Vehicles › §47-1-101. Definition of words and phrases.

The following words and phrases when used in this title shall, for the purpose of this title, have the meanings respectively ascribed to them in this chapter, except when the context otherwise requires or other definitions are provided. Section captions are a part of this chapter.
Added by Laws 1961, p. 315, § 1-101, eff. Sept. 1, 1961. Amended by Laws 1981, c. 295, § 1, emerg. eff. June 29, 1981.
2023 Oklahoma Statutes › Title 47. Motor Vehicles › §47-1-101.1. Ancient vehicle.

Ancient vehicle.
A motor vehicle owned by a resident of this state, which is thirty (30) years of age or older, based upon the date of manufacture thereof, and which travels on highways of this state primarily incidental to historical or exhibition purposes only.
Added by Laws 1985, c. 305, § 12, emerg. eff. July 24, 1985.
2023 Oklahoma Statutes › Title 47. Motor Vehicles › §47-1-103. Authorized emergency vehicles - Equipment.

A. When equipped as prescribed in subsection B of this section:
1. Vehicles of fire departments;
2. Ambulances or vehicles specified pursuant to subsection B of Section 1-2512 of Title 63 of the Oklahoma Statutes of licensed ambulance service providers;
3. State vehicles of law enforcement agencies;
4. County vehicles of sheriffs and full-time commissioned deputies and vehicles designated by the sheriff for support of the sheriff’s office including privately owned vehicles driven by the sheriff and full-time, part-time and reserve commissioned deputies; provided the audible sirens and flashing red lights equipped on such privately owned vehicles are used only in a law enforcement capacity and in the course of duty;
5. Municipal vehicles of police departments;
6. Vehicles owned and operated by the United States Marshals Service or the Federal Bureau of Investigation;
7. Vehicles of Oklahoma National Guard units designated by the Adjutant General for support to civil authorities; or
8. Vehicles owned and operated by any local organization for emergency management as defined by Section 683.3 of Title 63 of the Oklahoma Statutes,
are authorized emergency vehicles.
B. All vehicles prescribed in subsection A of this section shall be equipped with sirens capable of giving audible signals as required by the provisions of Section 12-218 of this title and flashing red lights as authorized by the provisions of Section 12-218 of this title.
Added by Laws 1961, p. 315, § 1-103, eff. Sept. 1, 1961. Amended by Laws 1976, c. 284, § 1, emerg. eff. June 17, 1976; Laws 1983, c. 220, § 1, eff. Nov. 1, 1983; Laws 1984, c. 29, § 1, eff. Nov. 1, 1984; Laws 1987, c. 74, § 1, eff. Nov. 1, 1987; Laws 1991, c. 167, § 1, eff. July 1, 1991; Laws 2003, c. 329, § 58, emerg. eff. May 29, 2003; Laws 2005, c. 190, § 6, eff. Sept. 1, 2005; Laws 2007, c. 120, § 2, eff. Nov. 1, 2007.
2023 Oklahoma Statutes › Title 47. Motor Vehicles › §47-1-103.1. Automobile.

Automobile.
Every motor vehicle of the type constructed and used for the transportation of persons for purposes other than for hire or compensation. This shall include all vehicles of the station wagon type whether the same are called station wagons, or ranch wagons, van wagons, except those used for commercial purposes, suburbans, town and country, or by any other name, except when owned and used as a school bus or motor bus by a school district or a religious corporation or society as elsewhere provided by law.
Added by Laws 1985, c. 305, § 13, emerg. eff. July 24, 1985.
2023 Oklahoma Statutes › Title 47. Motor Vehicles › §47-1-103.2. Autocycle.

Autocycle.
A. An autocycle is any motor vehicle having:
1. A seat or saddle for the use of each rider;
2. Three wheels in contact with the ground, but excluding a tractor;
3. A combustion engine or an electric motor:
a.
if the power source is a combustion engine, an engine with a piston or rotor displacement of one hundred fifty cubic centimeters (150 cc) or greater, or
b.
if the power source is an electric motor, a power source capable of producing one thousand (1,000) watts or greater;
4. For each occupant, safety belts or safety shoulder harnesses which shall be of a type and shall be installed pursuant to 49 C.F.R., Section 571.208 et seq.; and
5. All equipment required by the provisions of Article II et seq. of Chapter 12 of this title, with respect to equipment on vehicles.
B. An autocycle shall be registered as a motor vehicle.
C. The operator of an autocycle shall not be required to have an "M" endorsement on the Class D License pursuant to Section 6-110.1 of this title.
Added by Laws 2015, c. 148, § 1, eff. Nov. 1, 2015. Amended by Laws 2016, c. 223, § 1, eff. Nov. 1, 2016; Laws 2023, c. 169, § 1, eff. Nov. 1, 2023.
2023 Oklahoma Statutes › Title 47. Motor Vehicles › §47-1-104. Bicycle, electric-assisted bicycle, and motorized bicycle.

A. A bicycle is a device upon which any person or persons may ride, propelled solely by human power through a belt, chain, or gears, and having two or more wheels, excluding mopeds.
B. An electric-assisted bicycle is any bicycle with:
1. Two or three wheels; and
2. Fully operative pedals for human propulsion and equipped with an electric motor with a power output of not more than seven hundred fifty (750) watts that meets the requirements of one of the following three classes:
a.
"Class 1 electric-assisted bicycle" shall mean an electric-assisted bicycle equipped with a motor that provides assistance only when the rider is pedaling, and that ceases to provide assistance when the bicycle reaches the speed of twenty (20) miles per hour,
b.
"Class 2 electric-assisted bicycle" shall mean an electric-assisted bicycle equipped with a motor that may be used exclusively to propel the bicycle, and that is not capable of providing assistance when the bicycle reaches the speed of twenty (20) miles per hour, and
c.
"Class 3 electric-assisted bicycle" shall mean an electric-assisted bicycle equipped with a motor that provides assistance only when the rider is pedaling, and that ceases to provide assistance when the bicycle reaches the speed of twenty-eight (28) miles per hour.
An electric-assisted bicycle shall meet the manufacturing and equipment requirements adopted by the Consumer Product Safety Commission for bicycles and shall operate in such a manner that the electric motor disengages or ceases to function when the rider stops pedaling or the brakes are applied.
C. A motorized bicycle is any bicycle having:
1. Fully operative pedals for propulsion by human power;
2. A power drive system that functions directly or automatically without clutching or shifting by the operator after the drive system is engaged; and
3. A combustion engine with a piston or rotor displacement of eighty (80 cu cm) cubic centimeters or less, regardless of the number of chambers in the engine, which is capable of propelling the bicycle at a maximum design speed of not more than thirty-five (35) miles per hour on level ground.
D. As used in this title, the term "bicycle" shall include tricycles, quadcycles, or similar human-powered devices, electric-assisted bicycles, and motorized bicycles unless otherwise specifically indicated.
Added by Laws 1961, p. 315, § 1-104, eff. Sept. 1, 1961. Amended by Laws 2003, c. 411, § 1, eff. Nov. 1, 2003; Laws 2004, c. 521, § 1, eff. Nov. 1, 2004; Laws 2006, c. 173, § 1, eff. July 1, 2006; Laws 2007, c. 330, § 1; Laws 2012, c. 319, § 1, eff. Nov. 1, 2012; Laws 2019, c. 43, § 1, eff. Nov. 1, 2019.
2023 Oklahoma Statutes › Title 47. Motor Vehicles › §47-1-105. Bus.

"Bus" shall mean every motor vehicle designed for carrying more than eight passengers and used for the transportation of persons; and every motor vehicle designed and used for the transportation of persons for compensation. As used in this section, "Bus" shall not include a vehicle authorized for use pursuant to the Oklahoma Transportation Network Company Services Act as defined in Section 1011 of this title.
Added by Laws 1961, p. 316, § 1-105. Amended by Laws 2017, c. 122, § 1, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 47. Motor Vehicles › §47-1-106. Business district.

The territory contiguous to and including a highway when within any six hundred (600) feet along such highway there are buildings in use for business or industrial purposes, including but not limited to hotels, banks, or office buildings, railroad stations and public buildings which occupy at least three hundred (300) feet of frontage on one side or three hundred (300) feet collectively on both sides of the highway.
Laws 1961, p. 316, § 1-106.
2023 Oklahoma Statutes › Title 47. Motor Vehicles › §47-1-107. Cancellation of driver license.

The annulment or termination by formal action of Service Oklahoma of a person's driver license because of some error or defect in the license or because the licensee is no longer entitled to such license, but the cancellation of a license is without prejudice and application for a new license may be made at any time after such cancellation.
Laws 1961, p. 316, § 1-107. Amended by Laws 2022, c. 282, § 23, emerg. eff. May 19, 2022.