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.

Structure Oklahoma Statutes

Oklahoma Statutes

Title 46. Mortgages

§46-1. Absolute deed as mortgage.

§46-1.1. Deed of trust subject to mortgage laws.

§46-2. Conveyance by holder of deed intended as security as assignment.

§46-3. Form of mortgage.

§46-4. Further agreements - Foreclosure - Waiver of appraisement - Assignment of rents and profits as additional security.

§46-4.1. Mortgages securing extension of credit made primarily for agricultural purposes - Waiver of appraisement - Assignment of rents and profits as additional security.

§46-5. Mortgage follows property passing by succession or will.

§46-6. Formalities similar to deeds.

§46-7. Record is notice.

§46-8. Grant intended as mortgage recorded as mortgage.

§46-10. Separate instrument recorded.

§46-11. Defeasance must be recorded.

§46-12. Assignment - Unrecorded - Payment.

§46-13. Assignments of existing mortgages - Recording within four months - Mortgages on record for six months.

§46-14. Release by attorney.

§46-15. Holder must release - Penalty - Definitions.

§46-16. How released.

§46-17. Mortgages, deeds of trust, etc. made by certain corporations covering real or personal property - Filing in Office of Secretary of State - Refiling - Fees.

§46-18. Certificate of county treasurer.

§46-19. Definitions.

§46-20. Issuance of title protection document - Notice - Waiver.

§46-21. Violation - Penalty.

§46-40. Short title.

§46-41. Scope of act.

§46-42. Definitions.

§46-43. Power of sale - Requirements - Sale procedure - Deficiency - Redemption - Writ of assistance - Foreclosure.

§46-44. Notice of intent to foreclose by power of sale.

§46-45. Notice of sale - Time and place of sale.

§46-46. Sale of property - Postponed, continued, changed or relocated sale.

§46-47. Closing of sale - Deed.

§46-48. Disposition of sale proceeds.

§46-49. Termination of power of sale proceeding.

§46-201. Citation.

§46-202. Indefinite reference to mortgage in subsequent deed or mortgage - Effect.

§46-203. Indefinite reference defined.

§46-204. Application.

§46-301. Foreclosure - Limitations - Cessation of lien - Extension agreements - Notice - Record marketable title - Application of act.

§46-302. Abandoned or vacated property - Motion to protect and preserve - Motion and hearing procedure.

§46-311. Short title - Oklahoma First-Time Home Buyer Savings Account Act.

§46-312. Definitions.

§46-313. Designation of account – Designation of beneficiary.

§46-314. Duties of account holders.

§46-315. Duties and liabilities of financial institutions.

§46-316. Deduction from taxable income – Exclusion from taxable income.

§46-317. Withdrawal of funds for other purposes - Penalty.

§46-318. Oklahoma Tax Commission forms.