Oklahoma § 36-3639.3 - Homeowner coverage as condition of financing – Amount
Full text of Oklahoma Oklahoma Statutes § 36-3639.3 — Homeowner coverage as condition of financing – Amount, with citation guidance and answers to common questions.
§ 36-3639.3. Homeowner coverage as condition of financing – Amount
not to exceed replacement value - Definitions.
A. No lender, as a condition of financing a residential
mortgage or providing other financing arrangements for residential
property, including a mobile or manufactured home, may require a
borrower to purchase homeowner insurance coverage, mobile or
manufactured home insurance coverage, dwelling fire coverage, or
other residential property coverage in an amount that exceeds the
replacement value of the dwelling and its contents, regardless of
the amount of the mortgage or other financing arrangement entered
into by the borrower. As used in this section, “replacement value”
shall not include the cleanup costs or the value of outbuildings if
the limits of coverage are separate from the dwelling limits
coverage.
B. A lender may not include the fair market value of the land
on which a dwelling is located in the replacement value of the
dwelling and its contents.
C. A lender may accept the value of the dwelling determined by
the insurer, or use the value placed on the dwelling that is
determined by an appraisal of the real property by the lender to
determine the replacement value.
D. As used in this section:
Oklahoma Statutes - Title 36. Insurance
1. "Lender" means any person, partnership, corporation,
association, or other entity, or any agent, loan agent, servicing
agent, or any loan or mortgage broker, who lends money and receives
or otherwise acquires a mortgage, lien, deed of trust, or any other
security interest in or upon any real or personal property as
security for such loan; and
2. "Borrower" means any person, partnership, corporation,
association, or other entity, who has or acquires a legal or
equitable interest in real or personal property which is or becomes
subject to a mortgage, lien, security agreement, deed of trust, or
other security instrument.
Added by Laws 2004, c. 87, § 1, eff. Nov. 1, 2004.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 36-3639.3
What does Oklahoma Statutes § 36-3639.3 cover?
Section 36-3639.3 ("Homeowner coverage as condition of financing – Amount") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 36-3639.3?
A common citation format is "Oklahoma Statutes § 36-3639.3" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 36-3639.3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.