Oklahoma § 46-312 - Definitions

§ 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;

Oklahoma Statutes - Title 46. Mortgages

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 singlefamily 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.