Okla. Stat. tit. 36, § 36-3639.3
This is the official text of Okla. Stat. tit. 36, § 36-3639.3, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Homeowner coverage as condition of financing – Amount
Official statutory text
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 Page 816
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.
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 Page 816
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.
Status: in_force · Read it on the official government site
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