Okla. Stat. tit. 63, § 63-2903
This is the official text of Okla. Stat. tit. 63, § 63-2903, part of Oklahoma’s Stat. tit. 63, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 63,." Browse the sections below, each linked to its official government source.
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Lien against property - Foreclosure - Repayment of loan
Official statutory text
A. The State of Oklahoma through the Department shall have a
lien against the property on which the work is being performed for
the amount of the loan plus interest thereon. The Department shall
record a notice of lien with the county clerk where the property is
located. A delinquent installment of the loan may be foreclosed by
the Department and the property concerned shall be sold in the
manner provided for foreclosures of mortgages on land. Any real
estate sold under any order, judgment or decree of court to satisfy
the lien may be redeemed by the owner or his assignee at any time
within one (1) year of the date of the sale by paying to the
purchaser thereof or his assignee the amount paid with interest from
the date of purchase at the rate of twelve percent (12%) per year.
B. Repayment of each loan shall be determined according to a
repayment schedule determined by the Department.
C. Repayment of the loan may be deferred until that time when
the loan recipient sells the property or ownership is transferred.
In such cases where a loan has not been repaid after ten (10) years,
another ten-year extension shall be granted if the loan recipient or
the surviving spouse is still the owner-occupier of the residence.
Such extensions shall be granted until such time when the property
is transferred from the loan recipient or the surviving spouse to
another party.
D. Loan repayments shall be made to the Oklahoma Department of
Commerce and shall be deposited in the Energy Conservation Loan
Fund.
lien against the property on which the work is being performed for
the amount of the loan plus interest thereon. The Department shall
record a notice of lien with the county clerk where the property is
located. A delinquent installment of the loan may be foreclosed by
the Department and the property concerned shall be sold in the
manner provided for foreclosures of mortgages on land. Any real
estate sold under any order, judgment or decree of court to satisfy
the lien may be redeemed by the owner or his assignee at any time
within one (1) year of the date of the sale by paying to the
purchaser thereof or his assignee the amount paid with interest from
the date of purchase at the rate of twelve percent (12%) per year.
B. Repayment of each loan shall be determined according to a
repayment schedule determined by the Department.
C. Repayment of the loan may be deferred until that time when
the loan recipient sells the property or ownership is transferred.
In such cases where a loan has not been repaid after ten (10) years,
another ten-year extension shall be granted if the loan recipient or
the surviving spouse is still the owner-occupier of the residence.
Such extensions shall be granted until such time when the property
is transferred from the loan recipient or the surviving spouse to
another party.
D. Loan repayments shall be made to the Oklahoma Department of
Commerce and shall be deposited in the Energy Conservation Loan
Fund.
Status: in_force · Read it on the official government site
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