{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-3639.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-3639.3","heading":"Homeowner coverage as condition of financing – Amount","body":"not to exceed replacement value - Definitions.\n\nA. No lender, as a condition of financing a residential\n\nmortgage or providing other financing arrangements for residential\n\nproperty, including a mobile or manufactured home, may require a\n\nborrower to purchase homeowner insurance coverage, mobile or\n\nmanufactured home insurance coverage, dwelling fire coverage, or\n\nother residential property coverage in an amount that exceeds the\n\nreplacement value of the dwelling and its contents, regardless of\n\nthe amount of the mortgage or other financing arrangement entered\n\ninto by the borrower. As used in this section, “replacement value”\n\nshall not include the cleanup costs or the value of outbuildings if\n\nthe limits of coverage are separate from the dwelling limits\n\ncoverage.\n\nB. A lender may not include the fair market value of the land\n\non which a dwelling is located in the replacement value of the\n\ndwelling and its contents.\n\nC. A lender may accept the value of the dwelling determined by\n\nthe insurer, or use the value placed on the dwelling that is\n\ndetermined by an appraisal of the real property by the lender to\n\ndetermine the replacement value.\n\nD. As used in this section:\n\n1. \"Lender\" means any person, partnership, corporation,\n\nassociation, or other entity, or any agent, loan agent, servicing\n\nagent, or any loan or mortgage broker, who lends money and receives\n\nor otherwise acquires a mortgage, lien, deed of trust, or any other\n\nsecurity interest in or upon any real or personal property as\n\nsecurity for such loan; and\n\n2. \"Borrower\" means any person, partnership, corporation,\n\nassociation, or other entity, who has or acquires a legal or\n\nequitable interest in real or personal property which is or becomes\n\nsubject to a mortgage, lien, security agreement, deed of trust, or\n\nother security instrument.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"6a71bda8381543154803732d0b7d40d6f1eda18061a5cc698f2ba68d09687cc6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-3639.2","next":"us-ok/okla.-stat.-tit.-36-36-364"},"notice":"GroundRules: Original legal text. Not legal advice."}