§16-303. Qualifications — Application.

264 words·~1 min read·/ok/title-16-conveyances/16-303

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A service agreement is unfair under this act if any part of the service subject to the agreement is not to be performed within one

(1)year after the time it is entered into or automatically renews after a one

(1)year agreement timeframe and has any of the following characteristics:

1. Purports to run with the land or to be binding on future owners of interests in the real property;

2. Allows for assignment of the right to provide service without notice to and consent of the owner of residential real estate; or

3. Purports to create a lien, encumbrance, or other real property security interest.

B. This act does not apply to:

1. A home warranty or similar product that covers the cost of maintenance of a major home system, such as plumbing, HVAC or electrical wiring for a fixed period;

2. An insurance contract;

3. An option or right of refusal to purchase the residential real estate;

4. A declaration created in the formation of a common-interest community or an amendment thereto;

5. A maintenance or repair agreement entered by an owners' association in a common-interest community;

6. A mortgage loan or a commitment to make or receive a mortgage loan;

7. A security agreement under the Uniform Commercial Code relating to the sale or rental of personal property or fixtures; or

8. Water, sewer, electrical, telephone, cable, or other regulated utility service providers.

C. This act does not impair any lien right granted pursuant to Oklahoma law. Added by Laws 2024, c. 148, § 3, eff. Nov. 1, 2024.