§ 19-460.5. Application - Loans - Property lien.

A.  The Oklahoma Energy Independence Act shall apply to developed property on which property taxes are paid and on which the owners of the property are current in the payment of the property taxes.

B.  The repayment of any loan made pursuant to the Oklahoma Energy Independence Act shall be upon such terms as may be agreed to by the property owner and the County Energy District Authority.

C.  Any loan made pursuant to the Oklahoma Energy Independence Act shall constitute a lien on the property which is the subject of the loan only upon the recording of a mortgage covering the property in the office of the county clerk.  Any mortgage securing a loan shall be junior and inferior to all previously recorded liens or mortgages of any kind.  The exclusive method of enforcing a lien for failure to repay any loan made pursuant to the Oklahoma Energy Independence Act shall be by judicial or nonjudicial foreclosure as provided by law.

D.  Only appliances or improvements that are permanently affixed to the property shall be eligible for financing pursuant to the Oklahoma Energy Independence Act.

Added by Laws 2009, c. 122, § 5, emerg. eff. April 28, 2009.  Amended by Laws 2011, c. 275, § 1, eff. Nov. 1, 2011.