As used in this act:

1. "Account holder" means an individual who establishes, individually or jointly with one or more other individuals, a home buyer savings account as defined in this act;

2. "Allowable closing costs" means a disbursement listed on a settlement statement for the purchase of a single-family residence in Oklahoma by a qualified beneficiary;

3. "Eligible costs" means the down payment and allowable closing costs for the purchase of a single-family residence in this state by a qualified beneficiary;

4. "Financial institution" means any bank, trust company, savings institution, industrial loan association, consumer finance company, credit union, or any benefit association, insurance company, safe deposit company, money market mutual fund, or similar entity authorized to do business in this state;

5. "Home buyer" means an individual who resides in this state and has never purchased, either individually or jointly, a single-family residence in the State of Oklahoma;

6. "Home buyer savings account" or "account" means an account with a financial institution that an account holder designates as a home buyer savings account on the account holder's Oklahoma income tax return for tax year 2020 or any tax year thereafter, pursuant to this act for the purpose of paying or reimbursing eligible costs for the purchase of a single-family residence in this state by a qualified beneficiary;

7. "Qualified beneficiary" means a home buyer who is designated as the qualified beneficiary of an account designated by the account holder as a home buyer savings account;

8. "Settlement statement" means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. 2601 et seq., as amended, and regulations thereunder; and

9. "Single-family residence" means a single-family residence owned and occupied by a qualified beneficiary as the qualified beneficiary's principal residence, which may include a manufactured home, trailer, mobile home, condominium unit, or cooperative.

Added by Laws 2019, c. 186, § 2, eff. Jan. 1, 2020.