Late Tuesday, Senate Bill 291 was added to the House Floor calendar and could possibly be heard today or Thursday. SB 291 is a bad bill for banking!
This bill makes the necessary changes to allow Green-Energy PACE Home Loans. These loans are currently under scrutiny from federal regulators and Congress. Current Oklahoma law states that these loans are junior to all previously recorded liens or mortgages. SB291 would change the law and instead elevate these loans to tax lien priority, thereby jumping ahead of an existing mortgage loan. A delinquency of payment on the energy loan would be treated just like a tax delinquency.
Please contact Majority Floor Leader Jon Echols’ office (contact information below) and ask him not to hear SB291.