Oklahoma 2022 Regular Session

Oklahoma House Bill HB2501 Compare Versions

Version 1 (Old)

Version 2 (New)

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	30	+	March 23, 2021
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3	34		BILL NO. 2501 By: Culver and Frix of the
4	35		House
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6	37		and
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8	39		Bullard of the Senate
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14	45		An Act relating to abstracting; amending 1 O.S. 2011,
15	46		Sections 21 and 43, as amended by Section 1, Chapter
16	47		148, O.S.L. 2017 (1 O.S. Supp. 2020, Section 43) ,
17	48		which relate to the Oklahoma Abstractors Act; adding
18	49		definition; modifying retention and release of
19	50		abstract; and providing an effective date .
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24		-	SUBJECT: Abstracting
25		-
26	55		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA :
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28	56		SECTION 1. AMENDATORY 1 O .S. 2011, Section 21, is
29	57		amended to read as follows:
30		-
31	58		Section 21. As used in the Oklahoma Abstractors Act:
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33	59		1. "Abstract of title" is a compilation in orderly arrangement
34	60		of the materials and facts of re cord, in the office of the county
35	61		clerk and court clerk, affecting the title to a specific tract of
36	62		land issued pursuant to a certificate certifying to the matters
37	63		therein contained;
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39	64		2. "Abstract plant" shall consist of a set of records in which
40	65		an entry has been made of all documents or matters which legal ly
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41	93		impart constructive notice of matters affecting title to real
42	94		property, any interest therein or encumbrances thereon, which are
43	95		filed, recorded and currently available for reproduction in the
44	96		offices of the county clerk and the court clerk in the county for
45	97		which such abstract plant is maintained. Such records shall consist
46		-	of: ENR. H. B. NO. 2501 Page 2
47		-
	98	+	of:
48	99		a. an index in which notations of or references to any
49	100		documents that describe the property affected are
50	101		included, according to the property described or in
51	102		which copies or brief s of all such documents that
52	103		describe the property affected are sorted and filed
53	104		according to the property described, which is compiled
54	105		from the instruments of record affecting real property
55	106		in the county offices and not copied or reproduced
56	107		from any county index;, and
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58	108		b. an index or files in which all other documents,
59	109		pending suits affecting real property and liens,
60	110		except ad valorem taxes and special assessments, are
61	111		posted, entered, or otherwise includ ed, according to
62	112		the name of the parties whose title to real property
63	113		or any interest therein or encumbrances thereon is
64	114		affected, which is compiled from the instruments of
65	115		record affecting real property in the county offices
66	116		and not copied from any county index;
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68	144		3. "Abstract license" is the authorization f or a person working
69	145		for a holder of a certificate of authority to search and remove from
70	146		county offices county records, summarize or compile copies of such
71	147		records, and issue the abstract of title;
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73	148		4. "Act" or "Oklahoma Abstractors Law" means the Oklahoma
74	149		Abstractors Act;
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76	150		5. "Board" means the Oklahoma Abstractors Board;
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78	151		6. "Certificate of authority " is the authorization to engage in
79	152		the business of abstracting in a county in this state, granted to a
80	153		person, firm, corporation, or other entity, by the Okla homa
81	154		Abstractors Board;
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83	155		7. "Permit" is the authorization to build an abstract plant in
84	156		a specific county; and
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86	157		8. "State Auditor and Inspector ", for the purposes of the
87	158		Oklahoma Abstractors Act, means t he Oklahoma Abstractors Board; and
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89	159		9. "Authorized agent" or "representative" of a current owner or
90	160		insured means a real estate broker, real estate agent, lender,
91		-	attorney, title insurer, title insurance agent, escrow agent, or ~~ENR. H. B. NO. 2501 Page 3~~
	161	+	attorney, title insurer, title insurance agent, escrow agent or
92	162		other duly appointed agent of the current owner or insured under a
93	163		policy of title insurance authorized to act on behalf of such
94	164		current owner or insured in a current transaction .
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96	165		SECTION 2. AMENDATORY 1 O.S. 2011, Section 43, as
97	166		amended by Section 1, Chapter 148, O.S.L. 2017 (1 O.S. Supp. 2020,
98	167		Section 43), is amended to read as follows:
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100	195		Section 43. A purchaser of real property shall have the
101	196		opportunity to retain possession of the abstract for the property
102	197		being purchased. The purchaser shall be notified a bout the option
103	198		to retain possession at the schedule d closing; however, if a
104	199		contractual obligation to a mortgage company requires retention of
105	200		the abstract by that mortgage company, then the purchaser shall have
106	201		an opportunity to take possession of the ab stract upon complete
107	202		performance of the contractual obligations. If a duly licensed
108	203		abstract company is holding or storing the abstract, upon written
109	204		request from the owner or another party the authorized agent of the
110	205		owner, pursuant to a current transact ion, the licensed abstractor
111	206		shall release the abstr act without unnecessary delay. All licensed
112	207		abstractors and certificate of authority holders who refuse to do so
113	208		shall be subject to the following:
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115	209		1. A civil penalty to the requesting party of not less than One
116	210		Hundred Dollars ($100.00) and not more tha n One Thousand Dollars
117	211		($1,000.00) for each occurrence;
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119	212		2. Liability in any action for damages, loss or injury suffered
120	213		or incurred by any person by reason of failure to deliver the
121	214		abstract pursuant to the provisions of this section. Any civil
122	215		judgment rendered pursuant to this paragraph may be enforced in the
123	216		same manner in which other civil judgments may be enforced; and
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125	217		3. Any administrative penalties and fines enforced by the
126	218		Oklahoma Abstractors B oard.
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128	246		SECTION 3. This act shall bec ome effective November 1, 2021.
129		-	ENR. H. B. NO. 2501 Page 4
130		-	Passed the House of Representatives the 8th day of March, 2021.
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135		-	Presiding Officer of the House
136		-	of Representatives
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139		-	Passed the Senate the 21st day of April, 2021.
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144		-	Presiding Officer of the Senate
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148		-	OFFICE OF THE GOVERNOR
149		-	Received by the Office of the Governor this ____________________
150		-	day of ___________________, 20_______, at _______ o'clock _______ M.
151		-	By: _________________________________
152		-	Approved by the Governor of the S tate of Oklahoma this _________
153		-	day of ___________________, 20_______, at _______ o'clock _______ M.
154		-
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156		-	_________________________________
157		-	Governor of the State of Oklahoma
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159		-	OFFICE OF THE SECRETARY OF STATE
160		-	Received by the Office of the Secretary of State this __________
161		-	day of ___________________, 20_______, at _______ o'clock _______ M.
162		-	By: _________________________________
163		-
	247	+	COMMITTEE REPORT BY: COMMITTEE ON JUDICIARY
	248	+	March 23, 2021 - DO PASS