Oklahoma Senate Bill SB1609

Oklahoma 2022 Regular Session

• Introduced: 2/7/22
• Refer: 2/8/22
• Refer: 2/28/22

Caption

Title to real property; eliminating certain requirements. Effective date.

Impact

The bill modifies the current regulatory framework for title insurance, especially concerning the requirements that title insurers and producers must meet to operate in the state. With specific eliminations of certain examination and certification processes required for title insurers, the legislation is positioned to enhance market efficiency by lowering barriers for entry and operational costs for existing insurers. Advocates believe these changes will promote economic development and provide consumers with more accessible title insurance services in the state.

Summary

Senate Bill 1609 introduces significant amendments related to the title insurance and abstracting industry in Oklahoma. It seeks to streamline processes by amending several sections of the Oklahoma Statutes that govern real property title and abstractor practices. Notably, the bill sunset certain principles of the Oklahoma Abstractors Board Revolving Fund, redistributing any remaining funds to the General Revenue Fund. This change signifies a move towards reducing the operational complexity of title insurance in Oklahoma, aimed at both industry participants and consumers.

Contention

However, the lack of stringent requirements raises concerns regarding oversight and the potential dilution of service quality among title insurers. Critics argue that the amendments may lead to a decline in consumer protection, especially in a field already fraught with complexities surrounding property ownership and claims. The discussions surrounding SB1609 highlighted the balance between fostering economic growth and ensuring necessary regulatory protections are maintained for consumer security.