Online auctions; prohibiting certain buyer's premium fee. Emergency.
Impact
One significant change introduced by SB1903 is the prohibition of charging a buyer's premium on sales conducted through online auction marketplaces. Instead, costs incurred by the online auction service are capped at a maximum of 1.6% of the selling price, not exceeding $400. These adjustments are significant as they aim to create a more favorable environment for buyers, reducing potential hidden fees associated with property auctions. Ultimately, these changes are positioned to facilitate smoother online auction transactions and improve the legitimacy of such sales.
Summary
Senate Bill 1903 addresses the regulations surrounding online auctions for the sale of goods and chattels in Oklahoma. The bill amends various sections of Oklahoma Statutes to clarify and update the procedures related to levies and the sale of property conducted through online platforms. It emphasizes that written notices of sale must be provided, detailing when and where the sales will occur and stipulating the method for bidding, especially if conducted via an online auction marketplace. This ensures greater transparency and communication with interested parties involved in the auction process.
Sentiment
The sentiment surrounding SB1903 appears favorable, particularly among proponents of greater online market accessibility and transparency. The measure is regarded as a modernization of existing laws that align with contemporary commerce practices, promoting efficiency in property sales and auctions. However, there may be concerns regarding the implications for traditional selling methods and the specifics of enforcement as it shifts parts of established sheriff sale processes to digital platforms.
Contention
Discussion around SB1903 highlighted a few points of contention. Some critics raised concerns about the potential for online platforms to introduce complexities that could disadvantage certain participants who might be less familiar with technology, especially older populations. Additionally, the exclusion of buyer's premiums could lead to debates about the financial viability for auction companies relying on such fees for their services. These discussions indicate a balance that needs to be struck between innovation in auction methods and maintaining accessibility for all potential buyers.
Health care; prohibiting gender transition procedures for children; authorizing certain civil actions and relief; licensure; adding violations and penalties. Emergency.
Motor vehicles; prohibiting manufacturer from denying a claim or implementing chargeback against auto dealer for failure of purchaser of new car to comply with title and registration law. Effective date.
Voter registration; requiring electronic submission of certain requests and applications; prohibiting voter registration services to certain persons. Emergency.
Libraries; clarifying application of certain digital or online library database resource provisions to institutions of higher education. Effective date. Emergency.
Sheriff auctions; online auctions; prohibiting charging of buyer's premium; requiring certain nonelectronic option for bidders; collection of payments; fees. Emergency.
Relating to establishing certain facilitators of sale, lease, or rental transactions as retailers engaged in business in this state for purposes of collection of the use tax.