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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
SENATE BILL 1903 By: Hall
AS INTRODUCED
An Act relating to online auctions; amending 12 O.S.
2021, Section 757, as amended by Section 1, Chapter
326, O.S.L. 2022 (12 O.S. Supp. 2 023, Section 757),
which relates to acceptance of bids; updating
statutory language; updating statutory reference;
allowing for certain buyer ’s premium fee; requiring
certain disclosure; and providing an effective date .
BE IT ENACTED BY THE PEOP LE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 12 O.S. 2021, Section 757, as
amended by Section 1, Chapter 326, O.S.L. 2022 (12 O.S. Supp. 2023,
Section 757), is amended to read as follows:
Section 757. A. 1. No goods or chattels levied upon by an
officer pursuant to an exec ution issued by a co urt of record shall
be sold unless the party causing the execution to be issued:
a. causes a written notice of sale e xecuted by the
sheriff describing the goods or chattels subject to
sale and stating the date, time and place where the
sale shall occur to be mailed, by first class mail,
postage prepaid, to the judgment debt or, any holder of
record of an interest in the p roperty, and all other
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persons of whom the party causing the execution to be
issued has notice who claim a lien or any interest in
the goods or chattels, at least ten (10) days prior to
the date of the sale, if the names and actual
addresses of such person s are known, and
b. causes public notice to be given of the date, time and
place of sale, for at least ten (10) days be fore the
day of sale. The notice shall be executed by the
sheriff and shall state the na me of any person having
an interest in the prope rty whose actual address is
unknown, and shall designate the person or persons
whose unknown successors are being notif ied. The
notice shall be given by advertisement, published in
some newspaper published i n the county, or, in case no
newspaper be is published therein, by setting up
advertisements in five public places in the county.
Two advertisements shall be put up in th e township
where the sale is to be held, and
c. files in the case an affidavit of proof of mailing and
of publication or posting .
2. A written notice of sale executed prior to the effective
date of this act November 1, 1987, by the party causing the
execution to be issued but otherwise conforming to the provisions of
this section shall, for all purposes, be d eemed valid.
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B. 1. If a purchaser other than the party causing the
execution to be issued, when required by the sheriff, fails to post
cash or certified funds equal t o ten percent (10%) of the amount bid
for the property within twenty -four (24) hours of the sale,
excluding Sundays and legal holidays, o r otherwise fails to complete
the sale, the sheriff may proceed with the sale and may accept the
next highest bid.
2. When goods and chattels levied upon cannot be sold for want
of bidders, the officer maki ng such return shall affix a true and
correct inventory of such goods and chatte ls to the execution, and
the party causing such execution to be issued may thereupon sue out
another writ of execution, directing the sale of the property le vied
upon as provided for in this section.
C. All sales of goods an d chattels may be conducted by public
auction through the Internet or other electronic means pursuant to
this section. For a public auction held by Internet or other
electronic means, place may include the Internet website of an
online auction marketplace selected by the sheriff to hos t and
conduct the sheriff’s sale of goods and chattels.
D. No sheriff nor other officer conducting the sale of such
property, nor any appraiser or online auction marketplace , shall
either directly or indirectly purchase the same; and every purchase
so made shall be considered fraudulent and void. If the online
auction marketplace is a corporation, limited liability company,
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limited liability partnership, or partnership, the foregoing
restriction shall apply to any dir ector, officer, employee, managing
member, or partner of such appraiser or online auction marketplace.
E. In the case of a sale by a sheriff conducted through an
online auction marketplace, the online auction mark etplace may
collect deposits and hold payments by wire transfer, electronic
funds transfer, or cashier’s check from a registered bidder, and
additional purchase money payments up to the full amount of the
winning bid, settle the transaction, and then remit payment of the
purchase price money to the court clerk as directed by the sheriff
or the court. Any buyer’s premium charged to a buyer for online
auction marketplace services rendered to the buyer shall not ex ceed
One Hundred Fifty Dollars ($150.00) and shall not be considered
purchase price, provided that the buyer’s premium is disclosed in
advance in the listing.
SECTION 2. This act shall become effective November 1, 2024.
59-2-2842 BG 1/18/2024 10:21:12 AM