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SENATE FLOOR VERSION
February 15, 2024
COMMITTEE SUBSTITUTE
FOR
SENATE BILL NO. 1903 By: Hall
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. 2023, Section 757) ,
which relates to acceptance of bids; updating
statutory language; updating statutory reference;
prohibiting charging of buyer’s premium; limiting
certain fees for online auction marketplaces ; 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 ch attels levied upon by an
officer pursuant to an execution issued by a court of record shall
be sold unless the party causing the execution to be issued:
a. causes a written notice of sale execute d 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 debtor, any holder of
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record of an interest in the property, and all other
persons of whom the party causing the execut ion 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 name s and actual
addresses of such persons are known, and
b. causes public notice to be given of the date, t ime and
place of sale, for at least ten (10) day s before the
day of sale. The notice shall be executed by the
sheriff and shall state the name of any person having
an interest in the property whose actual address is
unknown, and shall designate the person or persons
whose unknown successors are being notified. The
notice shall be given by advertisement, published in
some newspaper published in the count y, 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 the 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 execu ted prior to the effective
date of this act November 1, 1987, by the party causing the
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execution to be issued but otherwise conforming to the provisions of
this section shall, for all purp oses, be deemed valid.
B. 1. If a purchas er other than the party causing the
execution to be issued, w hen required by the sheriff, fails to post
cash or certified funds equal to ten percent (10%) of the amount bid
for the property within twenty -four (24) hours of the sale,
excluding Sundays and legal holidays, or otherwi se 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 making such return shall affix a true and
correct inventory of such goods and chattels to the exec ution, and
the party causing such execution to b e issued may thereupon sue out
another writ of execution, directing the sale of the property levied
upon as provided for in this section.
C. All sales of goods and chattel s 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, the place may include the Internet website of an
online auction marketplace selected b y the sheriff to host 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
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so made shall be considered fraudulent and void. If the online
auction marketplace is a corporation, limited liability company,
limited liability partnership, or partnership, the foregoing
restriction shall apply to any director, officer, em ployee, managing
member, or partner of such appraiser or online auction mark etplace.
E. In the case of a sale by a sheriff conducted through an
online auction marketplace, the online auction marketplace 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 d irected by the sheriff
or the court. Except as provided i n Section 765 of this title, no
buyer’s premium shall be charged to a buyer on any sale including a
sale conducted through an online auction platform. Any fee charged
by an online marketplace and all costs incurred by the onlin e
auction marketplace shall be assessed as costs not to exceed Three
Hundred Twenty-five Dollars ($325.00).
SECTION 2. This act shall become effective November 1, 2024.
COMMITTEE REPORT BY: COMMITTEE ON GENERA L GOVERNMENT
February 15, 2024 - DO PASS AS AMENDED BY CS