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ENGROSSED HOUSE AMENDME NTS
TO
ENGROSSED SENATE BILL NO . 1903 By: Hall of the Senate
and
Moore of the House
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;
clarifying certain applicability; amending 12 O.S.
2021, Section 765, as amended by Section 2, Chapter
326, O.S.L. 2022 (12 O.S. Supp. 2023, Section 765),
which relates to the confirmation of sale;
prohibiting charging of buyer’s premium; limiting
certain fees for online auction marketplaces; and
providing an effective date.
AMENDMENT NO. 1. Page 1, lines 6 through 12.5, strike the title to
read:
"[ online auctions - acceptance of bids - buyer’s
premium - fees for online auction marketplaces -
confirmation of sale – effective date ]"
AMENDMENT NO. 2. Page 1, line 15, strike the enacting clause
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Passed the House of Representatives the 25th day of April, 2024.
Presiding Officer of the House of
Representatives
Passed the Senate the ____ day of _______ ___, 2024.
Presiding Officer of the Senate
ENGR. S. B. NO. 1903 Page 1 1
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ENGROSSED SENATE
BILL NO. 1903 By: Hall of the Senate
and
Moore of the House
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;
clarifying certain applicability; amending 12 O.S.
2021, Section 765, as amended by Section 2, Chapter
326, O.S.L. 2022 (12 O.S. Supp. 2023, Section 765),
which relates to the confirmation of sale;
prohibiting charging of buyer’s premium; limiting
certain fees for online auction marketplaces; and
providing an effective date.
BE IT ENACTED BY THE PEOPLE 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 follow s:
Section 757. A. 1. No goods or chattels 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 executed by the
sheriff describing the goods or chattels subject to
sale and stating the date, time and place where the
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sale shall occur to be mailed, by first class mail,
postage prepaid, to the judgment debtor, any holder of
record of an interest in the property, and all other
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 persons are known, and
b. causes public notice to be given of the date, time and
place of sale, for at least ten (10) days 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 county, or, in case no
newspaper be is published therein, by setting u p
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.
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2. A written notice of sale ex ecuted 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 deemed valid.
B. 1. If a purchaser other than the part y causing the
execution to be issued, when 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 othe rwise 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 execution, and
the party causing such execution to be 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 chat tels 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 s elected by the sheriff to host and
conduct the sheriff’s sale of goods and chattels.
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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 sa me; and every purchase
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, of ficer, 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 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 directed by the sheriff
or the court. Except as provided in 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 online
auction marketplace shall be assessed as costs at one and six-tenths
percent (1.6%) of selling price not to exceed Three Hundred Twenty -
five Dollars ($325.00).
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F. The provisions of this section shall apply only to sales
conducted by sheriffs and shall not apply to any other public
auction.
SECTION 2. AMENDATORY 12 O.S. 2021, Section 765, as
amended by Section 2, Chapter 326, O.S.L. 2022 (12 O.S. Supp. 2023,
Section 765), is amended to read as follows:
Section 765. A. Upon the return of any writ of execution for
the satisfaction of which any lands or tenements have been sold, the
party causing the execution to be issued shall:
1. Cause a written notice of hearing on the confirmation of the
sale to be mailed, by first class mail, postage prepaid, to all
persons to whom mailing of the notice of the execution sale was
required to be made pursuant to Section 764 of this title and to the
high bidder at such sale, at least ten (10) days before the hearing
on the confirmation of the sale, and if the name or address of any
such person is unknown, shall cause a notice of the hearing on the
confirmation of the sale to be published in a newspaper authorized
by law to publish legal notices in the county i n which the property
is situated. If no newspaper authorized by law to publish legal
notices is published in such county, the notice shall be published
in some such newspaper of general circulation which is published in
an adjoining county. The notice sh all state the name of any person
being so notified and shall be published once at least ten (10) days
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prior to the date of the hearing on the confirmation of the sale;
and
2. Files in the case an affidavit of proof of mailing, and if
required, of publicat ion.
B. Any person filing a written objection to the confirmation of
the sale shall cause a copy of such written objection to be mailed,
prior to the hearing on the confirmation of the sale, by first class
mail, postage prepaid, to all persons to whom mai ling of the notice
of the hearing on the confirmation of the sale was required to be
made pursuant to this section. The court may continue the hearing
or make such other orders as are necessary to allow the interested
persons to adequately support or oppo se any such objections to the
confirmation of the sale. If the court, after having carefully
examined the proceedings of the officer, is satisfied that the sale
has, in all respects, been made in conformity with the provisions of
this article, the court s hall direct the clerk to make an entry on
the journal that the court is satisfied of the legality of such sale
and shall order that the officer make to the purchaser a deed for
such lands and tenements; and the officer, on making such sale,
shall deposit the purchase money with the clerk of the court from
which said writ of execution issued, where same shall remain until
the court shall have examined his proceedings as aforesaid, when
said clerk of the court shall pay the same to the person entitled
thereto, agreeable to the order of the court. In the case of a sale
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by a sheriff conducted through an online auction marketplace, the
online auction marketplace may collect and hold deposits and
additional purchase money payments up to the full amount of the
winning bid, settle the transaction, and then remit payment of the
purchase money to the court clerk as directed by the sheriff or the
court. Any No buyer's premium shall be charged to a buyer for on
any sale including when a sale is conducted through an online
auction marketplace services rendered to the buyer shall not be
considered purchase price provided that the buyer's premium is
disclosed in advance in the listing platform. The fee charged by
the online auction marketplace and all costs incurred by th e online
marketplace shall be assessed as costs at one and six-tenths percent
(1.6%) of selling price not to exceed Three Hundred Twenty -five
Dollars ($325.00).
SECTION 3. This act shall become effective November 1, 2024.
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Passed the Senate the 7th day of March, 2024.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2024.
Presiding Officer of the House
of Representatives