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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
COMMITTEE SUBSTITUTE
FOR
SENATE BILL 1920 By: Rosino
COMMITTEE SUBSTITUTE
An Act relating to The Oklahoma Real Estate L icense
Code; amending 59 O.S. 2021, Section 858-353, which
relates to broker duties and responsib ilities;
requiring certain disclo sure; specifying method of
notification; setting time frame for certain
agreement; updating statutory language; and providing
an effective date.
BE IT ENACTED BY THE PEOPLE O F THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 59 O.S. 2021, S ection 858-353, is
amended to read as follows:
Section 858-353. A. A broker shall have the following duties
and responsibilities to all parties in a transaction, whic h are
mandatory and may not be abrogated or waived by a broker:
1. Treat all parties with honesty and exercise reasonable skill
and care;
2. Unless specifically waived in writing b y a party to the
transaction:
a. receive all written offers and counteroff ers,
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b. reduce offers or counteroffers to a written form upon
request of any party to a transaction, and
c. present timely all written offers and counteroffers;
3. Timely account for all money and property received b y the
broker;
4. Keep confidential inf ormation received from a party or
prospective party confidential . The confidential information shall
not be disclosed by a firm without the consent of the party
disclosing the infor mation unless consent to the disclosure is
granted in writing by the party or prospective party di sclosing the
information, the disclosure is required by law, or the information
is made public or becomes publi c as the result of actions from a
source other than the firm. The following infor mation shall be
considered confidential and shall be the only information considered
confidential in a transaction:
a. that a party or prospective party is willing to pay
more or accept less than what is being offered,
b. that a party or prospective party is will ing to agree
to financing terms that are different from those
offered,
c. the motivating factors of the party or prospec tive
party purchasing, selling, leasing, option ing or
exchanging the property, and
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d. information specifically designated as conf idential by
a party unless such informa tion is public;
5. Disclose information pertaining to the prope rty as required
by the Residential Property Condition Disclosure Act; and
6. Comply with all requirements of The Okla homa Real Estate
License Code and all appl icable statutes and rules ; and
7. Disclose:
a. information pertaining to compensation and fees
assessed on each transaction to the represented party,
which shall be communicated in writing within ten (10)
days of the effective date of the contract for sale or
lease, and
b. the time frame for which the compensation agreement is
valid, not to exceed one (1) year . If no time frame
is specified, the compensation agreement shall defau lt
to sixty (60) days.
B. A broker shall have the following duties and
responsibilities only to a party for whom the broker is providing
brokerage services in a transaction which are mandatory and may not
be abrogated or waived by a broker:
1. Inform the party in writing when an offer is made that the
party will be expected to pay certain costs, broke rage service costs
and the approximate amount of the costs; and
2. Keep the party informed regardi ng the transaction.
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C. When working with both parties to a transaction, the duties
and responsibilities set forth in this section shall remain in place
for both parties.
SECTION 2. This act shall become effective November 1, 2024.
59-2-3568 MR 2/26/2024 4:40:48 PM