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SENATE FLOOR VERSION
February 26, 2024
COMMITTEE SUBSTITUTE
FOR
SENATE BILL NO. 1920 By: Rosino
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 OF 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, which 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 counteroffers ,
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b. reduce offers or counteroffers to a written for m 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 information received from a party or
prospective party con fidential. 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 w illing to agree
to financing terms tha t 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 information is public;
5. Disclose information pertaining to the property 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 a pplicable 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 tr ansaction 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 s hall remain in place
for both parties.
SECTION 2. This act shall become e ffective November 1, 2024.
COMMITTEE REPORT BY: COMMITTEE ON BUSINESS AND COMMERCE
February 26, 2024 - DO PASS AS AMENDED BY CS