OK
Oklahoma Senate Bill SB1920

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1920 Compare Versions

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3+ENGR. H. A. to ENGR. S. B. NO. 1920 Page 1 1
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28+ENGROSSED HOUSE AMENDME NT
29+ TO
30+ENGROSSED SENATE BILL NO . 1920 By: Rosino of the Senate
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34+ Moore of the House
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4-An Act
5-ENROLLED SENATE
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42+An Act relating to The Oklahoma Real Estate License
43+Code; amending 59 O.S. 2021, Section 858 -353, which
44+relates to broker duties and responsibilities;
45+requiring certain disclosure; specifying method o f
46+notification; setting time frame for certain
47+agreement; updating statutory language; and providing
48+an effective date.
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58+AMENDMENT NO. 1. Page 3, lines 8 through 9, delete the words
59+"within ten (10) days of" and insert the word
60+"before"
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62+and amend title to conform
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68+ENGR. H. A. to ENGR. S. B. NO. 1920 Page 2 1
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93+Passed the House of Representatives the 15th day of April, 2024.
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99+Presiding Officer of the House of
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103+Passed the Senate the ____ day of _______ ___, 2024.
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109+Presiding Officer of the Senate
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112+ENGR. S. B. NO. 1920 Page 1 1
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137+ENGROSSED SENATE
6138 BILL NO. 1920 By: Rosino of the Senate
7139
8140 and
9141
10142 Moore of the House
11143
12144
13145
14146
15147 An Act relating to The Oklahoma Real Estate License
16148 Code; amending 59 O.S. 2021, Section 858 -353, which
17149 relates to broker duties and responsibilities;
18150 requiring certain disclosure; specifying method of
19151 notification; setting time frame for certain
20152 agreement; updating statutory language; and providing
21153 an effective date.
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27-SUBJECT: Broker fee disclosures
28-
29159 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKL AHOMA:
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31160 SECTION 1. AMENDATORY 59 O.S. 2021, Section 858 -353, is
32161 amended to read as follows:
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34162 Section 858-353. A. A broker shall have the following duties
35163 and responsibilities to all parties in a transaction, which are
36164 mandatory and may not be abrogated or waived by a broker:
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38165 1. Treat all parties with honesty and exercise reasonable skill
39166 and care;
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41167 2. Unless specifically waived in writing by a party to the
42168 transaction:
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44169 a. receive all written offers and counteroffers,
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47-ENR. S. B. NO. 1920 Page 2
48170 b. reduce offers or counteroffers to a written form upon
49171 request of any party to a transaction, and
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173+ENGR. S. B. NO. 1920 Page 2 1
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51198 c. present timely all written offers and counteroffers;
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53199 3. Timely account for all money and property received by the
54200 broker;
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56201 4. Keep confidential information received from a party or
57202 prospective party confidential. T he confidential information shall
58203 not be disclosed by a firm without the consent of the party
59204 disclosing the information unless consent to the disclosure is
60205 granted in writing by the party or prospective pa rty disclosing the
61206 information, the disclosure is required by law, or the information
62207 is made public or becomes public as the result of actions from a
63208 source other than the firm. The following information shall be
64209 considered confidential and shall be the only information considered
65210 confidential in a tran saction:
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67211 a. that a party or prospective party is willing to pay
68212 more or accept less than what is being offered,
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70213 b. that a party or prospective party is w illing to agree
71214 to financing terms that are different from those
72215 offered,
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74216 c. the motivating factors of the party or prospective
75217 party purchasing, selling, leasing, optioning or
76218 exchanging the property, and
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78219 d. information specifically designated as confidential by
79220 a party unless such information is public;
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222+ENGR. S. B. NO. 1920 Page 3 1
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81247 5. Disclose information pertaining to the property as required
82248 by the Residential Property Condition Disclosure Act; and
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84249 6. Comply with all requirements of The Oklahoma Real Estate
85250 License Code and all a pplicable statutes and rules ; and
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87251 7. Disclose:
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90-ENR. S. B. NO. 1920 Page 3
91252 a. information pertaining to compensation and fees
92253 assessed on each transaction to the represented party,
93-which shall be communicated in writing before the
94-effective date of the contract for sale or lease, and
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254+which shall be communicated in writing within ten (10)
255+days of the effective date of the contract for sale or
256+lease, and
96257 b. the time frame for which the co mpensation agreement is
97258 valid, not to exceed one ( 1) year. If no time frame
98259 is specified, the compensation agreement shall default
99260 to sixty (60) days.
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101261 B. A broker shall have the following duties and
102262 responsibilities only to a party for whom the broker is providing
103263 brokerage services in a transaction whi ch are mandatory and may not
104264 be abrogated or waived by a broker:
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106265 1. Inform the party in writing when an offer is made that the
107266 party will be expected to pay certain costs, brokerage service costs
108267 and the approximate amount of the costs; and
268+2. Keep the party informed regarding the transaction.
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110-2. Keep the party informed regarding the transaction.
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112295 C. When working with both parties to a transaction, the duties
113296 and responsibilities set forth in this section s hall remain in place
114297 for both parties.
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116298 SECTION 2. This act shall become effective Nove mber 1, 2024.
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119-ENR. S. B. NO. 1920 Page 4
120-Passed the Senate the 1 5th day of May, 2024.
299+Passed the Senate the 1 4th day of March, 2024.
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122301
123302
124303 Presiding Officer of the Senate
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127-Passed the House of Representatives the 15th day of April, 2024.
306+Passed the House of Representatives the ____ day of __________,
307+2024.
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131311 Presiding Officer of the House
132312 of Representatives
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134-OFFICE OF THE GOVERNOR
135-Received by the Office of the Governor this _______ _____________
136-day of _________________ __, 20_______, at _______ o'clock _______ M.
137-By: _________________________________
138-Approved by the Governor of the State of Oklahoma this __ _______
139-day of _________________ __, 20_______, at _______ o'clock _______ M.
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141- _________________________________
142- Governor of the State of Oklahoma
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145-OFFICE OF THE SECRETARY OF STATE
146-Received by the Office of the Secretary of State this _______ ___
147-day of __________________, 20 _______, at _______ o'clock _______ M.
148-By: _________________________________