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SENATE FLOOR VERSION
February 27, 2025
SENATE BILL NO. 1075 By: Rosino of the Senate
and
Moore of the House
An Act relating to The Oklahoma Real Estate License
Code; amending 59 O.S. 2021, Section 858 -102, as
amended by Section 1, Chapter 159 , O.S.L. 2024 (59
O.S. Supp. 2024, Section 858 -102), which relates to
definitions; defining terms; requiring wholesalers to
provide certain disclosures; prohibiting wholesalers
from certain practices; proscribing certain
requirements for notice for the con tract or
agreement; allowing for contracts to be invalid
without proper disclosure; requiring the Oklahoma
Real Estate Commission to provide certain form;
providing for promulgation of rules; providing for
codification; and providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 59 O.S. 2021, Section 858 -102, as
amended by Section 1, Chapter 159, O.S.L. 2024 (59 O.S. Supp. 2024,
Section 858-102), is amended to read as follows:
Section 858-102. When used in this Code, unless the context
clearly indicates otherwise, the following words and terms shall be
construed as having the meanings ascribed to them in this section:
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1. The term “real estate” shall include any interest or estate
in real property, within or without the State of Oklahoma, whether
vested, contingent or future, corporeal or incorporeal, freehold or
nonfreehold, and including leaseholds, options and unit ownership
estates to include condominiums, time -shared ownerships and
cooperatives; provided, however, that the term real estate shall not
include oil, gas or other mineral interests, or oil, gas or other
mineral leases; and provided further, that the provisions of this
Code shall not apply to any oil, gas, or mi neral interest or lease
or the sale, purchase or exchange thereof;
2. The term “broker” shall include any person, partnership,
limited liability company, association, corporation, or business
entity, foreign or domestic, who for a fee, commission, or other
valuable consideration, or who with the intention or expectation of
receiving or collecting a fee, commission, or other valuable
consideration, performs any of the following acts:
a. sells, exchanges, purchases, rents, or leases real
estate,
b. offers to sell, exchange, purchase, rent, or lease
real estate,
c. negotiates or attempts to negotiate the listing, sale,
exchange, purchase, rent, or lease of real estate,
d. lists or offers, attempts, or agrees to list real
estate for sale, exchange, rent or lease,
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e. auctions or offers, attempts, or agrees to auction
real estate,
f. controls the acceptance or deposit of rent from a
resident of a single -family residential real property
unit,
g. solicits listings of places for rent or lease,
h. solicits for prospec tive tenants, purchasers, or
sellers, or
i. advertises or holds himself or herself out as engaged
in such activities;
3. The term “broker associate” shall include any person who has
qualified for a license as a broker associate, and who is employed
or engaged by, associated as an independent contractor with, or on
behalf of and with the permission of a broker to perform any act set
out in the definition of a broker;
4. The term “business day” means any calendar day except for
Saturday, Sunday, or any publ ic holiday recognized by state or
federal law;
5. The term “contract” means any agreement or arrangement,
including power of attorney, for the purchase, sale, or assignment
of real estate;
6. The term “homeowner” means any individual, entity, trust, or
partnership holding title to residential property;
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7. The term “real estate sales associate ” shall include any
person having a renewable license and employed or engaged by, or
associated as an independent contractor with, or on behalf of, a
broker to do or deal in any act, acts or transactions set out in the
definition of a broker;
5. 8. “Provisional sales associate ” shall include any person
who has been licensed after June 30, 1993, employed or engaged by,
or associated as an independent contractor with, or o n behalf of, a
broker to do or deal in any act, acts or transactions set out in the
definition of a broker and subject to an additional forty -five-
clock-hour postlicensing educational requirement to be completed
within the first twelve -month license term. However, the Oklahoma
Real Estate Commission shall promulgate rules for those persons
called into active military service for purposes of satisfying the
postlicensing educational requirement. The license of a provisional
sales associate shall be nonrenew able unless the postlicensing
requirement is satisfied prior to the expiration date of the
license. Further, the terms sales associate and provisional sales
associate shall be synonymous in meaning except where specific
exceptions are addressed in the Oklahoma Real Estate License Code;
6. 9. The term “successful completion ” shall include
prelicense, postlicense, and distance education courses in which an
approved public or private school entity has examined the
individual, to the satisfaction of the entit y and standards as
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established by the Commission, in relation to the course material
presented during the offering;
7. 10. The term “renewable license” shall refer to a broker,
broker associate or sales associate who is a holder of such license
or to a provisional sales associate who has completed the
educational requirements within the required time period as stated
in the Code;
8. 11. The term “nonrenewable license ” shall refer to a
provisional sales associate who is the holder of such license and
who has not completed the postlicense educational requirement within
the required time period as stated in the Code;
9. 12. The term “surrendered license” shall refer to a real
estate license which is surrendered, upon the request of the
licensee, due to a pending investigation or disciplinary
proceedings;
10. 13. The term “canceled license” shall refer to a real
estate license which is canceled, upon the request of the licensee
and approval of the Commission, due to a personal reason or
conflict;
11. 14. The term “publicly market” shall include all
advertisements and marketing conducted in a public or open manner or
place;
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12. 15. “Licensee” shall include any person who performs any
act, acts or transactions set out in the definition of a broker and
licensed under the Oklahoma Real Estate License Code;
13. 16. The word “Commission” shall mean the Oklahoma Real
Estate Commission;
14. 17. The word “person” shall include and mean every
individual, partnership, association or corporation, foreign or
domestic;
15. 18. Masculine words shall include the feminine and neuter,
and the singular includes the plural; and
16. 19. The word “associate” shall mean a broker associate,
sales associate or provisional sales associate ; and
20. The term “wholesaler” means any individual or entity
engaging in the business of securing, negotiating, or facilitating
the sale of residential real estate for the primary purpose of
transferring, assigning, or selling their equitable interest in the
property, directly or indirectly, for financial profit. This
includes any person or entity that:
a. enters into a contract to purchase residential real
estate with the intent of assigning or selling the
contractual rights to another party before taking
possession or legal ownership of suc h residential real
estate, and
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b. engages in double closing. As used in this paragraph,
“double closing” means the wholesaler simultaneously
closes two separate transactions on the same property,
one with the original seller and one with the end
buyer, without the intent to reside in or otherwise
materially improve such residential real estate .
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 858.314 of Title 59, unless
there is created a du plication in numbering, reads as follows:
A. A wholesaler shall:
1. Disclose in writing to the homeowner, before the execution
of any contract or written agreement, his or her intent to assign or
sell his or her equitable interest in the residential real est ate
for a higher price than what is offered to the homeowner;
2. Provide a prominent written disclosure to the homeowner in
all written contracts between the parties stating that the homeowner
should seek legal advice before signing any contract conce rning his
or her home; and
3. Disclose in writing to the homeowner that the homeowner has
the right to cancel the contract without penalty within seven (7)
business days after the execution of the contract .
B. A wholesaler shall not, directly or indirectly:
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1. Act as an advisor or consultant, or in any other manner
representing that the wholesaler is acting on behalf of the
homeowner; or
2. Represent himself or herself as holding a certification or
license, or being a member of a licensed profession , without
possession of the certification or license .
C. The homeowner shall have the right to cancel the contract
without penalty within seven (7) business days from the date of
execution of the contract.
D. The wholesaler shall be prohibited from placing any l ien or
encumbrance on or otherwise clouding title of the property.
E. Any contract or agreement used by a wholesaler shall contain
the following:
1. The name, address, and telephone number of the wholesaler;
2. The address of the residence involved in the transaction;
3. The total consider ation to be given by the wholesaler to the
homeowner;
4. A complete description of the terms of payment or other
consideration including, but not limited to, any services of any
nature which the wholesaler represents he or she will perform for
the seller before or after the sale; and
5. The following notice shall appear on the contract in
immediate proximity to the space reserved for the seller ’s signature
and shall be in at least twelve -point bold type if the con tract is
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typed or in capital letters if the contract is printed. The notice
shall contain the name of the wholesaler, the date and time by which
the contract shall be canceled, and the following language:
“NOTICE REQUIRED BY OKLAHOMA LAW : You may cancel this contract
at any time before midnight of ____________________ (Date).
____________ (Name of Wholesaler) or anyone working for
_____________ (Name of Wholesaler) CANNOT ask you to sign or have
you sign any deed or any other document until your right to cancel
this contract has ended. See the attached notice of cancellation
form for an explanation of this right. You should always consult an
attorney or community organization before signing any legal
documents concerning your home. It is advisable that you find your
own attorney. The law requires this contract to contain the entire
agreement. You should not rely upon any other written or oral
agreement or promise. ”
F. Failure to include any of the required disclosures under
this section shall render the contract invalid and unenforceable by
the wholesaler and shall entitle the homeowner to any earnest money
deposit involved in the transaction. Any earnest money deposit or
security deposit by a wholesaler shall be kept in an escrow account
maintained in this state with a federally insured financial
institution. The homeowner may terminate the contract at any time
if the wholesaler fails to comply with the provisions of this
section.
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G. The Oklahoma Real Estate Commission shall create, publish,
and provide on its website a notice of cancellation form, which
shall be included by the wholesaler with any contract. This form
shall be provided to the homeowner at no cost.
H. The Commission shall promulgate any rules necessary to
implement the provisions of th is section.
SECTION 3. This act shall become effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON BUSINESS AND INSURANCE
February 27, 2025 - DO PASS