The Oklahoma Association of REALTORS® is actively engaged in legislation important to the real estate industry. The following represents some of the real estate related measures which are moving through the legislative process:

Contact Jessica Dietrich, with any questions or comments. We appreciate your input!

HB 1519 - Homebuyer Savings Account Act

INTRODUCED VERSION:  Homebuyer Savings Account allows tax deductible funds to be placed in an account specifically designed to cover costs associated with buying a home (i.e. closing costs, inspections, lender fees, etc). A qualified beneficiary of the fund can be a child or grandchild, or the account holder themselves. Up to $5,000 annual contribution is tax deductible. The maximum contribution is $50,000 over 10 years.

To receive a hearing in House A&B Committee, the bill had to be significantly revised to eliminate the fiscal impact on the state budget – the interest on the savings account is the only portion which is tax-free. This measure is a work in progress. OAR will continue to press for additional tax incentives to be placed into the account.

Effective Date: 11/1/18

Emergency: No

Position: Support

Principal Authors: Rep. Josh Cockroft / Sen. Jason Smalley

Status: Passed House Floor 92-0; Passed Senate Floor 33-7; held over to 2018

Status Date: 5/26/17


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HB 1366 - Electronic Notary

Electronic notarization is a secure process whereby a notary affixes a digital signature and notary seal to an electronic document. Our state already permits digital signatures. HB 1366 provides statutory guidelines for allowing secure notary services electronically. 

Effective Date: 11/1/17

Emergency: No

Position: Support

Principal Authors: Rep. Elise Hall / Sen. Jason Smalley

Status: Passed House Floor 86-2; died in Senate Judiciary committee

Status Date: 5/26/17


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HB 2303 - Abstract Reform

INTRODUCED VERSION: Allows for a reasonable title search in order to issue a title insurance policy while removing requirement that attorney examine a certified abstract.
Bill was Amended in House Banking Committee to maintain abstract requirement and allow slightly increased civil penalties in cases of non-compliance with statutory timeliness requirements.

Effective Date: 11/1/17

Emergency: No

Position: Support Introduced Version

Principal Authors: Speaker McCall

Status: Passed House 77-10; Passed Senate 44-0; Signed by Governor Fallin

Status Date: 5/26/17


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SB 266 - Registration of Associate Team Names

OAR has worked closely with the Oklahoma Real Estate Commission (OREC) regarding methods to connect “Associate Team Name” designations with the Brokers under whom they are affiliated. There have been some instances of confusion about whether an associate “team” or “group” actually maintains a Broker’s license. In order to eliminate any such confusion, SB 266 allows OREC authority to register (for a nominal fee) all associate “team” or “group” names with their affiliated Brokers.

Effective Date: 11/1/17

Emergency: No

Position: Support

Principal Authors: Sen. Newberry / Rep. Jordan

Status: Passed Senate 39-6; Passed House 89-2; Signed by Governor Fallin

Status Date: 5/26/17


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SB 104 - Real Estate Owner's Rights Act

States homeowners may conduct improvements to their own property (i.e. electrical, plumbing, etc.) without requiring a qualified licensed professional be hired. However, the bill also provides that a homeowner may “delegate” another to manage, rent, lease, or exchange the property without maintaining a real estate license.

 

Effective Date: 11/1/17

Emergency: No

Position: Oppose

Principal Authors: Sen. Newberry

Status: Not Heard on Senate Floor (Dormant)

Status Date: 5/26/17


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HB 1505 - Appraiser Invoices

Modifies an appraiser’s requirements when services are provided independently or not in an employer or employee relationship. Instructs an invoice describing services provided for compensation shall be included with all assignments.

Effective Date: 11/1/17

Emergency: No

Position: Support

Principal Authors: Rep. Strohm / Sen. Stanislawski

Status: Passed House 59-36; Not Heard in Senate Business, Commerce & Tourism Committee (Dormant)

Status Date: 5/26/17


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HB 1707 - Sheriff's Sale Appraisal Reform

Revises appraisal and foreclosure process relating to property subject to judgment lien and “sheriff’s sale” to be based on current market value.

Effective Date: 11/1/17

Emergency: No

Position: Oppose

Principal Authors: McDaniel/Stanislawski

Status: Passed House 68-18; Passed Senate 41-0; Conference Committee Report Failed on Senate Floor 15-26

Status Date: 5/20/17


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HB 2352 - Historic Tax Credit

Sunsets the qualified rehabilitation expenditures tax credit 1/1/2021 and caps the total credits that can be claimed at $7 million in FY ’19 and each FY thereafter.

Effective Date: 1/1/18

Emergency: No

Position: Monitor

Principal Authors: Osborn/David

Status: Passed JCAB 16-7; Not Heard on House Floor

Status Date: 5/26/17


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HB 2354 - Affordable Housing Credit

Sunsets the affordable housing tax credit 1/1/2022 and reduces the credit from $4 million to $2 million.

Effective Date: 7/1/17

Emergency: Yes

Position: Monitor

Principal Authors: Osborn/David

Status: Not Heard in JCAB

Status Date: 5/26/17


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HB 2403 - Cap on Itemized Deductions

Places a limit on the total amount that can be itemized for deduction on state income taxes. This measure directly impacts consumers by potentially limiting the amount that one can deduct for mortgage interest, among many other items.

Effective Date: 11/1/17

Emergency: No

Position: Oppose

Principal Authors: Osborn/David

Status: Passed JCAB 18-7; Passed House 56-40; Not Heard in Senate

Status Date: 5/26/17


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