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 OAR VP | Government Affairs, Matt Robison, 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 tax deductability of monies placed into the account.

Effective Date: 11/1/17

Emergency: No

Position: Support

Principal Authors: Rep. Josh Cockroft / Sen. Jason Smalley Co-Authors: Rep. George Faught)

Status: Passed House Floor 92-0; to Senate

Status Date: 3/17/17


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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; To Senate

Status Date: 3/17/17


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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 Banking, Financial Services Comm. as Amended; To House Floor

Status Date: 3/17/17


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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

Status: Passed Senate General Government Committee; To Senate Floor

Status Date: 3/17/17


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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: Passed Senate Business and Commerce; To Senate Floor

Status Date: 3/17/17


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HB 1424 - Authorizing persons to receive professional licenses

Allows convicted felons to receive a professional license in areas not related to crime. Several years ago, OAR spearheaded efforts to better screen new licensees by requiring background checks for every applicant, making convicted felons wait five years before getting a license and banning those convicted of a short list of white collar and especially heinous crimes from ever having a real estate license in Oklahoma (things like embezzlement, fraud, murder, etc.)

OAR continues these efforts to protect the public and is OPPOSED to legislation allowing persons that have had their licensed revoked or those convicted of felonies (especially those related to real estate fraud) from having an interest in a real estate business. The owner of a brokerage firm, even those not licensed, has access to rents paid by tenants, earnest money, trust accounts and confidential client information like loan applications.

Effective Date: 11/1/17

Emergency: No

Position: Oppose

Principal Authors: Rep. Lepak

Status: Not Heard in House Judiciary - Criminal Justice and Corrections (DORMANT)

Status Date: 3/3/17

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