§1-43. Real property purchaser – Retention of abstract.
A purchaser of real property shall have the opportunity to retain possession of the abstract for the property being purchased. The purchaser shall be notified about the option to retain possession at the scheduled closing; however, if a contractual obligation to a mortgage company requires retention of the abstract by that mortgage company, then the […]
§1-40. Censure, revocation or suspension of abstract license.
Upon good cause shown and after a hearing, the Oklahoma Abstractors Board may censure a licensee or revoke or suspend his abstract license for any of the following acts: 1. Making of a materially fraudulent statement in an application for an abstract license; or 2. Having been convicted and exhausted all appellate remedies in a […]
§1-41. Unlawful business inducements – Charges for abstracts, abstract extensions, supplemental abstracts and final title reports – List of abstracting fees – Civil penalties.
A. It shall be unlawful for any abstractor as an inducement to obtaining any business to pay, rebate, or deduct any portion of or to permit any deduction from a charge made for making, extending, or certifying an abstract of title, to: 1. Any owner, mortgagee, or lessee of the real property covered by the […]
§1-42. Limitation of actions.
An action for damages by reason of any imperfect or false abstract hereafter compiled must be brought within five (5) years from the date the abstract certificate was issued. Added by Laws 1984, c. 163, § 20, eff. Nov. 1, 1984. Renumbered from Title 74, § 227.29 by Laws 2007, c. 359, § 22, eff. […]
§1-27. Application for certificate of authority – Fee – Bond – Proof required.
A. Any person, firm, corporation, or other entity desiring to engage in the business of abstracting in this state shall make application to the Oklahoma Abstractors Board for a certificate of authority for each county in which the applicant desires to do business. The application shall be on a form prepared by the Board and […]
§1-28. Independent set of abstract books or other system of indexes required.
In addition to the bond required any person, firm, corporation, or other entity not engaged in the business of abstracting on January 1, 1984, desiring to enter into the business of compiling or abstracting titles to real estate in any of the counties of the State of Oklahoma from and after the passage of the […]
§1-29. Persons, firms, corporations or other entities not engaged in abstracting on January 1, 1984 – Application for certificate of authority.
Any person, firm, corporation, or other entity who wishes to engage in the business of abstracting in this state who was not engaged in the business of abstracting in this state on January 1, 1984, or who did not have a valid certificate of authority in this state on such date shall make application for […]
§1-30. Certificate of authority – Issuance – Renewal – List of abstracting fees.
A. The Oklahoma Abstractors Board shall issue a certificate of authority to any applicant who has complied with the provisions of the Oklahoma Abstractors Act. The certificate shall be in written form and shall indicate the county or counties in which the applicant may operate. The certificate shall be prominently displayed in the office of […]
§1-31. Current abstract plant required.
Beginning November 1, 1984, all individuals, firms, corporations, or other entities engaging in the business of abstracting, shall have available for use or commence compilation of an abstract plant and thereafter shall maintain in a current condition said plant. Failure to do so shall render its certificates of authority subject to revocation. An abstract plant […]
§1-32. Abstracts and other documents to be provided without delay – Valid order therefor – Failure to furnish – Penalties – Exclusions.
A. All abstractors shall furnish abstracts, abstract extensions, supplemental abstracts or final title reports as desired, to the persons applying therefor, in the order of receipt of a valid order therefor, without unnecessary delay, and for reasonable compensation pursuant to the requirements of the Oklahoma Abstractors Act. A valid order is a written order from […]