§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. […]
§1-43. 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 […]
§1-20. Short title.
Sections 227.10 through 227.30 of this title shall be known and may be cited as the “Oklahoma Abstractors Act”. Added by Laws 1984, c. 163, § 1, eff. Nov. 1, 1984. Amended by Laws 2006, c. 269, § 2, eff. July 1, 2007; Laws 2007, c. 359, § 1, eff. Jan. 1, 2008. Renumbered from […]
§1-36. Rights and responsibilities of abstractors.
A. Any person, firm, corporation, or other entity holding a valid abstract license or permit, or any abstract licensee affiliated with such person, firm, corporation, or other entity, shall: 1. Have free access to the instruments of record affecting real property filed in any city, county, or state office; 2. Be permitted to make such […]
§1-21. Definitions.
As used in the Oklahoma Abstractors Act: 1. “Abstract of title” is a compilation in orderly arrangement of the materials and facts of record, in the office of the county clerk and court clerk, affecting the title to a specific tract of land issued pursuant to a certificate certifying to the matters therein contained; 2. […]
§1-37. Certain employees required to hold abstract license – Exemptions.
Any person in the employ of a holder of a certificate of authority or permit for the purpose of searching county records or compiling abstracts shall hold an abstract license. The provisions of this section shall not apply to an employee whose sole function is to put the work product of others into typewritten or […]
§1-22. Oklahoma Abstractors Board.
A. There is hereby re-created to continue until July 1, 2023, in accordance with the Oklahoma Sunset Law the Oklahoma Abstractors Board. Beginning January 1, 2008, the Oklahoma Abstractors Board shall have the total responsibility of administering and enforcing the Oklahoma Abstractors Act. B. The Board shall have the power and duty to prescribe, promulgate […]
§1-38. Qualifications for issuance of license – Term of license – License fee.
A. An abstract license shall be issued by the Oklahoma Abstractors Board to an applicant who: 1. Is eighteen (18) years of age or older; 2. Is of good moral character; 3. Has not been convicted of or pleaded guilty or nolo contendere to a felony or crime of moral turpitude or disqualifying offense that […]