Oklahoma § 1-27 - Application for certificate of authority - Fee - Bond Proof required

§ 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 containing such information as may be necessary to determine

whether or not the applicant has complied with the provisions of the

Oklahoma Abstractors Act. The application shall be accompanied by a

fee and a bond. The bond may be a corporate surety bond or a

personal bond in the form of cash or a certificate of deposit

endorsed in favor of and delivered to the Board. The application

fee shall be set by the Board in an amount determined by the number

of counties in which the applicant desires to do business not to

exceed the following schedule:

County Population

Fee Not to Exceed

Less than 10,000

$500.00

10,000 but less than 30,000

$1,000.00

30,000 but less than 60,000

$1,500.00

60,000 but less than 100,000

$2,000.00

100,000 but less than 200,000

$3,000.00

200,000 or more

$4,000.00

B. The applicant shall furnish proof to the Board that there is

an abstract plant available for use for each county for which

abstracts will be prepared, or that the applicant was engaged in the

business of abstracting in this state on January 1, 1984, and had a

valid certificate of authority pursuant to the laws of this state on

that date for each county in which the applicant wishes to do

business. Or, if it is finally determined that the applicant was

entitled to a valid certificate of authority pursuant to the

provisions of the previous law, said applicant shall be deemed to

have been engaged in the business of abstracting on January 1, 1984,

and had a valid certificate of authority pursuant to the laws of

this state for each county in which the applicant wishes to do

business. All periods for compliance for a certificate of authority

pursuant to the provisions of the Oklahoma Abstractors Act shall be

extended for like periods from the date of such determination

notwithstanding other provisions of the Oklahoma Abstractors Act.

C. The applicant also shall furnish proof of either errors and

omissions insurance or a bond for each county in which the applicant

wishes to do business to pay damages for possible errors in

abstracts prepared subject to the provisions of the certificate as

follows:

County Population

Amount of Bond

Less than 30,000

$15,000.00

Oklahoma Statutes - Title 1. Abstracting

30,000 but less than 60,000

$25,000.00

60,000 but less than 100,000

$50,000.00

100,000 or more

$100,000.00

The bond may be a corporate surety bond or a personal bond in

the form of cash or a certificate of deposit endorsed in favor of

and delivered to the Board.

Added by Laws 1984, c. 163, § 5, eff. Nov. 1, 1984. Amended by Laws

1988, c. 56, § 1, eff. Nov. 1, 1988; Laws 2007, c. 359, § 9, eff.

Jan. 1, 2008. Renumbered from Title 74, § 227.14 by Laws 2007, c.

359, § 22, eff. Jan. 1, 2008.