Oklahoma § 1-41 - Unlawful business inducements - Charges for abstracts,

§ 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 abstract of title, or of any right, title, or interest in or

lien upon the same;

2. Any principal, broker, agent, or attorney in connection with

a sale or lease of real property or the making or obtaining of a

loan thereon in which an abstract of title is required, used, or

furnished; and

3. Any spouse, child, employee, ward, officer, director,

subsidiary, affiliate, parent, relative within the fifth degree,

personal representative, or partner of any person, firm, or

corporation included in this section.

B. All charges for abstracts, abstract extensions, supplemental

abstracts or final title reports shall be separately stated and

shall not be combined with title insurance, closing fees, or

examination charges, shall be uniform for all abstracts, abstract

extensions, supplemental abstracts or final title reports of

Oklahoma Statutes - Title 1. Abstracting

whatsoever kind or nature, whether the abstract, abstract extension,

supplemental abstract or final title report is prepared for use by

the abstractor or for others purchasing abstracts, abstract

extensions, supplemental abstracts or final title reports from the

abstractor; and any other charge therefor shall be unlawful.

C. The list of abstracting fees required to be attached to an

application for certificate of authority, an application to renew a

certificate of authority and an application to transfer a

certificate of authority pursuant to the provisions of Section 30 of

this title shall include all fees the applicant intends to charge

for abstracts, abstract extensions, supplemental abstracts or final

title reports. The Oklahoma Abstractors Board shall notify the

applicant in writing of any action taken with regard to the

requested fees within sixty (60) days of submission. If no notice

is provided regarding the submitted fees, they will be deemed to

become effective on the sixty-first day following the day the

application was submitted to the Board. The fees shall also be

subject to the following:

1. No fee shall be charged that is not on the approved list;

2. The holder of the certificate of authority may submit an

amended list of fees once a year requesting approval for changes to

the currently approved fees; and

3. The amended list of fees must be approved before becoming

effective. The Board may disapprove a list of fees or an amended

list of fees if the fees are determined to be excessive or are used

as an unlawful inducement. In determining whether a fee is

excessive, the Board may consider any or all of the following:

a.

the change from any prior rate for the same abstract,

abstract extension, supplemental abstract or final

title report,

b.

the fee charged by other holders of certificates of

authority within the same county, in adjacent

counties, and in counties with similar

characteristics,

c.

the amount of work performed,

d.

the time required to perform the work,

e.

the amount of financial risk involved to the holder of

the certificate of authority,

f.

the cost of providing the abstract, abstract

extension, supplemental abstract or final title

report,

g.

the availability of competition,

h.

the average cost for such services across the state,

and

i.

any other relevant factor applicable to a particular

set of circumstances presented for approval.

Oklahoma Statutes - Title 1. Abstracting

D. In addition to any other penalty, any person, firm,

corporation, or other entity violating the provisions of this

section shall be subject to a civil penalty not less than Two

Hundred Fifty Dollars ($250.00) nor more than Ten Thousand Dollars

($10,000.00) for each occurrence. The fine may be enforced in the

same manner in which civil judgments may be enforced.

Added by Laws 1984, c. 163, § 19, eff. Nov. 1, 1984. Amended by

Laws 2006, c. 269, § 10, eff. July 1, 2007; Laws 2007, c. 359, § 21,

eff. Jan. 1, 2008. Renumbered from Title 74, § 227.28 by Laws 2007,

c. 359, § 22, eff. Jan. 1, 2008. Amended by Laws 2024, c. 348, § 5.