The Oklahoma State Legislature is considering amendments to the Oklahoma Abstractors Act, including a new definition and modifying the provision regarding the retention and release of an abstract.
The bill, HB 2501, was introduced by Reps. Bob Culver, R-Tahlequah, and Avery Frix, R-Muskogee.
The bill would amend 1 O.S. 2011, Section 43 to state, “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 purchaser shall have an opportunity to take possession of the abstract upon complete performance of the contractual obligations. If a duly licensed abstract company is holding or storing the abstract, upon written request from the owner or the authorized agent of the owner, pursuant to a current transaction, the licensed abstractor shall release the abstract without unnecessary delay.”
The bill would define an authorized agent or representative of a current owner or insured to be “a real estate broker, real estate agent, lender, attorney, title insurer, title insurance agent, escrow agent, or other duly appointed agent of the current owner or insured under a policy of title insurance authorized to act on behalf of the current owner or insured in a current transaction.”