- July 27, 2021
- All Oklahoma Issuing Offices
- LEGISLATIVE UPDATE - Legislative Update 2021
HB 2397 Release of Liens by Title Insurance Issuing Agent
What the title company should know: Effective November 1, 2021, this bill includes judgment liens in the type of lien that may be released by affidavit under 36 O.S. §5008. It also adds commercial and agricultural property to the type of property which can be released. It removes the requirement for the written approval of the title insurance company and now requires the signature of the agent of a title insurance company or attorney on the affidavit. All other requirements for the affidavits continue to apply. You can find the bill here HB2397.
What the title company should do: Beginning November 1, 2021, you may execute affidavits of releases of mortgages and judgment liens on all types of real property. Be sure to follow all procedures and requirements set forth in the statute.
HB 2398 Requirement for Release of Liens
What the title company should know: Effective November 1, 2021, this bill includes judgment liens in the type of lien that must be released within 30 days of payment under 46 O.S. §15. It also removes a title insurance agent, and adds a title insurance company attorney, as a party that may bring an action on behalf of a mortgagor or debtor to recover the penalty. You can find the bill here HB2398.
What the title company should do: Beginning November 1, 2021, you may no longer bring actions to enforce the statutory penalty on behalf of a mortgagor or debtor under 46 O.S. §15.
HB 2548 Uniform Power of Attorney Act
What the title company should know: Effective November 1, 2021, this bill replaces the Uniform Durable Power of Attorney Act 58 O.S. §1071-1072.3 and §1074-1077 with the Uniform Power of Attorney Act 58 O.S. § 3001-3045. The National Conference of Commissioners on Uniform State Laws says that a majority of states had enacted non-uniform provisions to deal with specific matters upon which the Original Act is silent. The topics about which there was increasing divergence included: (1) the authority of multiple agents; (2) the authority of a later-appointed fiduciary or guardian; (3) the impact of dissolution or annulment of the principal’s marriage to the agent; (4) activation of contingent powers; (5) the authority to make gifts; and (6) standards for agent conduct and liability. The bill also includes a statutory power of attorney form. The act provides that a power of attorney executed before the effective date of the act is valid if it complied with the law as it existed at the time of execution. You can find the bill here HB2548.
What the title company should do: Any power of attorney executed after November 1, 2021, should be on the statutory form. If you are presented with a power of attorney executed after that date that is not on the statutory form, you should contact a Stewart Title Guaranty Company underwriter. Any power of attorney executed before the effective date must comply with the law in effect when it was executed.
HB 1148 Requirement for License related to Contracts for Purchase
What the title company should know: Effective November 1, 2021, this bill amends the Oklahoma Real Estate License Code to require a person, partnership, trust, association or corporation, or the partners, officers or employees of any partnership, trustees or beneficiaries of any trust, association or corporation to hold an active Oklahoma real estate license to publicly market for sale an equitable interest in a contract for the purchase of real property between a property owner and a prospective purchaser.
What the title company should do: No action to be taken.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.