On Feb. 15, OKL LEG proposed rule on real estate licensing.
OKL LEG proposed rule on requirements for real estate licensing procedures.
Proposed amendments would amend OKL LEG 605:10-1, OKL LEG 605:10-3, OKL LEG 605:10-7, OKL LEG 605:10-9, OKL LEG 605:10-11, and OKL LEG 605:10-17.
Proposed Amendments
Provides clarity regarding team name registration in order to deter misleading advertising through team names and modifies the process regarding returned checks.
Clarifies the application approval process, provides corrections to updated statutes.
Also clarifies the examination process, and clarifies process for voided examinations.
Proposal would extend post-licensure completion period from six months to one year.
Modifies the reinstatement period of a revoked license, remove an unnecessary definition of LLC under a partnership section, removes irrelevant licensure group fees.
Would also modify the process to register the payment of commission entities.
Updates language on applicant criminal history checks to be compliant with Bill 1691.
Provides clarification that all beneficial/ familial disclosures must be made in writing.
Gives an option for a revoked/suspended license be destroyed rather than sent back.
Consultation
Comments on proposed rule making should be submitted by Mar. 17, 2023.
Businesses affected by proposed rules are requested to provide agency with information about expected increase in costs due to compliance with proposed rule.
Aug. 2024 OKL INS Final Rules
On Aug. 1, 2024, OKL INS published adopted final version of rules in State register.
The final rules provide clarity to definitions involving various business entities, remove fees and processes re returned checks, and remove unnecessary language and rules.
Also simplify the type of entities that may apply to become an education provider.
Modifies pre-license and post-license approval and renewal requirements for providers.
Rules also remove unnecessary national criminal history checks, expand documents available for request, and simply processes for applicant registration and approval.
Clarify process regarding brokerage, transfers, types of services that need disclosures.
Remove notary requirements for complaint documents, set formal hearing processes.
The final real estate licensing procedure rules will become effective as of Nov. 1, 2024.
Regulators
OKL LEG
Entity Types
Corp
Reference
OKL SR Vol. 41 No. 22 p. 1518, 8/1/2024; OKL SR Vol. 40 No. 11, p. 575, 2/15/2023; Citation: OKL LEG 605;
Functions
Compliance; Legal; Operations; Record Retention; Registration/Licensing; Reporting
