OKL LEG Broker Fee Disclosures
On May 20, OKL LEG passed bill requiring broker fees disclosures.
- OKL LEG passed Senate bill SB 1920, regarding Oklahoma Real Estate License Code.
- Requires brokers provide compensation, fee disclosures; specify method of notification.
- Key Bill Provisions
- Disclose compensation and fees assessed on each transaction to the represented party.
- Communicate in writing before the effective date of the contract for the sale or lease.
- Compensation agreements are not to exceed 1 year; default is 60 days if not specified.
- Legislative History
- On Feb. 5, 2024, bill was introduced in Senate; on Mar. 14, 2024, bill passed Senate.
- On Mar. 18, 2024, bill was introduced in House; on Apr. 15, 2024, bill passed House.
- On May 16, 2024, bill delivered to governor; on May 20, 2024, bill signed by governor.
- Effectiveness
- Upon approval, SB 1920 on broker compensation will become effective Nov. 1, 2024.
| Regulators |
OKL LEG
|
| Entity Types |
CNSM; Corp; IB; MG Orig |
| Reference |
Bill, SB1920, 5/20/2024; |
| Functions |
Compliance; Legal; Reporting; Sales Practices; Underwriting |
| Countries |
United States of America |
| Category |
|
| State |
|
| Products |
Corporate; Mortgage |
| Regions |
Am |
| Rule Type |
Final |
| Rule Date |
5/20/2024 |
| Effective Date |
11/1/2024 |
| Rule Id |
212428 |
| Linked to |
N/A
|
| Reg. Last Update |
5/20/2024 |
| Report Section |
US Consumer |
Last substantive update on 05/21/2024
