Bill Summary: HB1509

• Amends Oklahoma law (36 O.S. 2001, Section 5001) regarding title insurer requirements and abstract examination procedures.

• Allows attorneys licensed in Oklahoma to examine abstracts and countersign title insurance policies, with independence requirements to prevent conflicts of interest.

• Establishes penalties for violations: first violation results in $500 fine to the Oklahoma Insurance Commissioner; subsequent violations within 5 years result in minimum 3-month suspension from issuing policies.

• Permits civil actions by private parties against violators of the independence requirements, with prevailing parties entitled to recover attorney fees and costs.

• Effective date: November 1, 2011.