OK HB2711

Creates new "resident broker" license category for individuals who reside in Oklahoma and buy, sell, broker, or exchange used motor vehicles, or operate as a used motor vehicle dealer for out-of-state licensed dealers.

Requires resident brokers to obtain a $25,000 bond (same as wholesale dealers) and comply with all licensing, application, and renewal requirements under the Oklahoma Used Motor Vehicle and Parts Commission.

Expands application requirements to apply to both initial applications and renewals for used motor vehicle auctions, and removes partial bond exemptions while increasing overall bond requirements.

Adds inventory requirements for certain dealers and updates statutory references throughout Title 47 O.S. 2011 sections 581-584 and 1137.1.

Becomes effective November 1, 2012.