HB 1703 Summary

• Re-creates the Oklahoma Abstractors Board with a termination date extended from July 1, 2013 to July 1, 2019 under the Oklahoma Sunset Law

• Board consists of 9 members appointed by the Governor and confirmed by the Senate: 6 abstractors from specified districts, 1 real estate broker, 1 attorney, and 1 bank officer

• Members serve staggered initial terms (2-3 years) with subsequent terms of four years, limited to a maximum of two consecutive terms

• Board members may be removed for inefficiency, neglect of duty, malfeasance, disqualification, felony conviction, medical incapacity, or excessive absences during 12-month periods

• Board has authority to establish rules, obtain office space in Oklahoma City, and employ staff including an executive director to administer the Oklahoma Abstractors Act