HB 1767 Summary

• Amends 36 O.S. 2011, Section 5001 regarding title insurance policy issuance and countersigning requirements in Oklahoma

• Modifies who can countersign title insurance policies to include persons engaged in the real estate title business and maintaining an office in the state, who are duly appointed agents of title insurance companies with valid licenses and authorization to do business in Oklahoma

• Removes prior language restricting countersigning to abstractors licensed under the Oklahoma Abstractors Law or attorneys, replacing it with broader authorization for licensed real estate title business agents

• Title insurance policies may only be issued after examination by a licensed Oklahoma attorney of either: (1) a certified abstract extension or supplemental abstract prepared by a licensed abstractor, or (2) a full certified abstract of title if no prior owner's policy is provided

• Effective date: November 1, 2013