OK HB2208

Allows homeowners to assign insurance policy benefits to residential contractors who have performed covered repair services, with written assignment required and limited to the insured's insurable interest in the property

Requires lenders holding insurance claim proceeds of $20,000 or more to release funds within 3 days after receiving evidence that repairs are completed (if mortgage is current) or within 3 days after mortgage becomes current (if not current)

Expands the definition of false or fraudulent insurance claims to include residential contractors who advertise or promise to pay/rebate insurance deductibles, or who reduce quoted repair values and offer remaining proceeds to the insured

Requires insured homeowners who receive such fraudulent offers from contractors to report them to the Oklahoma Insurance Department's Anti-Fraud Unit

Effective date: November 1, 2013