HB 1767 Summary

• Amends 36 O.S. 2011, Section 5001 to modify requirements for countersigning title insurance policies issued in Oklahoma.

• Title insurance policies must be countersigned by a person, partnership, corporation, or agency actively engaged in the real estate title business who is a duly appointed agent of a title insurance company, holding a valid license and authorized to do business in the state.

• Policies may be issued after examination by a licensed Oklahoma attorney of either a certified abstract extension/supplemental abstract prepared by a licensed abstractor, or a full certified abstract of title if no prior owner's policy is available.

• Defines the term "agent" as a person authorized to act on behalf of or in place of another.

• Effective date: November 1, 2013.