HB 1884 Summary

• Requires settlement agents and settlement agencies to obtain licenses from the Oklahoma Insurance Commissioner to conduct escrow, closing, and settlement services related to real estate transactions

• Establishes licensing fees ($35 application fee, $100 license fee for agents; $35 application fee, $100 license fee for agencies) and requires settlement agencies to maintain errors and omissions insurance ($250,000 per claim/$500,000 aggregate) and blanket fidelity bonds ($100,000 minimum)

• Mandates that all funds received for settlements be deposited into escrow accounts within one business day and requires annual audits of settlement agency accounts conducted internally or by independent certified public accountants

• Authorizes the Insurance Commissioner to suspend, revoke, or deny licenses for violations including false information, fraud, embezzlement convictions, and failure to maintain required insurance or comply with escrow fund requirements

• Requires settlement agents to complete continuing education programs established by the Commissioner (up to 8 hours annually) and becomes effective November 1, 2013