HB 2208 Summary

• Allows homeowners to assign insurance benefits to residential contractors for covered repair work when conditions are met, including written assignment and notice to insurer.

• Limits assigned benefits to the amount of insurable interest the homeowner has in the property under Oklahoma Statutes Section 3605.

• Requires lenders holding insurance claim payments of $20,000 or more to release proceeds within three (3) days when repairs are completed and homeowner is current on mortgage payments, or within three days after mortgage becomes current if in default.

• Defines "residential contractor" as any person or entity in the business of contracting for repair, replacement, construction, or reconstruction work on residential real estate, including roof systems and exterior work.

• Amends felony fraud statute (21 O.S. 2011, Section 1662) to make it fraudulent for contractors to advertise deductible payment rebates or reduce repair estimates and offer remaining claim proceeds to homeowners.