HB 3368 Summary

• Creates the "Vehicle Condition Disclosure Act" requiring sellers of vehicles in Oklahoma to provide either a written disclaimer statement or a detailed condition disclosure statement to purchasers

• Sellers must complete and sign their chosen statement no more than 60 days before the purchaser receives it; statements must include specific notices and disclosures about known defects

• Limits seller liability to cases where they failed to provide required statements or intentionally withheld known defects; shields sellers from liability for erroneous information if approximations were clearly identified and reasonable

• Restricts purchaser remedies to actual damages only (excluding consequential or exemplary damages) and requires lawsuits be filed within 2 years of vehicle transfer; prevailing parties recover court costs and attorney fees

• Directs the Department of Public Safety to develop standardized forms and post them on its website; effective date is November 1, 2014