OK HB2303

Licensed abstract companies must release abstracts held or stored without delay upon written request from the owner or another party to a current transaction.

Abstract companies and certificate of authority holders who refuse to release abstracts face civil penalties of $100 to $1,000 per occurrence, liability for damages or loss, and administrative penalties enforced by the Oklahoma Abstractors Board.

Title insurance companies must provide a copy of schedules from previously issued owner's policies without delay when the current owner or authorized agent makes a written request.

Title insurance policies may be issued based on a prior owner's policy and supplemental abstract, or on a complete certified abstract if a prior policy is not provided.

The act becomes effective November 1, 2017.