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1 STATE OF OKLAHOMA
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 1075 By: Rosino
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6 AS INTRODUCED
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7 An Act relating to The Oklahoma Real Estate License
7 Code; amending 59 O.S. 2021, Section 858-102, as
8 amended by Section 1, Chapter 159, O.S.L. 2024 (59
8 O.S. Supp. 2024, Section 858-102), which relates to
9 definitions; defining terms; requiring wholesalers to
9 provide certain disclosures; prohibiting wholesalers
10 from certain practices; proscribing certain
10 requirements for notice for the contract or
11 agreement; allowing for contracts to be invalid
11 without proper disclosure; requiring the Oklahoma
12 Real Estate Commission to provide certain form;
12 providing for promulgation of rules; providing for
13 codification; and providing an effective date.
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16 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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17 SECTION 1. AMENDATORY 59 O.S. 2021, Section 858-102, as
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18 amended by Section 1, Chapter 159, O.S.L. 2024 (59 O.S. Supp. 2024,
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19 Section 858-102), is amended to read as follows:
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20 Section 858-102. When used in this Code, unless the context
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21 clearly indicates otherwise, the following words and terms shall be
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22 construed as having the meanings ascribed to them in this section:
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23 1. The term "real estate" shall include any interest or estate
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24 in real property, within or without the State of Oklahoma, whether
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1 vested, contingent or future, corporeal or incorporeal, freehold or
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2 nonfreehold, and including leaseholds, options and unit ownership
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3 estates to include condominiums, time-shared ownerships and
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4 cooperatives; provided, however, that the term real estate shall not
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5 include oil, gas or other mineral interests, or oil, gas or other
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6 mineral leases; and provided further, that the provisions of this
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7 Code shall not apply to any oil, gas, or mineral interest or lease
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8 or the sale, purchase or exchange thereof;
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9 2. The term "broker" shall include any person, partnership,
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10 limited liability company, association, corporation, or business
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11 entity, foreign or domestic, who for a fee, commission, or other
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12 valuable consideration, or who with the intention or expectation of
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13 receiving or collecting a fee, commission, or other valuable
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14 consideration, performs any of the following acts:
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15 a. sells, exchanges, purchases, rents, or leases real
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16 estate,
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17 b. offers to sell, exchange, purchase, rent, or lease
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18 real estate,
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19 c. negotiates or attempts to negotiate the listing, sale,
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20 exchange, purchase, rent, or lease of real estate,
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21 d. lists or offers, attempts, or agrees to list real
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22 estate for sale, exchange, rent or lease,
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23 e. auctions or offers, attempts, or agrees to auction
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24 real estate,
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1 f. controls the acceptance or deposit of rent from a
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2 resident of a single-family residential real property
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3 unit,
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4 g. solicits listings of places for rent or lease,
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5 h. solicits for prospective tenants, purchasers, or
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6 sellers, or
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7 i. advertises or holds himself or herself out as engaged
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8 in such activities;
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9 3. The term "broker associate" shall include any person who has
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10 qualified for a license as a broker associate, and who is employed
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11 or engaged by, associated as an independent contractor with, or on
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12 behalf of and with the permission of a broker to perform any act set
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13 out in the definition of a broker;
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14 4. The term "business day" means any calendar day except for
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15 Saturday, Sunday, or any public holiday recognized by state or
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16 federal law;
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17 5. The term "contract" means any agreement or arrangement,
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18 including power of attorney, for the purchase, sale, or assignment
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19 of real estate;
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20 6. The term "homeowner" means any individual, entity, trust, or
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21 partnership holding title to residential property;
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22 7. The term "real estate sales associate" shall include any
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23 person having a renewable license and employed or engaged by, or
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24 associated as an independent contractor with, or on behalf of, a
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1 broker to do or deal in any act, acts or transactions set out in the
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2 definition of a broker;
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3 5. 8. "Provisional sales associate" shall include any person
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4 who has been licensed after June 30, 1993, employed or engaged by,
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5 or associated as an independent contractor with, or on behalf of, a
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6 broker to do or deal in any act, acts or transactions set out in the
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7 definition of a broker and subject to an additional forty-five-
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8 clock-hour postlicensing educational requirement to be completed
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9 within the first twelve-month license term. However, the Oklahoma
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10 Real Estate Commission shall promulgate rules for those persons
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11 called into active military service for purposes of satisfying the
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12 postlicensing educational requirement. The license of a provisional
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13 sales associate shall be nonrenewable unless the postlicensing
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14 requirement is satisfied prior to the expiration date of the
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15 license. Further, the terms sales associate and provisional sales
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16 associate shall be synonymous in meaning except where specific
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17 exceptions are addressed in the Oklahoma Real Estate License Code;
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18 6. 9. The term "successful completion" shall include
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19 prelicense, postlicense, and distance education courses in which an
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20 approved public or private school entity has examined the
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21 individual, to the satisfaction of the entity and standards as
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22 established by the Commission, in relation to the course material
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23 presented during the offering;
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1 7. 10. The term "renewable license" shall refer to a broker,
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2 broker associate or sales associate who is a holder of such license
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3 or to a provisional sales associate who has completed the
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4 educational requirements within the required time period as stated
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5 in the Code;
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6 8. 11. The term "nonrenewable license" shall refer to a
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7 provisional sales associate who is the holder of such license and
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8 who has not completed the postlicense educational requirement within
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9 the required time period as stated in the Code;
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10 9. 12. The term "surrendered license" shall refer to a real
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11 estate license which is surrendered, upon the request of the
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12 licensee, due to a pending investigation or disciplinary
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13 proceedings;
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14 10. 13. The term "canceled license" shall refer to a real
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15 estate license which is canceled, upon the request of the licensee
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16 and approval of the Commission, due to a personal reason or
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17 conflict;
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18 11. 14. The term "publicly market" shall include all
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19 advertisements and marketing conducted in a public or open manner or
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20 place;
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21 12. 15. "Licensee" shall include any person who performs any
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22 act, acts or transactions set out in the definition of a broker and
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23 licensed under the Oklahoma Real Estate License Code;
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1 13. 16. The word "Commission" shall mean the Oklahoma Real
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2 Estate Commission;
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3 14. 17. The word "person" shall include and mean every
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4 individual, partnership, association or corporation, foreign or
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5 domestic;
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6 15. 18. Masculine words shall include the feminine and neuter,
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7 and the singular includes the plural; and
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8 16. 19. The word "associate" shall mean a broker associate,
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9 sales associate or provisional sales associate; and
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10 20. The term "wholesaler" means any individual or entity
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11 engaging in the business of securing, negotiating, or facilitating
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12 the sale of residential real estate for the primary purpose of
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13 transferring, assigning, or selling their equitable interest in the
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14 property, directly or indirectly, for financial profit. This
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15 includes any person or entity that:
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16 a. enters into a contract to purchase residential real
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17 estate with the intent of assigning or selling the
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18 contractual rights to another party before taking
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19 possession or legal ownership of such residential real
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20 estate, and
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21 b. engages in double closing. As used in this paragraph,
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22 "double closing" means the wholesaler simultaneously
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23 closes two separate transactions on the same property,
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24 one with the original seller and one with the end
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1 buyer, without the intent to reside in or otherwise
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2 materially improve such residential real estate.
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3 SECTION 2. NEW LAW A new section of law to be codified
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4 in the Oklahoma Statutes as Section 858.314 of Title 59, unless
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5 there is created a duplication in numbering, reads as follows:
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6 A. A wholesaler shall:
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7 1. Disclose in writing to the homeowner, before the execution
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8 of any contract or written agreement, his or her intent to assign or
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9 sell his or her equitable interest in the residential real estate
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10 for a higher price than what is offered to the homeowner;
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11 2. Provide a prominent written disclosure to the homeowner in
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12 all written contracts between the parties stating that the homeowner
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13 should seek legal advice before signing any contract concerning his
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14 or her home; and
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15 3. Disclose in writing to the homeowner that the homeowner has
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16 the right to cancel the contract without penalty within seven (7)
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17 business days after the execution of the contract.
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18 B. A wholesaler shall not, directly or indirectly:
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19 1. Act as an advisor or consultant, or in any other manner
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20 representing that the wholesaler is acting on behalf of the
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21 homeowner; or
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22 2. Represent himself or herself as holding a certification or
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23 license, or being a member of a licensed profession, without
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24 possession of the certification or license.
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1 C. The homeowner shall have the right to cancel the contract
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2 without penalty within seven (7) business days from the date of
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3 execution of the contract.
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4 D. The wholesaler shall be prohibited from placing any lien or
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5 encumbrance on or otherwise clouding title of the property.
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6 E. Any contract or agreement used by a wholesaler shall contain
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7 the following:
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8 1. The name, address, and telephone number of the wholesaler;
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9 2. The address of the residence involved in the transaction;
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10 3. The total consideration to be given by the wholesaler to the
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11 homeowner;
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12 4. A complete description of the terms of payment or other
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13 consideration including, but not limited to, any services of any
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14 nature which the wholesaler represents he or she will perform for
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15 the seller before or after the sale; and
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16 5. The following notice shall appear on the contract in
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17 immediate proximity to the space reserved for the seller's signature
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18 and shall be in at least twelve-point bold type if the contract is
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19 typed or in capital letters if the contract is printed. The notice
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20 shall contain the name of the wholesaler, the date and time by which
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21 the contract shall be canceled, and the following language:
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22 "NOTICE REQUIRED BY OKLAHOMA LAW: You may cancel this contract
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23 at any time before midnight of ____________________ (Date).
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24 ____________ (Name of Wholesaler) or anyone working for
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1 _____________ (Name of Wholesaler) CANNOT ask you to sign or have
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2 you sign any deed or any other document until your right to cancel
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3 this contract has ended. See the attached notice of cancellation
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4 form for an explanation of this right. You should always consult an
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5 attorney or community organization before signing any legal
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6 documents concerning your home. It is advisable that you find your
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7 own attorney. The law requires this contract to contain the entire
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8 agreement. You should not rely upon any other written or oral
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9 agreement or promise."
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10 F. Failure to include any of the required disclosures under
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11 this section shall render the contract invalid and unenforceable by
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12 the wholesaler and shall entitle the homeowner to any earnest money
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13 deposit involved in the transaction. Any earnest money deposit or
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14 security deposit by a wholesaler shall be kept in an escrow account
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15 maintained in this state with a federally insured financial
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16 institution. The homeowner may terminate the contract at any time
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17 if the wholesaler fails to comply with the provisions of this
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18 section.
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19 G. The Oklahoma Real Estate Commission shall create, publish,
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20 and provide on its website a notice of cancellation form, which
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21 shall be included by the wholesaler with any contract. This form
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22 shall be provided to the homeowner at no cost.
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23 H. The Commission shall promulgate any rules necessary to
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24 implement the provisions of this section.
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1 SECTION 3. This act shall become effective November 1, 2025.
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3 60-1-343 MR 1/16/2025 3:09:25 PM
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Req. No. 343 Page 10Every fact on this page links to its source, starting with the official bill record.