Bill > HB1176

This bill amends Oklahoma's existing law on exploitation of elderly or disabled adults by expanding the definition of exploitation to include a new type of financial abuse involving real estate transactions. Specifically, the bill adds that knowingly seeking to purchase residential property from an elderly or disabled person at less than 70% of its actual market value will now be considered exploitation. This includes scenarios where someone enters into a purchase contract for below-market value and then sells the contract rights to another buyer. The law defines an "elderly person" as someone 62 years of age or older and maintains the existing penalty structure, where the severity of punishment depends on the value of the exploited assets. If the property value is $100,000 or more, the offender can face up to 15 years in prison and a $10,000 fine, while property valued under $100,000 carries a potential 10-year prison sentence and the same fine. The bill is set to become effective on November 1, 2025, providing legal protection for vulnerable populations against potentially predatory real estate practices.

Justice

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1176&Session=2600