Bill > SB974

This bill modifies Oklahoma state law regarding online auctions conducted by sheriffs for the sale of goods, chattels, and lands during legal proceedings. The bill introduces several key changes: sheriffs may now use online auction marketplaces for sales, with required notices including specific online auction details like internet address and bidding times. It strictly prohibits any sheriff, officer, appraiser, or online auction marketplace (and their employees or partners) from purchasing the property being sold, considering such purchases fraudulent and void. The bill mandates that online auction vendors must provide a non-electronic bidding option for participants and may require bidders to agree to reasonable terms of service. Importantly, the legislation prohibits charging buyers' premiums on sales and caps marketplace fees at $425 per sale. Online auction marketplaces are now authorized to collect deposits and payments electronically, settle transactions, and remit purchase prices to court clerks. The bill also updates language to be gender-neutral and clarifies notification requirements for property sales, including specifics about mailing notices and publishing sale information. The bill is declared an emergency measure, meaning it will take effect immediately upon passage and approval.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=sb974&Session=2600