Bill > HB2800

This bill introduces several new regulations for owners associations and property transactions in Oklahoma. It requires managing entities of real estate developments to retain and electronically provide copies of all recorded covenants, conditions, and restrictions within three business days of request. Owners associations must notify homeowners within five business days of adopting any updates to covenants, conditions, and restrictions. The bill limits individual fees charged by owners associations to $175, and prohibits charging fees for property condition reports. Associations must maintain quarterly financial records and provide homeowners with a statement of their standing upon written request, with a maximum fee of $50 for such statements. The bill mandates that associations clearly document their fee structures and fine schedules, with fine structure updates limited to once per calendar year during an annual meeting. Additionally, the bill amends existing law to require settlement services providers to provide copies of recorded covenants and restrictions to property buyers, with a maximum charge of $25, and allows for additional charges for certified copies obtained from the county clerk. The bill includes an emergency clause, meaning it will take effect immediately upon passage.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2800&Session=2600