Bill > HB4301

This bill requires the Attorney General to enforce federal laws that mandate the return of earnest money, which is a deposit made by a buyer to show good faith in a real estate transaction, to qualified United States veterans or active duty military personnel if the property's appraised value is less than the agreed-upon purchase price. These earnest money payments are typically made to escrow or title companies, which act as neutral third parties to hold funds and documents during a real estate closing. Violators of this federal requirement will face a civil penalty of $500 per occurrence, with the collected funds going into the Attorney General's Law Enforcement Revolving Fund, which is used for investigations and prosecutions. The bill also specifies an effective date of November 1, 2026.

Budget and Finance, Justice

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb4301&Session=2600