Section 27 - Application for certificate of authority - Fee - Bond - Proof requiredA. Any person, firm, corporation, or other entity desiring to engage in the business of abstracting in this state shall make application to the Oklahoma Abstractors Board for a certificate of authority for each county in which the applicant desires to do business. The application shall be on a form prepared by the Board and containing such information as may be necessary to determine whether or not the applicant has complied with the provisions of the Oklahoma Abstractors Act. The application shall be accompanied by a fee and a bond. The bond may be a corporate surety bond or a personal bond in the form of cash or a certificate of deposit endorsed in favor of and delivered to the Board. The application fee shall be set by the Board in an amount determined by the number of counties in which the applicant desires to do business not to exceed the following schedule: County Population | Fee Not to Exceed |
Less than 10,000 | $500.00 |
10,000 but less than 30,000 | $1,000.00 |
30,000 but less than 60,000 | $1,500.00 |
60,000 but less than 100,000 | $2,000.00 |
100,000 but less than 200,000 | $3,000.00 |
200,000 or more | $4,000.00 |
B. The applicant shall furnish proof to the Board that there is an abstract plant available for use for each county for which abstracts will be prepared, or that the applicant was engaged in the business of abstracting in this state on January 1, 1984, and had a valid certificate of authority pursuant to the laws of this state on that date for each county in which the applicant wishes to do business. Or, if it is finally determined that the applicant was entitled to a valid certificate of authority pursuant to the provisions of the previous law, said applicant shall be deemed to have been engaged in the business of abstracting on January 1, 1984, and had a valid certificate of authority pursuant to the laws of this state for each county in which the applicant wishes to do business. All periods for compliance for a certificate of authority pursuant to the provisions of the Oklahoma Abstractors Act shall be extended for like periods from the date of such determination notwithstanding other provisions of the Oklahoma Abstractors Act.C. The applicant also shall furnish proof of either errors and omissions insurance or a bond for each county in which the applicant wishes to do business to pay damages for possible errors in abstracts prepared subject to the provisions of the certificate as follows: County Population | Amount of Bond |
Less than 30,000 | $15,000.00 |
30,000 but less than 60,000 | $25,000.00 |
60,000 but less than 100,000 | $50,000.00 |
100,000 or more | $100,000.00 |
The bond may be a corporate surety bond or a personal bond in the form of cash or a certificate of deposit endorsed in favor of and delivered to the Board.
Added by Laws 1984, HB 1805, c. 163, § 5, eff. 11/1/1984; Amended by Laws 1988, HB 1614, c. 56, § 1, eff. 11/1/1988; Amended by Laws 2007 , SB 909, c. 359, §9, eff. 1/1/2008; Renumbered from 74 O.S. §227.14 by Laws 2007 , SB 909, c. 359, §22, eff. 1/1/2008.