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SENATE FLOOR VERSION - SB1068 SFLR Page 1
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SENATE FLOOR VERSION
February 27, 2025
SENATE BILL NO. 1068 By: Rosino of the Senate
and
Moore of the House
An Act relating to real estate brokers; amending 59
O.S. 2021, Section 858-353, as amended by Section 1,
Chapter 326, O.S.L. 2024 (59 O.S. Supp. 2024, Section
858-353), which relates to broker duties and
responsibilities; requiring written memorialization
of certain working relationship; establishing certain
limitations; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 59 O.S. 2021, Section 858-353, as
amended by Section 1, Chapter 326, O.S.L. 2024 (59 O.S. Supp. 2024,
Section 858-353), is amended to read as follows:
Section 858-353. A. A broker shall have the following duties
and responsibilities to all parties in a transaction, which are
mandatory and may not be abrogated or waived by a broker:
1. Treat all parties with honesty and exercise reasonable skill
and care;
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2. Unless specifically waived in writing by a party to the
transaction:
a. receive all written offers and counteroffers,
b. reduce offers or counteroffers to a written form upon
request of any party to a transaction, and
c. present timely all written offers and counteroffers;
3. Timely account for all money and property received by the
broker;
4. Keep confidential information received from a party or
prospective party confidential. The confidential information shall
not be disclosed by a firm without the consent of the party
disclosing the information unless consent to the disclosure is
granted in writing by the party or prospective party disclosing the
information, the disclosure is required by law, or the information
is made public or becomes public as the result of actions from a
source other than the firm. The following information shall be
considered confidential and shall be the only information considered
confidential in a transaction:
a. that a party or prospective party is willing to pay
more or accept less than what is being offered,
b. that a party or prospective party is willing to agree
to financing terms that are different from those
offered,
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c. the motivating factors of the party or prospective
party purchasing, selling, leasing, optioning or
exchanging the property, and
d. information specifically designated as confidential by
a party unless such information is public;
5. Disclose information pertaining to the property as required
by the Residential Property Condition Disclosure Act;
6. Comply with all requirements of The Oklahoma Real Estate
License Code and all applicable statutes and rules; and
7. Disclose:
a. information pertaining to compensation and fees
assessed on each transaction to the represented party,
which shall be communicated in writing before the
effective date of the contract for sale or lease, and
b. the time frame for which the compensation agreement is
valid, not to exceed one (1) year. If no time frame
is specified, the compensation agreement shall default
to sixty (60) days.
B. A broker shall have the following duties and
responsibilities only to a party for whom the broker is providing
brokerage services in a transaction which are mandatory and may not
be abrogated or waived by a broker:
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1. Inform the party in writing when an offer is made that the
party will be expected to pay certain costs, brokerage service costs
and the approximate amount of the costs; and
2. Keep the party informed regarding the transaction.
C. When working with both parties to a transaction, the duties
and responsibilities set forth in this section shall remain in place
for both parties.
D. A buyer and a broker providing services for the buyer shall
memorialize in writing the relationship between the buyer and the
broker including, but not limited to:
1. The duration of the relationship for which the broker is
responsible to the buyer, not to exceed one (1) year; and
2. The compensation agreed to by the broker and the buyer for
the duration of the contract including commissions, fees, and any
other compensation that is received by the broker during the course
of the relationship.
E. A document memorializing the working relationship between a
buyer and a broker providing services for the buyer shall be signed
by both the buyer and the broker prior to touring a home at the
direction of the broker.
F. Upon the expiration or termination of such a working
relationship, nothing shall preclude a buyer and broker from signing
a new agreement with terms memorialized in the same manner as
required by this section. Such contracts shall not include terms
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which cause the contract to renew without additional agreement from
both the buyer and the broker.
SECTION 2. This act shall become effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON BUSINESS AND INSURANCE
February 27, 2025 - DO PASS