Valid order therefor - Failure to furnish - Penalties - Exclusions.
A.All abstractors shall furnish abstracts, abstract extensions, supplemental abstracts or final title reports as desired, to the persons applying therefor, in the order of receipt of a valid order therefor, without unnecessary delay, and for reasonable compensation pursuant to the requirements of the Oklahoma Abstractors Act. A valid order is a written order from the person applying for the order who is a party to the transaction containing the following elements: 1. A complete and accurate legal description or a complete and accurate address, as applicable; 2. The availability of any necessary base abstract; and 3. An up-front commitment to pay for the order either upon delivery or other payment conditions agreed to by t
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Valid order therefor - Failure to furnish - Penalties - Exclusions. A. All abstractors shall furnish abstracts, abstract extensions, supplemental abstracts or final title reports as desired, to the persons applying therefor, in the order of receipt of a valid order therefor, without unnecessary delay, and for reasonable compensation pursuant to the requirements of the Oklahoma Abstractors Act. A valid order is a written order from the person applying for the order who is a party to the transaction containing the following elements: 1. A complete and accurate legal description or a complete and accurate address, as applicable; 2. The availability of any necessary base abstract; and 3. An up-front commitment to pay for the order either upon delivery or other payment conditions agreed to by the parties to the transaction or a stated cancellation fee amount. B. Failure of an abstractor to furnish an abstract, abstract extension, supplemental abstract or final title report within the following time periods shall constitute unnecessary delay, unless the Board has previously determined the existence of extenuating circumstances: 1. For furnishing new abstracts: a. unplatted: twenty (20) business days, and b. platted: fifteen (15) business days; and 2. For furnishing an abstract extension, supplemental abstract or final title report: a. unplatted: seventeen (17) business days, and b. platted: twelve (12) business days. C. All licensed abstractors and certificate of authority holders, whose business is hereby declared to stand upon a like footing with that of common carriers, who shall refuse to do so, upon receipt of a valid order for the abstract, abstract extension, supplemental abstract or final title report, shall be subject to the following: 1. A civil penalty not less than Five Hundred Dollars ($500.00) nor more than Two Thousand Dollars ($2,000.00) for each occurrence; 2. Liability in any action for damages, loss or injury which any person may suffer or incur by reason of failure to furnish such abstract, abstract extension, supplemental abstract or final title report pursuant to the provisions of this section. This penalty may be enforced in the same manner in which civil judgments may be enforced; and 3. Any administrative penalties and fines enforced by the Oklahoma Abstractors Board. D. The provisions of this section shall not apply to orders for abstracts on oil, gas, and other minerals. E. In the event a holder of a certificate of authority is unable to comply with the requirements of this section due to extenuating circumstances, the holder of the certificate shall notify the Board within five (5) business days of the receipt of orders that cannot be furnished within the time specified in this section. The Board shall respond to the holder within three (3) business days to resolve the delay and establish alternatives for the timely delivery of abstracts. F. For the purposes of this section, “extenuating circumstances” include but are not limited to a catastrophic event such as fire, tornado, pandemic, death, or the receipt of a large multiple tract order such as an energy related project.