1 STATE OF OKLAHOMA
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2 2nd Session of the 59th Legislature (2024)
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3 SENATE BILL 1903 By: Hall
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6 AS INTRODUCED
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7 An Act relating to online auctions; amending 12 O.S.
7 2021, Section 757, as amended by Section 1, Chapter
8 326, O.S.L. 2022 (12 O.S. Supp. 2023, Section 757),
8 which relates to acceptance of bids; updating
9 statutory language; updating statutory reference;
9 allowing for certain buyer’s premium fee; requiring
10 certain disclosure; and providing an effective date.
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12 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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13 SECTION 1. AMENDATORY 12 O.S. 2021, Section 757, as
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14 amended by Section 1, Chapter 326, O.S.L. 2022 (12 O.S. Supp. 2023,
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15 Section 757), is amended to read as follows:
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16 Section 757. A. 1. No goods or chattels levied upon by an
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17 officer pursuant to an execution issued by a court of record shall
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18 be sold unless the party causing the execution to be issued:
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19 a. causes a written notice of sale executed by the
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20 sheriff describing the goods or chattels subject to
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21 sale and stating the date, time and place where the
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22 sale shall occur to be mailed, by first class mail,
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23 postage prepaid, to the judgment debtor, any holder of
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24 record of an interest in the property, and all other
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 1 persons of whom the party causing the execution to be
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2 issued has notice who claim a lien or any interest in
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3 the goods or chattels, at least ten (10) days prior to
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4 the date of the sale, if the names and actual
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5 addresses of such persons are known, and
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6 b. causes public notice to be given of the date, time and
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7 place of sale, for at least ten (10) days before the
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8 day of sale. The notice shall be executed by the
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9 sheriff and shall state the name of any person having
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10 an interest in the property whose actual address is
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11 unknown, and shall designate the person or persons
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12 whose unknown successors are being notified. The
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13 notice shall be given by advertisement, published in
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14 some newspaper published in the county, or, in case no
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15 newspaper be is published therein, by setting up
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16 advertisements in five public places in the county.
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17 Two advertisements shall be put up in the township
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18 where the sale is to be held, and
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19 c. files in the case an affidavit of proof of mailing and
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20 of publication or posting.
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21 2. A written notice of sale executed prior to the effective
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22 date of this act November 1, 1987, by the party causing the
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23 execution to be issued but otherwise conforming to the provisions of
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24 this section shall, for all purposes, be deemed valid.
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 1 B. 1. If a purchaser other than the party causing the
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2 execution to be issued, when required by the sheriff, fails to post
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3 cash or certified funds equal to ten percent (10%) of the amount bid
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4 for the property within twenty-four (24) hours of the sale,
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5 excluding Sundays and legal holidays, or otherwise fails to complete
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6 the sale, the sheriff may proceed with the sale and may accept the
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7 next highest bid.
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8 2. When goods and chattels levied upon cannot be sold for want
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9 of bidders, the officer making such return shall affix a true and
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10 correct inventory of such goods and chattels to the execution, and
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11 the party causing such execution to be issued may thereupon sue out
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12 another writ of execution, directing the sale of the property levied
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13 upon as provided for in this section.
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14 C. All sales of goods and chattels may be conducted by public
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15 auction through the Internet or other electronic means pursuant to
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16 this section. For a public auction held by Internet or other
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17 electronic means, place may include the Internet website of an
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18 online auction marketplace selected by the sheriff to host and
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19 conduct the sheriff’s sale of goods and chattels.
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20 D. No sheriff nor other officer conducting the sale of such
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21 property, nor any appraiser or online auction marketplace, shall
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22 either directly or indirectly purchase the same; and every purchase
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23 so made shall be considered fraudulent and void. If the online
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24 auction marketplace is a corporation, limited liability company,
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 1 limited liability partnership, or partnership, the foregoing
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2 restriction shall apply to any director, officer, employee, managing
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3 member, or partner of such appraiser or online auction marketplace.
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4 E. In the case of a sale by a sheriff conducted through an
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5 online auction marketplace, the online auction marketplace may
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6 collect deposits and hold payments by wire transfer, electronic
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7 funds transfer, or cashier’s check from a registered bidder, and
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8 additional purchase money payments up to the full amount of the
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9 winning bid, settle the transaction, and then remit payment of the
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10 purchase price money to the court clerk as directed by the sheriff
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11 or the court. Any buyer’s premium charged to a buyer for online
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12 auction marketplace services rendered to the buyer shall not exceed
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13 One Hundred Fifty Dollars ($150.00) and shall not be considered
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14 purchase price, provided that the buyer’s premium is disclosed in
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15 advance in the listing.
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16 SECTION 2. This act shall become effective November 1, 2024.
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18 59-2-2842 BG 1/18/2024 10:21:12 AM
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Statutes affected:
Introduced: 12-757
Committee Substitute: 12-757
Floor (House): 12-757, 12-765
Floor (Senate): 12-757
Engrossed: 12-757, 12-765
Amended And Engrossed: 12-757, 12-765
Senate Conference Committee Substitute: 12-757, 12-765