This bill amends existing Oklahoma statutes related to the sale of goods, chattels, and real property through online auctions. Key changes include the addition of specific notice requirements for sales conducted via online auction marketplaces, such as detailing the internet address for bidding and the schedule for the auction. The bill also updates statutory language to be gender-neutral and modifies existing provisions to clarify the roles of sheriffs and online auction marketplaces in the sale process. Notably, it prohibits the charging of a buyer's premium for online auction services, ensuring that all fees are clearly defined and capped at $425 per sale.

Furthermore, the bill establishes that sheriffs have the discretion to determine whether an auction will utilize an online marketplace and outlines the procedures for collecting payments and deposits through electronic means. It reinforces the prohibition against sheriffs or related parties purchasing property at auction, deeming any such transactions fraudulent. The bill aims to modernize the auction process, enhance transparency, and protect the interests of all parties involved in property sales. An emergency clause is included, allowing the act to take effect immediately upon passage.

Statutes affected:
Introduced: 12-757, 12-765