Senate Bill No. 974 amends various sections of the Oklahoma Statutes related to online auctions, specifically addressing the sale of goods, chattels, and lands through online auction marketplaces. The bill introduces new notice requirements for sales conducted via online platforms, mandating that notices include specific details such as the Internet address for bidding and the schedule for the auction. It also updates statutory language to be gender-neutral and clarifies the roles of sheriffs in determining whether to utilize an online auction marketplace for sales. Additionally, the bill prohibits the charging of a buyer's premium for online auction services, ensuring that all fees associated with the auction are capped at $425 per sale.

The legislation further stipulates that sheriffs and other officials involved in the auction process cannot purchase the property being sold, with strict penalties for any fraudulent transactions. It requires that online auction vendors provide a non-electronic bidding option and allows them to set reasonable terms of service. The bill aims to modernize the auction process in Oklahoma while ensuring transparency and fairness for all parties involved. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.

Statutes affected:
Introduced: 12-757, 12-765
Committee Substitute: 12-757, 12-765
Floor (Senate): 12-757, 12-765