This bill introduces several new requirements and provisions related to homeowners associations and the management of real estate developments in Oklahoma. It mandates that managing entities retain and provide access to recorded covenants, conditions, and restrictions within 72 hours of a request. Homeowners associations must notify homeowners of any updates to these documents within five business days and disclose individual fees, which are capped at $175. Additionally, title insurance companies are required to provide a letter confirming a property's good standing at no cost to the homeowner, and buyers are granted a five-day period to withdraw from a sale contract upon receiving relevant documents.

The bill also prohibits restrictive covenants that limit the fair economic use of properties, including rental rights, and requires associations to issue quarterly letters confirming homeowners' good standing. It stipulates that associations must clearly outline their fee structures and fine schedules, with updates to fines limited to once per year. The existing law is amended to clarify that multiple copies of recorded covenants must be provided to buyers at a maximum charge of $25. The act is set to take effect on November 1, 2025.