Abstracting; modifying requirements under the Oklahoma Abstractors Act; providing exception for determination of unnecessary delay; increasing certain civil penalties.

This bill updates the Oklahoma Abstractors Act to clarify definitions, set specific deadlines for delivering title abstracts, and increase fines for non-compliance. It directly affects licensed abstractors and their clients by establishing clear timeframes, such as 20 business days for new abstracts of unplatted land, within which services must be provided. The legislation also requires abstractors to notify the state board if they cannot meet these deadlines due to extenuating circumstances and prohibits the use of county indexes when preparing abstracts. Additionally, the bill raises civil penalties for violations, increasing the maximum fine for each occurrence from $1,000 to $2,000.