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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 5. Oklahoma Abstractors Board |
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Chapter 11. Administration of Abstractors Act |
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Subchapter 3. Abstract Licenses, Certificates of Authority, and Permits |
SECTION 5:11-3-6. Transfer of certificate of authority
Latest version.
- (a) An applicant for a transfer of a certificate of authority by an individual, association, partnership, corporation, or other entity shall be required to comply with the same laws, rules, regulations, and orders applicable to the previous holder of the certificate of authority.(b) The applicant shall also provide an affidavit as to due diligence efforts made to determine that the abstract plant acquired meets all the requirements of the Act.(c) The parties to the transfer of a Certificate of Authority shall provide proof that the Title 1 Section 42 five (5) year period of liability for abstract certificates of the Seller has been provided for by extended reporting period (tail) errors and omissions insurance or surety bond, or other responsible method. Upon review and satisfaction of the Board, the transfer may be approved.