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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 2. Administrative Operations |
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Subchapter 1. General Provisions |
SECTION 5:2-1-2. Definitions
Latest version.
- In addition to the terms defined in the Oklahoma Abstractors Act, the definitions of the following words and terms shall be applied when implementing the Act and rules adopted by the Board:"Abstractor" means the holder of an abstract license, certificate of authority, or temporary certificate of authority."Abstract Plant" shall consist of a set of records in which an entry has been made of all documents or matters which legally impart constructive notice of matters affecting title to real property, any interest therein or encumbrances thereon, which are filed, recorded and currently available for reproduction in the offices of the county clerk and the court clerk in the county for which such abstract plant is maintained including any satellite offices for the county clerk or district court clerk. Such records shall consist of:(A) a "land index" in which notations of or references to any documents that describe the property affected are included, according to the property described or in which copies or briefs of all such documents that describe the property affected are sorted and filed according to the property described which is compiled from the instruments of record affecting real property in the county and recorded in the county offices and not copied or reproduced from any county index:(B) a "name index" compiled from the following:(i) records from the court clerk sorted or filed according to the names of the parties listed in the pending suits which shall include but not be limited to probates, divorces, dissolutions of marriage, guardianships, and civil suits affecting real property; and,(ii) records from the county clerk sorted or filed according to the names of the parties listed in the documents which shall include but not be limited to liens, tax warrants, statements of judgment, and any other documents which legally impart constructive notice of matters affecting title to real property, any interest therein or encumbrance thereon which are filed, recorded, and currently available for reproduction in the office of the county clerk. The index shall be compiled from instruments of record affecting real property in the office of the county clerk and not copied from any county index."Billing Information" means a copy of an invoice reflecting all abstract related charges."Compile" means to arrange in an orderly and logical manner all recorded instruments relating to a particular chain of title of real property."Employee" means a person who is compensated, directly or indirectly, by a holder of a certificate of authority, permit, or temporary certificate of authority, who performs duties regulated by the Act."Final title report" means the document resulting from the final title search required to be conducted by a certificate of authority holder in the county where the property is located prior to the issuance of a title insurance policy pursuant to the rules of the Oklahoma Insurance Department and shall include all information as mandated by Section 11-5-3 of these rules."Licensee" means a person who holds an abstract license."Supervision" means all work of an employee must be supervised within the authorized activities of a certificate of authority holder or a permit holder, respectively.(A) Supervision of an abstract licensee by a certificate of authority holder means the oversight of the licensee to search or remove from county offices county records, summarize or compile copies of such records, maintain an independent set of abstract books or indexes, or compile an abstract of title for certification.(B) Supervision of an abstract licensee by a permit holder means the oversight of the licensee to build, construct or develop an abstract plant and activities directly related thereto pursuant to 5:11-7-3 of these rules.(C) Supervision of a non-licensed employee means the oversight of any person who is employed by a holder of a permit or certificate of authority who performs the activities set forth in 5:11-3-1(b) of these rules."Upfront commitment to pay" may be:(A) A written document whether by e-mail, facsimile, contract of sale, or other written instruction by a party to the transaction that agrees to pay the invoice upon delivery, unless the certificate holder:(i) notifies the customer within two (2) full business days that other payment terms must be satisfied, or(ii) the certificate holder has a uniform payment policy posted at its office.(B) The acceptance of an order from a party to the transaction whether by e-mail, facsimile, contract of sale, or other written or oral instruction by a certificate holder, and the holder proceeds to complete the requested abstracting service.