Okla. Admin. Code § 80:10-3-10

Current through Vol. 42, No. 4, November 1, 2024

Section 80:10-3-10 - Abstracting Fees

(a) A List of Abstracting Fees shall be attached to an Application for Certificate of Authority, an Application to Renew Certificate of Authority and an Application to Transfer Certificate of Authority.

(1) A list of Abstracting Fees shall include all fees an applicant intends to charge for abstracting services or products.

(2) No certificate of authority shall be issued to any applicant until the List of Abstracting Fees is approved by the Abstractor Registrar.

(b) An applicant shall not charge any customer any abstracting fee for other than that listed in the approved List of Abstracting Fees.

(c) An applicant shall not charge any customer any fee for abstracting services or products not on the approved List of Abstracting Fees.

(d) Applicants may submit an Amended List of Abstracting Fees once a year to increase or decrease any abstracting fee or fees, and to add or delete any abstracting service or product. The Amended List of Abstracting Fees must be approved by the Abstractor Registrar before becoming effective.

(e) The Abstractor Registrar may disapprove a List of Abstracting Fees if he/she determines that an abstracting fee is excessive or is used as an unlawful inducement. In determining whether an abstracting fee is excessive the Abstractor Registrar may consider:

(1) the change from any prior rate for the same service;

(2) the fee charged by other abstract companies within the same county, in adjacent counties and in counties with similar characteristics;

(3) the amount of work performed;

(4) the time required to perform the abstracting service;

(5) the amount of financial risk involved;

(6) the cost of providing the service;

(7) the availabiility of competition;

(8) the average cost for such services across the state; and

(9) any other factor that the applicant or Abstractor Registrar demonstrates is relevant in a particular case.

(f)Page charges. If a certificate holder charges a fee based on the number of pages in an abstract, the charge must be based on objective criteria and applied uniformly to all abstracts.

Okla. Admin. Code § 80:10-3-10

Added at 11 Ok Reg 3661, eff 7-11-94; Amended at 14 Ok Reg 2194, eff 6-12-97