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Bill

SB 747

Sheriff auctions; online auctions; prohibiting charging of buyer's premium; requiring certain nonelectronic option for bidders; collection of payments; fees. Emergency.

2025 Regular Session Introduced by Erick Harris and 1 co-sponsor

Oklahoma law prohibits sheriff auctions from charging buyer's premiums and requires non-electronic bidding options to reduce costs for property auction participants.

Becomes law without Governor's signature 05/28/2025
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WeVote Research Nonpartisan
Bill Summary · SB 747

Legislative bill overview

SB 747 regulates how Oklahoma sheriffs conduct property auctions by prohibiting buyer's premiums (additional fees charged to winning bidders) and requiring non-electronic bidding options alongside online auctions. The bill also establishes standards for payment collection and associated fees.

Why is this important

Sheriff auctions are how properties seized for tax delinquency, foreclosure, or civil judgments are sold to the public. By eliminating buyer's premiums, the bill aims to reduce costs for auction participants, potentially increasing competitiveness and lowering final bid prices. However, it may also reduce revenue that sheriffs' offices use to fund auction operations.

Potential points of contention

  • Revenue impact: Eliminating buyer's premiums reduces income sheriffs' offices use to cover auction costs, potentially shifting expenses to general county budgets or reducing auction frequency
  • Digital divide: Requiring non-electronic bidding options protects rural or elderly bidders without internet access, but increases operational complexity and costs for sheriffs' offices
  • Payment fee authority: The bill's provisions on fee collection may create disputes about what payment processing costs are permissible or how those costs are allocated

Compiled from official sources — confirm details with the bill’s official record.

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