OKLAHOMA CITY – House Bill 4151 by Representative Suzanne Schreiber, D-Tulsa, passed out of the Insurance Committee with a vote of 7-0. Remaining steadfast in tackling everyday issues for Oklahomans, Rep. Schreiber’s bill would eliminate unnecessary fees in real estate transactions. The bill, requested by a constituent, ensures home buyers and sellers do not get charged a fee for which there is no service needed nor provided.
A variety of fees are charged in the transfer of home ownership and some title companies are charging unnecessary fees that serve only to increase the cost of buying and selling houses. House Bill 4151 seeks to eliminate a fee that is charged to monitor whether a mortgage release is filed even though the mortgage was paid off as part of the same transaction.
“It can be difficult for consumers to sort out or question every fee on a transaction—and they shouldn’t have to. As legislators, we need to be listening to constituents and watching for fees that are unnecessary and work to eliminate them so we can ensure lower costs for Oklahomans,” Rep. Schreiber said.
According to the National Consumer Law Center, consumers pay tens and maybe even hundreds of billions of dollars a year in junk fees on bank accounts, credit cards, rental agreements, and other goods and services. This bill seeks to remove junk fees in real estate transactions to work to lower costs for Oklahomans.
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