Oklahoma Senate committee advances bill to combat rising deed theft fraud
TULSA, OKLA. (KTUL) — The Oklahoma Senate Local and County Government Committee has approved legislation aimed at preventing deed theft, a rising form of fraud that leaves homeowners vulnerable to financial devastation.
Senate Bill 961, authored by Sen. David Bullard, R-Durant, seeks to ensure that original property owners are notified if a new deed is filed on their land.
The bill also establishes a process to involve local prosecutors in suspected fraud cases before fraudulent property transfers are finalized.
“There have been multiple cases statewide where criminals file a falsified deed on someone else’s land, sell the property to make a lot of money and then leave the original property owner on the hook for the new loan,” Bullard said.
“These criminals are preying on vulnerable, elderly homeowners who don’t realize their property is being sold out from under them.”
Bullard emphasized that SB 961 is still a work in progress, with ongoing discussions involving county clerks, abstractors, closing companies, and land and title groups to refine the legislation.
He stressed the need for a proactive approach to stop deed theft before it occurs, rather than alerting homeowners after fraudulent sales have already taken place.
According to the FBI's 2023 Internet Crime Report, there were 9,521 complaints of cyber-related real estate and rental fraud in the United States, resulting in losses exceeding $145 million.
The bill is now eligible for consideration by the full Oklahoma Senate.
