In performing the duties imposed pursuant to the Oklahoma Abstractors Law, the State Auditor and Inspector shall have the following powers and duties:

1. 1. To prescribe rules and regulations and make such orders as deemed necessary to implement the Oklahoma Abstractors Law; and
2. 2. To hold examinations for applicants for abstract licenses and to promulgate rules and regulations regarding such examinations as deemed proper; and
3. 3. To issue abstract licenses, certificates of authority, or permits in such form as deemed appropriate; and
4. 4. To promulgate rules and regulations governing the issuing of abstract licenses and certificates of authority to nonresidents, associations, corporations, and partnerships; and
5. 5. To suspend, revoke, or reinstate abstract licenses and certificates of authority previously issued, upon good cause shown; and
6. 6. To reprimand, place on probation, or require additional education of licensees and certificate holders upon good cause shown; and
7. 7. To prescribe rules and regulations governing proceedings necessary to perform the duties described in paragraphs 5 and 6 of this section; and
8. 8. To prescribe such penalties as deemed proper to be assessed against licensees and certificate holders for the failure to pay the renewal fees; and
9. 9. To cause the prosecution of any person who violates any of the provisions of the Oklahoma Abstractors Law; and
10. 10. To promulgate such rules and regulations governing the approval of organizations offering courses of study in real estate as are necessary for the administration of the Oklahoma Abstractors Law; and
11. 11. To establish minimum standards to be followed in the preparation of abstracts; and
12. 12. To establish a schedule of fees for applications for or renewals of certificates of authority, abstract licenses, or permits; and
13. 13. To establish the amount of the bond to be filed with applications for abstract licenses, certificates of authority, or permits; and
14. 14. To set criteria for determining what constitutes an excessive abstracting fee; and
15. 15. To deposit all fees collected to the credit of the State Auditor and Inspector Revolving Fund.

Added by Laws 1984, HB 1805, c. 163, § 4, eff. November 1, 1984; Amended by Laws 1985, SB 30, c. 304, § 11, emerg. eff. July 24, 1985.