Oklahoma Bans “Wall Street Fees” on Home Resales

Oklahoma Governor Mary Fallin recently signed legislation to restrict Wall Street home resale fees, also known as “private transfer fees.”

Sponsored by Reps. Steve Martin and Marion Cooksey and Sen. Brian Crain, the law places a ban on these fees. The Coalition to Stop Wall Street Home Resale Fees calls them “a dangerous new financial scheme that steals home equity, lowers home resale values, and adds another layer of difficulty to selling a home.”

“These fees infringe on property rights and hurt Oklahoma consumers,” said Rep. Martin. “They have no place in the Oklahoma real estate market. We’ve made sure that when a homeowner buys a new property, he or she owns that home free and clear.”

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