The bill amends Section 1110 of Title 47 of the Oklahoma Statutes, which pertains to the perfection of security interests in vehicles. Key modifications include extending the time limit for delivering the lien entry form and required fees from twenty-five (25) days to sixty (60) days. The bill also updates statutory language and clarifies the definition of a "dealer" and "security interest." Additionally, it establishes that a security interest in vehicles registered by federally recognized Indian tribes is valid under Oklahoma law if it is perfected according to tribal law and noted on the tribal certificate of title.

Furthermore, the bill outlines the responsibilities of secured parties regarding the release of security interests, including penalties for failing to provide timely releases. It also details the process for obtaining a new certificate of title after a security interest has been satisfied and specifies that Service Oklahoma must maintain records to trace certificates of title and security interests. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.

Statutes affected:
Introduced: 47-1110