Senate Bill No. 527, introduced by Reinhardt and Harris, amends Section 1110 of Title 47 of the Oklahoma Statutes, which pertains to the perfection of security interests in vehicles. The bill modifies the time limit for delivering lien entry forms and related documents to Service Oklahoma or a licensed operator from twenty-five days to forty-five days. Additionally, it updates the provisions regarding the mailing of security interest releases, requiring secured parties to send a release to Service Oklahoma and the debtor within seven business days after the satisfaction of the security interest. If the secured party fails to comply, they may incur penalties that increase daily until a maximum is reached.

The bill also clarifies the definition of a "dealer" and "security interest," and specifies that certain vehicles, such as those registered by federally recognized Indian tribes, are subject to different regulations. Furthermore, it outlines the process for obtaining a new certificate of title after a security interest is released and establishes the conditions under which a manufactured home can be permanently affixed to real estate. 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
House Committee Substitute for Senate Bill: 47-1110
Committee Substitute: 47-1110
Floor (House): 47-1110
Floor (Senate): 47-1110
Engrossed: 47-1110
Amended And Engrossed: 47-1110
Enrolled (final version): 47-1110
Sub Committee OR Policy Committee Recommendations (House) Policy Committee Recommendation: 47-1110