Senate Bill No. 527 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 (25) days to forty-five (45) days. Additionally, it updates the provisions regarding the mailing of security interest releases, requiring secured parties to furnish a release within seven (7) business days after satisfaction of the security interest and to mail a copy to the debtor's last-known address. If the secured party fails to comply, they may incur penalties.

The bill also includes provisions for the handling of security interests in manufactured homes, allowing for the cancellation of titles when permanently affixed to real estate, and establishes that a security interest in a manufactured home has priority over conflicting interests. Furthermore, it clarifies that a security interest in vehicles registered by federally recognized Indian tribes is valid under Oklahoma law if perfected according to tribal law. The act is set to take effect on July 1, 2025, and declares an emergency for its 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