The bill amends the Oklahoma Vehicle License and Registration Act, specifically 47 O.S. 2021, Section 1110, to modify provisions related to the perfection of security interests in vehicles, the transfer of titles, and the mailing of releases for security interests. Key changes include the clarification that a security interest in a vehicle is perfected only when specific documents, including a lien entry form and the existing certificate of title, are submitted to the Tax Commission or a motor license agent. Additionally, the bill introduces a new provision allowing for the transfer of title when there is an active lien from a commercial lender, specifically allowing transfers to individuals included on the loan or to trusts created by such individuals, while removing previous stipulations regarding business entities.

Furthermore, the bill establishes penalties for secured parties who fail to furnish a release of a security interest within seven business days after satisfaction of the lien, with escalating penalties for continued non-compliance. It also outlines the process for obtaining a new certificate of title after a security interest is released, emphasizing that the Tax Commission must accept releases in various forms. The effective date for these changes is set for November 1, 2025.

Statutes affected:
Introduced: 47-1110