Bill > SB527

This bill modifies Oklahoma's vehicle certificate of title law by extending the time limit for perfecting a security interest from 25 to 45 days. Specifically, when a person creates a security interest in a vehicle, they must now have 45 days (instead of the previous 25 days) to deliver the lien entry form, required fee, and vehicle title documents to Service Oklahoma or a licensed operator. If these documents are submitted within the 45-day window, the security interest's perfection will begin from the date of the lien entry form's execution. The bill also updates provisions related to releasing security interests, including requiring secured parties to provide a lien release within seven business days after satisfaction and imposing penalties for failing to do so. Additionally, the bill clarifies language around security interests for vehicles registered by federally recognized Indian tribes and provides more flexibility in how lien releases can be processed. The changes aim to provide more administrative flexibility for vehicle owners and lienholders while maintaining clear documentation requirements. The bill will become effective on July 1, 2025, and was passed with an emergency clause to emphasize its immediate importance.

Business and Industry, Government Affairs, Transportation and Infrastructure

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb527&Session=2600