OK HB2705

Creates the Oklahoma Used Motor Vehicle Education and Recovery Commission with nine members, including representatives from the Oklahoma Used Motor Vehicle and Parts Commission, Motor Vehicle Commission, Insurance Commissioner, State Treasurer, and four gubernatorial appointees with specific automotive industry experience.

Establishes the Oklahoma Used Motor Vehicle Education and Recovery Fund as a revolving fund to reimburse consumers for losses caused by fraudulent certificate of title issuance by used motor vehicle dealers, with compensation limited to $15,000 per claim and $50,000 per transaction.

Grants the Commission authority to investigate complaints, determine eligibility for compensation, compel production of records, subpoena witnesses, and notify the Oklahoma Used Motor Vehicle and Parts Commission of violations that may result in license suspension or revocation.

Imposes additional nonrefundable fees (effective November 1, 2012) to be deposited in the Education and Recovery Fund: $200 for dealer licenses, $100 for salesperson licenses, $300 for wholesale dealer licenses, and $500 for auction dealer licenses.

Eliminates bonding requirements for license renewals (effective November 1, 2015), except for auction dealers, while maintaining bond requirements for original licenses for the first three years; effective July 1, 2012 with emergency declaration.