OK HB2845

Amends 47 O.S. 2011, Section 1110 relating to security interests in motor vehicles registered in Oklahoma.

Creates alternative to traditional lien release: allows insurance companies or authorized salvage pools to provide a letter of guarantee signed by the lienholder and evidence of payment from insurance claim files in lieu of a formal release document.

Establishes that the Tax Commission shall not require any particular form for lien release and shall accept releases identifying the debtor, secured party, vehicle, and bearing the secured party's signature.

Defines "letter of guarantee" as a document guaranteeing release of lien or title for a specified payment amount.

Effective date: November 1, 2012.