SB 1427 Summary

• Enacts the Uniform Certificate of Title for Vessels Act establishing comprehensive vessel titling requirements and procedures for Oklahoma vessels.

• Creates certificate of title system administered by Oklahoma Tax Commission covering ownership proof, security interests, and title transfers for vessels meeting specified criteria.

• Defines perfection of security interests through certificate of title delivery to Tax Commission rather than filing under Uniform Commercial Code, with specific procedures for termination statements and release of liens.

• Establishes hull damage branding requirements, including penalties up to $1,000 for owners, insurers, or dealers failing to disclose hull-damaged vessels before transfer.

• Amends existing Oklahoma Vessel and Motor Registration Act sections (63 O.S. §§ 4003, 4005, 4007-4009, 4012-4013) to align with new uniform act provisions; effective January 1, 2013.