HB1037 Summary

• Amends 62 O.S. 2011, Section 430.1 to allow municipal or governmental subdivisions (counties, cities, towns, school districts) to take possession of vehicle titles acquired through lease-purchase agreements for proper vehicle registration and tagging purposes.

• Allows the vehicle title to retain the vendor's or financing institution's security interest as recorded under Section 1105 of Title 47 of the Oklahoma Statutes.

• Permits subdivisions to take title during the lease-purchase agreement term while maintaining the lienholder's security interest, with the security interest released once the purchase price plus interest is paid in full.

• Effective date set for November 1, 2013.