HB1037 Summary

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

• The subdivision may hold the title while the vendor or financing institution retains a security interest on the title pursuant to Section 1105 of Title 47 of the Oklahoma Statutes.

• Upon completion of lease-purchase payments, the vendor must deliver a bill of sale and release the security interest, with title fully transferring to the subdivision.

• Maintains existing lease-purchase limitations: purchase price plus interest cannot exceed 10% simple interest on unpaid balance, and competitive bidding applies where total payments exceed $25,000.

• Effective date: November 1, 2013.