SB 527 Summary

• Extends the time limit for secured parties to deliver lien entry forms and required fees from 25 days to 45 days after the date of the security agreement, with perfection dating back to the lien entry form execution date if delivered within this extended timeframe.

• Modifies provisions related to mailing release of security interests by licensed used motor vehicle dealers, requiring the secured party to mail an additional copy of the release upon receipt of a written request from the dealer.

• Increases penalties for failure to furnish a release: $100 penalty if not provided within 7 business days, then $100 per day for each additional day beyond 7 business days up to a maximum of $1,500 or the vehicle value, whichever is less.

• Updates statutory language throughout Section 1110 of the Oklahoma Vehicle License and Registration Act relating to perfection of security interests in vehicles.

• Effective July 1, 2025, with an emergency declaration allowing the act to take effect upon passage and approval.