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Committee advances bill extending timeframe for lenders to submit vehicle lien paperwork
Summary
Senate Bill 527 passed committee to extend the deadline for lenders to provide lien entry information to Service Oklahoma from 25 to 45 days and to clarify mailing requirements for lien releases when dealers make payment.
The House Banking, Financial Services and Pensions Committee approved Senate Bill 527 after Representative Harris presented two amendments and described the measure as a banker-request bill to address timing issues in vehicle lien processing.
Harris said current law requires a bank that takes a security interest in a vehicle to submit a lien entry form and provide certain notices within 25 days to Service Oklahoma and to the driver. The bill extends that deadline to 45 days to give lenders and Service Oklahoma more time to process filings. Harris also said the bill amends a requirement that a lender mail a copy of a lien release to a dealership when a security interest is satisfied by a dealer payment.
Representative Deck asked whether the extension addressed recurring timing problems; Harris replied that the longer window is intended to ensure lenders and the state agency can realistically complete processing.
The committee recorded the bill as passed by voice vote and the clerk declared the bill passed and referred out to oversight. The committee did not discuss a fiscal note on the record during this presentation.
Votes at a glance: committee-reported passage recorded in the hearing as 9 yes, 0 no.
