Okla. Admin. Code § 260:135-7-232

Current through Vol. 42, No. 4, November 1, 2024

Section 260:135-7-232 - Releasing Lien

(a) Perfected liens may ordinarily be released by submission of one (1) of the following to Service Oklahoma or a licensed operator:

(1) Copy #4 (if unavailable, a certified duplicate copy of Copy #3 or #4, or an original or certified copy of Copy #1 is acceptable) of the six (6) part lien entry Form 21, with the release signed and dated.

(2) Any of the lien release receipts, original or certified copy, generated when the lien was perfected by Service Oklahoma or a licensed operator, signed and dated.

(3) Should a standard lien release as outlined above be unavailable, the lien may be released by submission of a typed, notarized release statement from the secured party. The statement must include the notarized signature of a representative of the secured party, the name of the secured party, name of the debtor, and vehicle identification number/serial number of the vehicle.

(b) If the lender is out of business and no longer available, their lien may be released by the following procedure:

(1) A certified letter, restricted delivery, requesting a lien release and listing the year, make, and vehicle identification number is to be sent to the lender's address listed on the Service Oklahoma file.

(2) The administering agency of the lienholder (i.e., Oklahoma Used Motor Vehicle and Parts Commission if an Oklahoma used dealer; State Banking Department if a bank, savings and loan or credit union; Department of Consumer Credit if a finance company) is to be contacted and written confirmation requested that the lienholder is no longer in business at the address requested. If an out-of-state lienholder, that state's equivalent agency is to be contacted. If the response from the administering agency is that the lender was taken over by another business entity, that entity will have to be contacted for a release.

(3) The returned certified letter and post office receipts, the written confirmation from the administering agency, the Oklahoma certificate of title and applicable titling fee is to be submitted to Service Oklahoma for review. If approved, a confirming affidavit will be returned to the vehicle owner for his/her review and signature. Upon return of that affidavit to Service Oklahoma, a new Oklahoma certificate of title, without the lien reflected, will be issued.

Okla. Admin. Code § 260:135-7-232

Transferred from 710:60-5-117 by HB 3419 (2022), eff. 5/19/2022

Amended by Oklahoma Register, Volume 40, Issue 24, September 1, 2023, eff. 9/11/2023