Okla. Admin. Code § 670:20-37-8

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

Section 670:20-37-8 - Procedures for handling assignment errors

Should an error be made in the assignment of a title or MSO, the following guidelines are to be adhered to:

(1)Misspelled name. Correction of minor misspelling in assignee's name will be allowed by printing correct spelling directly above, beside or below the error, depending on available space. The original spelling is not to be marked out or obliterated to the extent it is not legible. Doing so will void that document.

(2)Error in address. Corrections in assignee's address may also be made in the above manner.

(3)Signature on wrong line. If a seller and/or notary sign on wrong line, a correction may be made by drawing an arrow from the signature to the proper line. Evidence of erasure or liquid correction fluid anywhere on an MSO/title voids that document.

(4)Deletions or additions. A name may not be deleted from an assignment. Only the seller may add a name to an assignment.

(5)Change of date of assignment. Changes in assignment date will be allowed by affidavit only in the following circumstances:

(A) Date obviously incorrect (wrong year, assignment date prior to title issuance date, etc.

(B) Change in date does not affect taxes and/or penalties due and does not conflict with perfected lien date.

(6)Procedure for voiding initial assignment and reissuing another assignment. If a seller wishes to void the first assignment and reassign to different individual in the next available assignment block because the first assignment was made on the wrong MSO/title, a notarized affidavit of fact will be required from the seller along with a photocopy of the properly assigned MSO/title to individual in the first assignment.

(7)Procedure for voiding an assignment where transaction is not completed. If a seller wishes to void an assignment due to the transaction not being completed and delivery of the vehicle never taking place, an affidavit of fact must be prepared by him explaining the circumstances. If the vehicle was ever physically delivered to the purchaser, the transaction was complete for the purposes of ownership transfer and all taxes and fees are due, regardless of what transpired thereafter. If the vehicle was never delivered to the purchaser, as declared by the seller in the affidavit of fact, then that assignment may be voided by drawing one large "X" across the assignment. The voided assignment is not to be marked out or obliterated to the extent it is not legible. The MSO/title must then be properly reassigned in the next assignment block.

(8)Procedure for licensed Oklahoma dealer voided transactions. When physical delivery of a vehicle has been made by a licensed motor vehicle dealer pursuant to and upon the terms of an Oklahoma Motor Vehicle Commission and/or Oklahoma Used Motor Vehicle and Parts Commission approved Motor Vehicle Delivery Agreement Form which states that the terms of the transaction are dependent upon approval of financing, but the transaction is never completed and no assignment of the corresponding MSO or title ever occurs as a result of failure to secure said financing, the transaction shall be considered cancelled and no taxes or fees related to that cancelled ownership transfer transaction shall be due.

(9)Effect of voiding title. When an assignment is voided according to the listed guidelines, an Oklahoma title must be brought up in the next assignee's name, even if that entity would not ordinarily be required to do so (such as a dealer). This is to ensure that the circumstances involved are valid and approved under Service Oklahoma policy and to prevent the situation from becoming even more complicated due to the passage of time and inclusion of additional assignees.

Okla. Admin. Code § 670:20-37-8

Adopted by Oklahoma Register, Volume 41, Issue 23, August 15, 2024, eff. 8/25/2024