Oklahoma Enacts Law Establishing Penalty Amount for Liens on Auto Vehicles

Auto Finance

On May 1, Governor Mary Fallin (R-OK) signed into law SB 465, which amends a current law imposing a $100 penalty on a secured party if it does not furnish a release of a lien after seven days. Under the new law, a $100 penalty will be imposed each day following the first seven days – the penalty can reach $1,500 or the value of the vehicle, whichever is less. The law is effective November 1, 2015.