New Law enables Electronic Titles, saving time and money
Mike Seals - May 11, 2021 11:19 pm
OKLAHOMA CITY – Oklahoma is now the 25th state in the nation to enact legislation allowing the use of electronic titles and liens for vehicles, boats, trailers and farm equipment. Senate Bill 998, authored by Sen. Rob Standridge, R-Norman, and Rep. Mike Osburn, R-Edmond, was approved by Gov. Kevin Stitt on Friday and takes effect Nov. 1, 2021.
“The pandemic has shown us how much business can be done electronically, but one item that slows the process down and adds cost is how we handle titles in Oklahoma,” Standridge said. “By allowing this digital transformation, we’re making the process more convenient for consumers and businesses, saving time and money.”
SB 998 directs the Oklahoma Tax Commission (OTC) to implement a program providing for the electronic storage and filing of motor vehicle certificates of title and allow a lienholder to perfect, assign and release a lien on a motor vehicle digitally in lieu of submission and maintenance of paper documents. The OTC will consult with stakeholders, including representatives of the Oklahoma Automobile Dealers Association, the Oklahoma Tag Agents Coalition, the Oklahoma Bankers Association and the Oklahoma Credit Union Association in the development of the program. The bill directs the OTC to contract with vendors who have previous experience with electronic titling and the development of software to manage the program, which will allow for digital signatures. Under the new law, participation is voluntary.
“Allowing vehicle titles to be electronically filed and stored brings our state into the modern age and saves the state a great deal on administrative costs.” Osburn said. “I’m glad to see another step toward progress signed into law.”
Under SB 998, the new digital title and lien program will be up and running by July 1, 2022.
For more information, contact Sen. Rob Standridge at 405-521-5535 or email [email protected].