Motor vehicles; perfection of security interest; exception for certificate of title transfers; notice; effective date.

HB 3618, known as the Motor Vehicle Modernization Act of 2024, establishes new legal procedures for perfecting security interests on motor vehicles in Oklahoma. The bill specifically creates an exception for certificate of title transfers, requiring that notices be provided to ensure these transactions are properly recorded. This legislation directly affects lenders, dealers, and individuals involved in vehicle financing and title transfers by updating how these financial interests are documented. The law is set to take effect on November 1, 2024, and is not intended to be added to the permanent Oklahoma Statutes.