§ 4-115. Repossession title.
A. Documentation Required. An applicant for a repossession title must submit:
1. The actual or certified copy of the instrument showing a valid security interest;
2. A completed repossession affidavit on the form prescribed by the Tax Commission;
3. A copy of the certified letter of notice to other lienholders, if applicable; and
4. Lien release copies numbers three and four, or a notarized lien satisfied statement.
5. Insurance security verification form reflecting all required information, unless the repossessor is exempt from the insurance verification requirement.
B. Approval Required. All repossessions must be approved by the Tax Commission.
C. Fees. The secured party shall be responsible for payment of the required repossession and title fees. If the vehicle is not currently registered, the secured party shall be issued an initial license plate or decal bearing an expiration date of the month of repossession. ONCA 06-10, eff. Sept. 29, 2006.