§ 4-157. Release of collateral; duties of filing officer; fees.
A. A party with a security interest in a motor vehicle as to which a certificate of title may be or has been properly issued by the Tax Commission shall, within fifteen (15) business days after the satisfaction of such a security interest, furnish directly or by mail a release of such security interest to the Tax Commission and mail a copy thereof to the last known address of the debtor. If the secured party fails to furnish such a release, the secured party may be liable to the debtor for damages pursuant to the applicable laws of the jurisdiction where such security interest was made and executed.
B. Upon release of a security interest the owner may obtain a new duplicate certificate of title omitting reference to the security interest by submitting to the Tax Commission:
1. A release signed by the secured party, an application for a new certificate of title and the proper fees, or
2. A sworn affidavit under penalty of perjury, supported by such documentation as the Commission may require, by the owner on a form prescribed by the Commission stating that the security interest has been satisfied and stating the reasons why a release cannot be obtained, an application for a new certificate of title and the proper fees. Upon receiving such an affidavit that the security interest has been satisfied, the Commission shall perform such investigations as are reasonable and necessary and when reasonably satisfied that the security interest has been satisfied as set out in the affidavit, the Commission shall issue a new certificate of title eliminating the satisfied security interest and the name and address of the secured parties who have been paid and satisfied. ONCA 06-10, eff. Sept. 29, 2006.