Is it possible that an Oklahoma Credit Union only has to mail out a lien release on a boat when requested and not within 7 business days?

I was told that the 7 business days' requirement only relates between institutions? (excuse me? )

The OK Statutes indicate that:

A secured party shall, within seven (7) business days after the
satisfaction of the security interest, furnish directly or by mail a
release of a security interest to the Commission and mail a copy
thereof to the last-known address of the debtor. If the security
interest has been satisfied by payment from a licensed used motor
vehicle dealer to whom the motor vehicle has been transferred, the
secured party shall also, within seven (7) business days after such
satisfaction, mail an additional copy of the release to the dealer. If
the secured party fails to furnish the release as required, the
secured party shall be liable to the debtor for a penalty of One
Hundred Dollars ($100.00) and, in addition, any loss caused to the
debtor by such failure.

I don't know how a credit union does not think that are a secured party!?

Thank you! I thought it was interesting that they told me that they only furnish lien releases upon request.

rl

Do you have that cite handy?

It's a little hard to find.

Title 63, Section 4013 of the Oklahoma Statutes (note, it's in the Oklahoma Vessel and Motor Registration Act found in the Public Health and Safety Title...go figure).

Thanks everyone. Getting my lien release was an interesting experience.