SECTION 655:15-3-6. Termination statement

(a)   The secured party must file a termination statement within twenty (20) days after there is no outstanding secured obligation and no commitment to make advances, incur obligations or otherwise give value [12A:1-9-320.6(8)]. Failure to file such termination statement subjects the secured party to a statutory fine of $500.00 to be paid to the Secretary of State. In addition, the secured party is liable for any loss caused to the debtor by such failure to terminate [12A:1-9-320-6(8)].

(b)   The Attorney General shall be responsible for enforcing...[this section] on behalf of the Secretary of State and is authorized to take appropriate actions to collect any penalties owed to the Secretary of State...[12A:1-9-320.6(9)].

(c)   A termination statement is not required to be filed if the debtor requests in writing to the secured party that the termination not be filed. The debtor or his authorized representative must sign this request.

(d)   If a termination has not been filed when required, a debtor may submit a Debtor Complaint form to the Central Filing System for enforcement of 12A:1-9-320.6.

[Source: Amended at 16 Ok Reg 2623, eff 7-1-99; Amended at 17 Ok Reg 2662, eff 7-1-00; Amended at 18 Ok Reg 2789, eff 7-1-01]