You can take it apart and polish the threads inside then grease and reassemble. Do you use the same size bits most of the time? This causes repeated stress in the same spot and the jaws will start to bind over time.
Most folks just get a new one, in fact I got a great deal on a tabletop press that had this problem because the guy didn't know he could replace the chuck.
I rebuilt b4man's chuck and I think it is still working, at least I haven't heard otherwise.
If your chuck does not have bearings that is a great upgrade.