|SB 1264||Eliminates lienholder possession on certificates of title|
|LR Number:||4937S.01I||Fiscal Note:||4937-01|
|Last Action:||03/13/02 - Voted Do Pass S Interstate Cooperation Committee||Journal page:|
|Effective Date:||August 28, 2002|
SB 1264 - This act eliminates lienholder possession on motor vehicle certificates of title. The owner of the motor vehicle is required to list the lienholder on the application for title and failure to do so is a Class C felony. The process for perfection for lienholders and subordinate lienholders is specified. Once a lien is satisfied, the lienholder must mail or deliver a release stating satisfaction of the lien in a form prescribed by the Director of Revenue.
For lienholders holding certificates of title for liens
perfected prior to August 28, 2002, the lienholder must mail the
certificate of title to the owner of the motor vehicle by August
28, 2003, provided the owner prepays a transfer fee of up to $25.