SB 1264 Eliminates lienholder possession on certificates of title
LR Number:4937S.01I Fiscal Note:4937-01
Committee:Interstate Cooperation
Last Action:03/13/02 - Voted Do Pass S Interstate Cooperation Committee Journal page:
Effective Date:August 28, 2002
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Current Bill Summary

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.