SB 465 Modifies law regarding possessed titles, motor vehicle dealer surety bonds, and motor vehicle time sales law
Sponsor: Vogel
LR Number: 1901S.01I Fiscal Note:
Committee: Transportation
Last Action: 3/2/2005 - Second Read and Referred S Transportation Committee Journal Page: S338
Title: Calendar Position:
Effective Date: August 28, 2005

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Current Bill Summary

SB 465 - This act removes the requirement that the Department of Revenue must contact owners and lienholders of a motor vehicle when an application for repossessed title is not accompanied by the written consent of those parties (Section 301.215). This act raises the limits on surety bonds a new motor vehicle franchise dealer or used motor vehicle dealer must furnish in order to obtain a license. The limits are raised from $25,000 to $75,000. The bond limits for other types of dealers will remain at $25,000. The act further provides that the department of revenue shall issue a separate distinct license number for each separate bona fide established place of business, regardless of whether such separate locations share common ownership (Section 301.560). This act repeals a section of law which currently allows sellers of motor vehicles not subject to the Missouri Motor Vehicle Time Sale Law to include in the contractual time sale the outstanding balance of a prior loan or lease of a motor vehicle used as a trade-in (Section 365.200).