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SB 358 - This act requires a lienholder to release a lien within one business day after satisfaction. The current law gives the lienholder 10 business days to release the lien. The act also requires the lienholder to notify the Department of Revenue within one business day if the certificate of ownership is in its possession. The act also increases the fines for noncompliance with the time deadlines. Failure to release the lien within the business shall lead to a $250 per day fine, and is doubled every business day for noncompliance. The maximum fine is $5,000 for each lien. STEPHEN WITTE
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