|
SS/SB 358 - This act requires a lienholder to release a motor vehicle lien within five business days after the lien has been satisfied. 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 five business days if the certificate of ownership is in the department's possession. The act also increases the fines for noncompliance with the time deadlines. The act imposes a graduated liquidated damages scale with a maximum amount of $2,500 in damages that can be imposed for each lien not timely released. The current law provides for a maximum fine or penalty of $500 for each lien not timely released. STEPHEN WITTE
|