House Bill (S)

Authored by

Sponsored by

DIGEST

Electronic titles. Defines "certificate of title" as a record that: (1) contains evidence of vehicle ownership; (2) contains information related to the vehicle as required under the law governing certificates of title; and (3) can be issued either in a physical document or an electronic document. Defines "transferring party" as a person that: (1) is listed on the certificate of title as an owner of the vehicle; or (2) is acting as an agent of the owner and holds power of attorney for the owner of the vehicle. Requires a person who has a lien or encumbrance that is notated Electronic titles. Defines "certificate of title" as a record that: (1) contains evidence of vehicle ownership; (2) contains information related to the vehicle as required under the law governing certificates of title; and (3) can be issued either in a physical document or an electronic document. Defines "transferring party" as a person that: (1) is listed on the certificate of title as an owner of the vehicle; or (2) is acting as an agent of the owner and holds power of attorney for the owner of the vehicle. Requires a person who has a lien or encumbrance that is notated on an electronic title to notify the bureau of motor vehicles (BMV) and the person listed on the certificate of title as the owner or the person acting as the owner's power of attorney that the lien or encumbrance has been satisfied or discharged. Requires the BMV to enter a notation recording the satisfaction or discharge of a lien or encumbrance when the BMV receives a notification from the lien holder for electronic titles. Moves the definition of "third party" from a chapter in which the term is not used to the chapter governing obtaining, expiration, replacement, and transfer of certificates of title. Makes conforming changes. ... View more