HB394 Summary

• Increases the Department of Revenue's hold period on unclaimed motor vehicle titles from 45 calendar days to 60 calendar days after receiving notice of an unclaimed vehicle.

• Requires persons or entities in possession of unclaimed vehicles to report them to the Department of Revenue within 5 calendar days and use the National Motor Vehicle Title Information System (NMVTIS) to identify the vehicle's title state and notify owners and lienholders by certified mail.

• Establishes that purchasers of abandoned motor vehicles sold by non-bonded agents must post a surety bond pursuant to Section 32-8-36 to obtain title, effective January 1, 2020.

• Requires notice of public auctions for abandoned vehicles to include a statement informing purchasers of the bond requirement if the vehicle is not being sold by a bonded agent.

• Becomes effective January 1, 2020.