AR HB1974

Adds new section 27-14-918 to Arkansas Code requiring vehicle owners to provide transferees with a written verified statement before selling or delivering a vehicle with an outstanding lien or encumbrance

Written statement must include notification of the lien/encumbrance, lienholder's contact information (name, address, telephone), and owner's good faith commitment to satisfy the lien within 10 business days of vehicle delivery

Owner must provide written notice to transferee confirming the date the lien or encumbrance was satisfied

If owner fails to satisfy the lien within 10 business days, transferee may without penalty or cost return the vehicle, cancel the sale, recover down payments and other money paid, and recover possession of any vehicle traded or sold in the transaction

Violations constitute deceptive trade practices enforceable by the Attorney General under Arkansas's Deceptive Trade Practices Act