SB263 Summary

• Mechanics and artisans holding personal property under a lien must determine fair market value and file a bond with the circuit clerk before selling the property.

• The 30-day waiting period before sale begins when the lienholder makes demand for debt by certified letter, replacing the previous standard of work completion date.

• Lienholders must post written notice of proposed sale at their place of business and notify the debtor by certified letter at least 10 days before the sale.

• Lienholder is liable to debtor for court costs and damages up to two times the fair market value of the property, with bond sureties responsible for damages up to the bond amount.

• Circuit court may award attorney fees to the debtor in its discretion if the lienholder wrongfully enforced the lien.