Loading chat...
MO SB763
Bill
AI Summary
- Lienholders must release liens or encumbrances on motor vehicles within five business days of payment satisfaction and mail or deliver the certificate to the owner, with the release being notarized
- No fee may be charged for releasing any lien or encumbrance, but lienholders may assess up to $25 for duplicate releases and up to $25 plus actual overnight carrier charges for expedited releases
- Lienholders who fail to comply within specified timeframes face escalating liquidated damages: $500 for non-compliance within 5 business days, $1,000 within 10 days, $2,000 within 15 days, and up to $2,500 within 20 days
- Liens on vehicles purchased for $6,000 or less that were not perfected by major financial institutions are considered satisfied after six years unless a new lien is perfected
- Knowingly and intentionally releasing another person's lien without authority is a class C felony
Legislative Description
Prohibits the charging of fee for releasing a lien or encumbrance from a certificate of ownership unless certain conditions are met
Last Action
Hearing Conducted S Transportation Committee
2/15/2012
Committee Referrals
Transportation2/9/2012
Full Bill Text
No bill text available