MO HB1999

Lienholder must release a motor vehicle lien within five business days after payment is received in full, either by certified funds or electronic funds transfer.

Lienholder must mail or deliver the release document to the owner or authorized representative, with the release notarized.

Director of Revenue must be notified within five business days if electronic certificate of ownership is in director's possession, and director shall mail certificate free of lien if no other liens exist.

Lienholder failing to comply timely incurs liquidated damages: $500 if not complied within 5 business days, $1,000 within 10 days, $2,000 within 15 days, and $2,500 within 20 days (maximum $2,500 per lien).

Director of Revenue may adopt rules allowing lienholder who files lien electronically to electronically release that lien.