MO SB954

Lienholders must release liens or encumbrances on motor vehicles and trailers within five business days of satisfaction through electronic means established by the director of revenue and electronically transmit the certificate to the owner, with notarization appearing conspicuously on the electronic transmittal.

A lien is considered satisfied when a lienholder receives payment in full via certified funds, electronic payment, or electronic funds transfer, whichever occurs first.

Liens on vehicles or trailers purchased for $6,000 or less are automatically considered satisfied within six years from the original perfection date unless a new lien has been perfected, except for liens marked "subject to future advances."

Lienholders who fail to comply with release requirements face liquidated damages: $500 if non-compliant within five business days, $1,000 within ten business days, $2,000 within fifteen business days, and $2,500 within twenty business days, with a maximum of $2,500 per lien.

Knowingly and intentionally electronically transmitting or delivering a lien release document without authority constitutes a class C felony.