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MO HB524

Bill

Official Source

Status

Passed

6/30/2015

Primary Sponsor

Tony Dugger

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Director of Revenue may adopt rules authorizing lienholders to electronically release liens on property titled with the Department of Revenue, with electronic confirmation of receipt required
  • Applies to motor vehicles, trailers, outboard motors, motorboats, vessels, watercraft, and manufactured homes—only liens filed electronically may be released electronically
  • Lienholders must release liens within 5 business days (motor vehicles/trailers) or 10 days (watercraft/manufactured homes) after satisfaction, via certificate, separate document, or electronic submission
  • Liquidated damages for late lien releases range from $500 (5 business days late) to $2,500 (20+ business days late) for motor vehicles and trailers
  • Knowingly releasing another's lien without authority constitutes a Class C or D felony depending on the property type

Legislative Description

Allows the Director of the Department of Revenue to adopt rules and regulations allowing specified motor vehicle or trailer lienholders to electronically release a lien

Last Action

Delivered to Secretary of State (G)

6/30/2015

Committee Referrals

Governmental Accountability and Fiscal Oversight4/27/2015
Transportation, Infrastructure and Public Safety2/25/2015
Fiscal Review2/18/2015
Select Committee on Financial Institutions and Taxation2/2/2015
Banking1/27/2015

Full Bill Text

No bill text available