Vehicle lien sales: proceeds.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Enrolled
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill changes how proceeds from vehicle lien sales are handled in California. Currently, the balance of funds after discharging the lien and processing costs was sent to the Department of Motor Vehicles and then deposited in the State Transportation Fund. The bill now requires the Department of Motor Vehicles to provide notice to the vehicle’s registered owner and any other interested parties about the funds and how to file a claim. Instead of depositing the balance into the State Transportation Fund, the bill directs the balance to be treated as escheated property and deposited into the Unclaimed Property Fund.
Key provisions
- The Department of Motor Vehicles must provide notice to vehicle owners and interested parties regarding lien sale proceeds.
- Proceeds from vehicle lien sales will be treated as escheated property.
- The balance will be deposited into the Unclaimed Property Fund instead of the State Transportation Fund.
- The bill deletes a provision allowing claimants to file a claim directly with the Department of Motor Vehicles.
- The cost of processing a vehicle for a lien sale is capped at $70 for vehicles valued at $4,000 or less, or $100 for vehicles valued over $4,000.
- A 14-day timeframe is established for the DMV to provide the notice.
- Claims must be filed within three years of the funds being deposited.
- The bill creates a state-mandated local program.
Who is affected
- Vehicle owners
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours