Vehicles: title; requirements for transfer of title by a dealer; provide for. Amends secs. 238, 806 & 810a of 1949 PA 300 (MCL 257.238 et seq.). TIE BAR WITH: SB 0739'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Michigan Vehicle Code to clarify procedures for transferring vehicle titles through dealers. Specifically, it outlines requirements for dealers to report security interests on titles, handle assignments of security interests, and terminate security interests when obligations are paid. It also introduces new fees for title applications and electronic transfers, with some exemptions for dealers acquiring vehicles with existing electronic titles.
Key provisions
- Dealers must immediately report security interests to the Department of State.
- Holders of security interests can assign their interests to others without affecting the owner's rights.
- The Department of State must issue a new title reflecting all security interests upon receipt of application and fees.
- A termination statement must be executed and mailed within 14-30 days if no outstanding obligation exists.
- New fees are established for title applications, duplicate titles, and special identifying numbers.
- A $1.50 tire disposal surcharge is implemented for certificate of title and duplicate title applications.
- A new fee of $5.00 is required for electronic title transfers by new or used vehicle dealers.
- The amendatory act is contingent on the enactment of Senate Bill 739.
Who is affected
- Vehicle dealers
- Vehicle owners
- Financial institutions holding security interests
Bill text
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- Senate Introduced Bill
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