Bill Summary for H 870 (2015-2016)

Summary date: 

Jun 14 2016

Bill Information:

View NCGA Bill Details2015-2016 Session
House Bill 870 (Public) Filed Tuesday, April 14, 2015
AN ACT TO CLARIFY THE RENEWAL, RELEASE, AND CANCELLATION PROCESS FOR SECURITY INTERESTS ON A CERTIFICATE OF TITLE FOR A MANUFACTURED HOME AND TO CLARIFY THE CALCULATION OF THE COST OF THE UNDERTAKING FOR THE INSTALLATION OF A MANUFACTURED HOME.
Intro. by Jordan.

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Bill summary

Senate amendment makes the following changes to the 3rd edition.

Amends GS 20-58.4, concerning the release of a security interest in a vehicle, by amending and reformatting the proposed revisions to subsection (e) and proposed subsection (e1).

Provides in subsection (e) that, if it is possible for the owner to secure from the secured party the release contemplated by the statute, the owner may exhibit to the Division of Motor Vehicles such evidence as may be available showing satisfaction or other discharge of the debt secured, together with a sworn affidavit by the owner that the debt has been satisfied. Makes technical change to subsection (e).

Deletes the provisions of proposed subsection (e1), and instead moves, and adds to, the language from proposed subdivision (2) of subsection (e) of the previous edition to subsection (e1). Provides that, if the vehicle is a manufactured home, the owner may proceed in accordance with subsection (e), as amended, or may in the alternative provide the Division with a sworn affidavit by the owner that the debt has been satisfied and that either (1) after diligent inquiry the owner has been unable to determine the identity or the current location of the secured creditor or its successor in interest or (2) the secured creditor has not responded within 30 days to a written request from the owner to release the secured creditor's security interest.

Moves and amends the proposed language from subsection (e1) to new subsection (e2), and provides that the Division may treat either of the methods employed by the owner pursuant to subsection (e) or subsection (e1) of the statute (previously, either of the methods provided in subsection (e)) as a proper release for purposes of the statute when satisfied as to genuineness, truth, and sufficiency thereof.

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