Bill Summary for S 407 (2013-2014)

Summary date: 

Mar 25 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 407 (Public) Filed Monday, March 25, 2013
A BILL TO BE ENTITLED AN ACT TO REQUIRE THE DIVISION OF MOTOR VEHICLES TO IMPLEMENT A STATEWIDE ELECTRONIC LIEN SYSTEM TO PROCESS THE NOTIFICATION AND RELEASE OF SECURITY INTERESTS AND CERTIFICATE OF TITLE DATA.
Intro. by Brunstetter, Rabon.

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Bill summary

Enacts new GS 20-58.4A (Electronic lien system), as the title indicates. Requires the Division of Motor Vehicles (DMV)to implement a statewide electronic lien system no later than July 1, 2014. Directs the DMV to contract with a qualified vendor to implement this statewide electronic lien system. Provides minimum standards for the DMV to consider in contracting with a vendor. Mandates participation in the electronic lien system by all individuals and lienholders normally engaged in the business or practice of financing motor vehicles beginning July 1, 2015. Provides that an electronic notice or release is to have the same force and effect as a paper document of notice or release as provided under GS 20-58 through GS 20-58.8. Directs the DMV to adopt rules to implement this section. Authorizes the DMV, the qualified vendor, and up to five lienholders to conduct a pilot program of the electronic lien system for up to a 90-day period prior to the statewide implementation of the system. Requires the DMV to report, no later than October 1, 2013,to the chairs of the Joint Legislative Transportation Oversight Committee on the status of the implementation of the electronic lien system.

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