Section 1 deletes the requirement that a motor vehicle dealer may issue license plates and stickers only at the time of the sale of a vehicle by the dealer. This section is effective the day following final enactment.
Section 2 makes a technical change and strikes language that is moved to the new subdivision 1b in section 4 of the bill.
Section 3 states conditions for the department’s issuance of a certificate of title on a vehicle that is more than five years old and one or more owners, prior owners, or lienholders cannot be found. The applicant must submit an affidavit stating that the owner/lienholders cannot be found, along with submitting a bond, and paying required fees and taxes. The bond must be allowed to expire in three years unless the department is notified of a pending action to recover on the bond.
Section 4 states conditions for the bond that must be filed by the applicant. This new subdivision restates language that is moved from subdivision 1 in section 2 of the bill.
Section 5 allows dealers who are purchasing vehicles from individuals for resale to take advantage of the security interest cancellation provision of current law. Current law allows vehicle owners who are individuals to obtain cancellation of a security interest in a passenger automobile when the security interest was perfected more than seven years previous to the cancellation and the lienholder cannot be located to provide a release.