Effective November 1, 2004, a new state law takes effect that requires the Registrar to assess and enforce monetary penalties against lienholders.
Lienholders who fail to timely release a lien and forward the assigned Title to the dealer or vehicle owner after having received payment in satisfaction of the security interest may be penalized.
Read the full memo to Financial Lenders/Lienholders of Motor Vehicles (PDF) |
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