Motor vehicles; prevent perfection of security interest in when subject to statutory possessory lien.

Summary

The bill would stop a lender from registering a security interest in a motor vehicle if the vehicle already has a valid statutory possessory lien, such as a tax lien. Lenders would have to certify to the Department of Revenue that no such lien exists or obtain written consent from the lien holder. If they fail to do so, the loan lien would be considered unperfected and would rank behind the state lien.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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