HF 2035

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to motor vehicles; authorizing commissioner
of public safety to remove from department records
certain old liens on passenger automobiles; amending
Minnesota Statutes 2004, section 168A.20, by adding a
subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2004, section 168A.20, is
amended by adding a subdivision to read:

new text begin Subd. 5. new text end

new text begin Satisfaction of automobile lien seven years old;
release. new text end

new text begin (a) A security interest perfected under this chapter
expires seven years from the perfection date for a passenger
automobile, as defined in section 168.011, subdivision 7.
new text end

new text begin (b) A lien holder may notify the department in writing or
in a format approved by the department during the sixth year of
the lien, no later than 90 days in advance of the seven-year
anniversary, if the lien will not be satisfied during this
registration period and the lien must be extended up to seven
additional years as requested by the lien holder.
new text end