HF 2797

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to motor vehicles; providing for separate 
  1.3             form for assignment of vehicle title; amending 
  1.4             Minnesota Statutes 1996, sections 168A.01, by adding a 
  1.5             subdivision; and 168A.11, subdivision 1. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1996, section 168A.01, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 17c.  [SECURE REASSIGNMENT.] "Secure reassignment" 
  1.10  means a separate form that (1) may be used by a dealer to assign 
  1.11  and warrant title to a vehicle; (2) is prescribed by the 
  1.12  department; and (3) contains security features complying with 
  1.13  the Motor Vehicle Information and Cost Savings Act, as amended, 
  1.14  codified at United States Code, title 49, chapters 321, 323, 
  1.15  325, and 331, and regulations of the United States Department of 
  1.16  Transportation adopted under that act. 
  1.17     Sec. 2.  Minnesota Statutes 1996, section 168A.11, 
  1.18  subdivision 1, is amended to read: 
  1.19     Subdivision 1.  [APPLICATION UPON TRANSFER.] If a dealer 
  1.20  buys a vehicle and holds it for resale and procures the 
  1.21  certificate of title from the owner, and complies with 
  1.22  subdivision 2 hereof, the dealer need not apply for a 
  1.23  certificate of title, but upon transferring the vehicle to 
  1.24  another person other than by the creation of a security interest 
  1.25  shall promptly execute the assignment and warranty of title by a 
  2.1   dealer, showing the names and addresses of the transferee and of 
  2.2   any secured party holding a security interest created or 
  2.3   reserved at the time of the resale, and the date of the security 
  2.4   agreement in the spaces provided therefor on the certificate or 
  2.5   secure reassignment.  With respect to motor vehicles subject to 
  2.6   the provisions of section 325E.15, the dealer shall also, in the 
  2.7   space provided therefor on the certificate or secure 
  2.8   reassignment, state the true cumulative mileage registered on 
  2.9   the odometer or that the exact mileage is unknown if the 
  2.10  odometer reading is known by the transferor to be different from 
  2.11  the true mileage.  The transferee shall complete the application 
  2.12  for title section on the certificate of title or separate title 
  2.13  application form prescribed by the department.  The dealer shall 
  2.14  mail or deliver the certificate to the department with the 
  2.15  transferee's application for a new certificate and appropriate 
  2.16  taxes and fees, within ten days. 
  2.17     Sec. 3.  [EFFECTIVE DATE.] 
  2.18     This act is effective the day following final enactment.