Bill Text: TX HB2575 | 2011-2012 | 82nd Legislature | Enrolled
Bill Title: Relating to the Texas Department of Motor Vehicles' electronic lien system.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2011-06-17 - Effective on 9/1/11 [HB2575 Detail]
Download: Texas-2011-HB2575-Enrolled.html
| H.B. No. 2575 | ||
|
|
||
| relating to the Texas Department of Motor Vehicles' electronic lien | ||
| system. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 501.117, Transportation Code, is amended | ||
| by amending Subsection (a) and adding Subsections (d), (d-1), | ||
| (d-2), (e), and (f) to read as follows: | ||
| (a) The department by rule shall develop a system under | ||
| which a security interest in a motor vehicle may be perfected, | ||
| assigned, discharged, and canceled electronically instead of by | ||
| record maintained on a certificate of title. The department may | ||
| establish categories of lienholders that may participate in the | ||
| system and, except as provided by this section, may require a | ||
| lienholder to participate in the system [ |
||
|
|
||
| (d) The department may not require a depository | ||
| institution, as defined by Section 180.002, Finance Code, to | ||
| participate in the system if the department has issued fewer than | ||
| 100 notifications of security interests in motor vehicles to the | ||
| depository institution during a calendar year. | ||
| (d-1) The department may not require a depository | ||
| institution, as defined by Section 180.002, Finance Code, to | ||
| participate in the system: | ||
| (1) during 2011, if the department issues fewer than | ||
| 200 notifications of security interests in motor vehicles to the | ||
| depository institution between September 1, 2011, and December 31, | ||
| 2011; and | ||
| (2) during 2012, if the depository institution was | ||
| exempt under Subdivision (1) and the department issues fewer than | ||
| 200 notifications of security interests in motor vehicles to the | ||
| depository institution in 2012. | ||
| (d-2) This subsection and Subsection (d-1) expire January | ||
| 1, 2013. | ||
| (e) The department by rule shall establish a reasonable | ||
| schedule for compliance with the requirements of Subsection (a) for | ||
| each category of lienholder that the department requires to | ||
| participate in the system. | ||
| (f) The department may not: | ||
| (1) prohibit a lienholder from using an intermediary | ||
| to access the system; or | ||
| (2) require a lienholder to use an intermediary to | ||
| access the system. | ||
| SECTION 2. This Act takes effect September 1, 2011. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I certify that H.B. No. 2575 was passed by the House on April | ||
| 27, 2011, by the following vote: Yeas 145, Nays 0, 3 present, not | ||
| voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| I certify that H.B. No. 2575 was passed by the Senate on May | ||
| 25, 2011, by the following vote: Yeas 31, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| APPROVED: _____________________ | ||
| Date | ||
| _____________________ | ||
| Governor | ||
