HOUSE BILL 1535 |
HOUSE AUTHOR: Davis, Yvonne |
EFFECTIVE: 09-01-01 |
SENATE SPONSOR: Ellis, Rodney |
House Bill 1535 amends the Transportation Code to require the Texas Department of Transportation to develop an electronic lien system for motor vehicle titling that allows a security interest to be perfected, assigned, discharged, and canceled electronically, instead of by record maintained on a certificate of title. The department is required to distribute procedures for using the system to county assessor-collectors, financial institutions, and other potential motor vehicle lienholders. The bill provides that participation in the electronic lien system is voluntary.