Honorable Tommy Williams, Chair, Senate Committee on Transportation & Homeland Security
FROM:
John S O'Brien, Director, Legislative Budget Board
IN RE:
SB266 by Williams (Relating to notice required in connection with possessory liens on motor vehicles.), Committee Report 1st House, Substituted
No fiscal implication to the State is anticipated.
The bill would amend the Property Code to require a tax assessor-collector to provide a copy of a possessory lien notice to the owner of motor vehicle and each lien holder not later than the 15th business day regardless of the date on which a possessory lien is based accrued. A tax assessor-collector would not be required to send the notice via certified mail. The bill also would change the amount of time a holder of a possessory lien on a motor vehicle has to file a copy of the notice and all required information with the county tax assessor-collector’s office.
Local Government Impact
The fiscal impact associated with providing notices would vary depending on the number of motor vehicles with possessory liens; however, it is anticipated those costs could be absorbed within existing resources.