The bill would amend Transportation Code, Chapter 501, by adding Section 501.0237 to authorize a motor vehicle dealer who is unable to obtain a title for a vehicle from a lienholder after the discharge of a lien, to apply for a title in the dealer's name for resale purposes with the county tax-assessor collector, no earlier than the 20th day after the date of debt or claim secured by the lien is paid in full. The bill would specify conditions that must be met with the application for title under the new section. The bill would take effect on September 1, 2023.
Based on the information provided by the Texas Department of Motor Vehicles and the Comptroller of Public Accounts, it is assumed implementation of the bill would not result in a significant fiscal impact to the State.
No significant fiscal implication to units of local government is anticipated.