Repossessed Title Requirements
Effective August 28, 2006
Senate Bill 892 Standardizes Repossessed Title Requirements
The new law:
- Requires a Notice of Lien (NOL) to be filed with the department prior to submitting the repo title application (file NOL electronically);
- Requires the NOL receipt or original title reflecting the lien to accompany the repo title application;
- Eliminates the requirement to submit the security agreement to the department;
- Eliminates the requirement for the repo applicant/lienholder to pay taxes on vessels, outboard motors, and manufactured homes when the debtor did not pay taxes; and
- Eliminates the department's 10-day notice requirement to the debtor and any subordinate
lienholders on these units.
Effective August 28, 2006, all Revenue license offices will begin to accept repo title applications on manufactured homes, boats/vessels, and outboard motors (license offices already accept repo title applications on motor vehicles, trailers, and ATVs). These applications may still be submitted to the Motor Vehicle Bureau, P.O. Box 1008, Jefferson City, MO 65105-1008.
To obtain a repo title under the new law, the lienholder must submit the documents/fees outlined in the August 2006 Titling Tips.
NOTE: Before making application, the lienholder must provide 10 days written notice to the owner and any other lienholders by first class mail, postage prepaid, of their intent to file for a repo title, or must obtain the written consent from all parties to repossess the unit (notice may be given through the Uniform Commercial Code). Lienholders may access the department’s records online to ensure they have notified all interested parties of record.