CHAPTER 295

H.P. 780 - L.D. 1062

An Act To Protect Lienholders of Titled Vehicles

Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and

Whereas, the Secretary of State is releasing liens on titled vehicles that are older than 66 months assuming that they have been satisfied; and

Whereas, car loans are for periods that may run longer than 66 months; and

Whereas, this legislation needs to take effect immediately so that liens that are on titled vehicles will not be released prior to the loan being satisfied; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 29-A MRSA §705, sub-§3, as enacted by PL 1995, c. 482, Pt. A, §16, is amended to read:

3. Assumed release of lien. Unless notified otherwise, the The Secretary of State, at the Secretary of State's discretion, may assume that any lien with a lien date more than 66 months old