State of South Dakota
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EIGHTY-EIGHTH SESSION LEGISLATIVE ASSEMBLY, 2013 |
400U0205 | HOUSE BILL NO. 1043 |
Introduced by: The Committee on Transportation at the request of the Department of
Revenue
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twenty days after final payment is received, the. The release shall contain the vehicle
identification number or the certificate of title number, and the date of the notation owner's
name. The lien holder lienholder shall deliver the release (and certificate of title if held by him
the lienholder) to any county treasurer. The treasurer shall note the cancellation of the lien on
the face of the certificate of title and on the same day shall notify the secretary. The secretary
shall cancel the lien on the state's computer system, if the county treasurer has not done so. If
the certificate of title is lost as set forth in § 32-3-29, application for duplicate title may be
forwarded along with the release to the department. The department shall cancel the lien. For
failure to comply with these provisions relating to releasing a lien, the lien holder shall be
lienholder is liable to the owner for all damages sustained by the owner. The county treasurer
shall mail or deliver the certificate of title to the owner, or as otherwise directed by the owner.
Upon the satisfaction of a security interest in a motor vehicle, trailer, or semitrailer for which
the certificate of title is in the possession of the owner, the secured party shall within twenty
days after final payment is received, execute a release of security interest on the form prescribed
by the department and mail or deliver such release to the owner or as otherwise directed by the
owner.
Section 3. That § 32-3-70 be amended to read as follows:
32-3-70. Notwithstanding any other provision of this title, the department may provide for
an electronic certificate of title lien filing system. If the application for title or the title has a lien
noted a lien has been noted electronically in the electronic lien filing system, no paper title may
be issued to the owner of record or the lienholder. A paper title shall be issued under the
following circumstances:
a title with the lien noted.