Learning Center
Plans & pricing Sign in
Sign Out

New repo laws clarified Missouri Bankers Association


									                                                         Missouri Bankers Association’s
                                                          Title Service

New repo laws clarified
By Linda Petersen,                                                             as	proof	of	lien	filed	with	them:	
MBA Title Service Manager                                                      • They	WILL	accept	the	original	title	with	the	lienholder	printed	
	 There	are	a	couple	of	things	that	I’d	like	to	emphasize	about	the	                on	it.	
new	repossession	laws	and	the	policy	that	DOR	has	set	with	respect	            • They	WILL	accept	the	validated	Notice	of	Lien	or	a	photocopy	
to	those	laws.	                                                                     showing	the	validation	date.	
	 First	of	all,	do	remember	that	you	are	signing	an	affidavit	that	            • They	WILL	accept	a	printout	of	the	validated	Notice	of	Lien	
states	 you	 have	 notified	 all	 known	 owners	 and	 lienholders.	This	            showing	the	validation	date	or	a	photocopy	of	same.
means	when	your	customer	does	not	have	a	title,	you	need	to	notify	            • AND	they	WILL	accept	a	copy	from	their	“DNOL	System”	
those	persons	and	lienholders	that	appear	in	the	DOR’s	records	as	                  showing	the	owner	and	lienholder	information.	
well	as	your	debtor	and	any	second	lienholders.
                                                                               	 NO	photocopies	or	printouts	of	the	title	will	be	accepted.	The	
	 MBA	Title	Service	members	can	obtain	this	information	from	
                                                                               “DNOL”	copy	is	only	available	from	the	MBA	Title	Service	or	the	
MBA	 Title	 Service.	 Others	 can	 obtain	 the	 information	 from	 the	    	
                                                                               Missouri	Department	of	Revenue.
Department	of	Revenue.
                                                                               	 When	filing	a	Notice	of	Lien	with	your	application	for	repo	title,	
	 Because	of	a	typographical	error	somewhere	in	the	legislative	
                                                                               the	DOR	has	also	asked	MBA	to	point	out	that	they	will	not	accept	
process	 with	 regard	 to	 taxes	 on	 units	 with	 no	 current	 title,	 the	
                                                                               a	Notice	of	Lien	filed	with	an	out	of	state	address	for	the	debtor.
Missouri	Department	of	Revenue	originally	said	they	would	continue	
to	collect	unpaid	taxes	due	when	repossessing	manufactured	homes,	             	 You	 must	 register	 your	 lien	 in	 the	 state	 where	 the	 debtor	
boats	or	motors	from	the	lienholder	repossessing	the	unit.                     resides	and	provide	proof	of	your	lien	in	that	state	along	with	your	
	 MBA	 Title	 Service	 brought	 the	 problem	 before	 the	 DOR	 for	           application	for	repo	title.	An	out	of	state	address	is,	however,	allowed	
review.	They	 have	 now	 ruled	 that	NO	 UNPAID	TAXES	 will	 be	               for	the	debtor	on	the	application	for	repo	title.
collected	from	the	lienholder	filing	for	a	repo	title	on	any	type	of	          	 If	 you	 have	 questions	 or	 comments,	 contact	 the	 MBA	 Title	
unit.                                                                          Service.	We	will	continue	to	monitor	developments	of	all	lienholder	
	 The	DOR	has	also	clarified	the	list	of	documents	they	will	accept	           issues	with	the	Missouri	Department	of	Revenue.

                                                                                From The Missouri Banker
                                                                                September 28, 2006

To top