The bill amends the Code of West Virginia to enhance the vehicle title and lien processes by mandating that financial institutions recording five or more liens annually must use the Division of Motor Vehicle's electronic lien and title system. It shortens the waiting period for insurance companies to apply for a title certificate after paying a total loss claim for vehicles not retained by the owner. The bill also corrects agency designations, specifies the format for issuing title certificates, and allows electronic records to serve as evidence. Additionally, it introduces provisions for salvage and cosmetic total loss titles, including adjustable fees based on the Consumer Price Index, and outlines the process for obtaining salvage certificates when titles cannot be acquired from vehicle owners.

Moreover, the bill facilitates the electronic transfer of liens, allowing for streamlined management of lien information while maintaining compliance with existing requirements. It states that the Division can electronically transmit lien information to the first lienholder and notify them of any additional liens, as well as allow for electronic transmission of lien satisfactions. Starting July 1, 2025, all qualifying financial institutions must utilize the electronic system for lien actions, although the issuance of paper certificates of title will still be permitted upon request. Overall, the bill aims to modernize lien management and improve compliance with state and federal vehicle title regulations.

Statutes affected:
Introduced Version: 17A-4A-1, 17A-4A-2, 17A-4A-2a
Committee Substitute: 17A-4A-1, 17A-4A-2, 17A-4A-2a
Committee Substitute for the Committee Substitute: 17A-4-10, 17A-4A-2, 17A-4A-2a
Engrossed Committee Substitute for the Committee Substitute: 17A-4-10, 17A-4A-2, 17A-4A-2a
Enrolled Version: 17A-4-10, 17A-4A-2, 17A-4A-2a