The bill amends various sections of the Code of West Virginia to enhance the vehicle title and lien processes. It requires financial institutions that record five or more liens in a calendar year to use the Division of Motor Vehicle's electronic lien and title system for all motor vehicle lien actions. Additionally, the time frame for insurance companies to apply for a title certificate after paying a total loss claim is reduced from thirty days to fifteen days if the vehicle owner does not retain the vehicle. The bill also corrects agency designations, specifies the format for issuing certificates of title, and allows electronic records of titles and liens to be used as legal evidence.

Moreover, the legislation introduces provisions for salvage and cosmetic total loss certificates, detailing the requirements for insurance companies and vehicle owners in total loss situations. It establishes fees for various title certificates, which can be adjusted based on the Consumer Price Index, and outlines the responsibilities of lienholders in recording liens. The bill clarifies that certain vehicles held as inventory by dealers or rental agencies are exempt from these provisions and allows for the electronic transfer of liens. Starting July 1, 2025, financial institutions must utilize the electronic system for lien recording, although they can still request paper certificates if necessary.

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