The bill amends existing laws regarding the perfection of a security interest in vehicles or motor vehicles in Wyoming. It removes the requirement for a security agreement to be used alongside a financing statement for the perfection of such interests. Specifically, the language indicating the necessity of a "security agreement" has been deleted from multiple sections, allowing the financing statement alone to suffice for the perfection process. This change aims to streamline the process for securing interests in vehicles by simplifying the documentation required.

Additionally, the bill outlines the procedures for delivering the necessary documents to the county clerk and specifies that a transitional ownership document can be used when the certificate of title is unavailable. This document, along with the financing statement, allows for timely perfection of a security interest. The bill also establishes that if the certificate of title is not filed within ninety days, the transitional ownership document becomes invalid. The effective date for this legislation is set for July 1, 2023.

Statutes affected:
Introduced: 31-2-801