Bill > H3701

This bill amends Chapter 90D of the Massachusetts General Laws to establish clear requirements for vehicle title release by lienholders (parties who hold a legal right to a vehicle as collateral for a debt). Specifically, the bill mandates that any lienholder possessing a vehicle title must provide the title to the purchaser or lessee within 7 days after the vehicle's full purchase price, lease buyout, or financing agreement has been paid. If a lienholder fails to release the title within this timeframe, they will be subject to a penalty of $500 per day of non-compliance, with these penalties to be assessed by the Registry of Motor Vehicles (RMV). The bill also requires the RMV to create regulations to ensure lienholders adhere to these new title release requirements, which aims to protect consumers by preventing unnecessary delays in vehicle title transfers and providing a financial deterrent for lienholders who do not promptly release titles after full payment.

Budget and Finance, Transportation and Infrastructure

https://malegislature.gov/Bills/194/H3701