Bill > HB1304

This bill establishes a new process for obtaining a bonded certificate of title for "vintage motor vehicles," defined as vehicles at least 25 years old with a fair market value of $20,000 or less that do not currently have a title. To apply, individuals must purchase a title bond that is 1.5 to 2 times the vehicle's fair market value, provide detailed information about the vehicle and themselves, and have the vehicle inspected by an authorized individual. The bill also requires a search for previous owners or lienholders and notification to them, giving them 30 days to respond before a bonded title can be issued. Providing false information to obtain a bonded title is classified as a Level 6 felony, which is a serious misdemeanor offense. The bill also mandates that the Bureau of Motor Vehicles (BMV) amend administrative rules to reflect these changes and specifies that the bonded title is valid for three to five years, after which it can become a regular certificate of title if no claims are made against it.