Effective - 28 Aug 2002
700.355. Certificates of title, delivery of, how, to whom — election for director to retain possession, procedure. — 1. A certificate of title to the manufactured home when issued by the director of revenue shall be mailed or confirmation of such title shall be electronically transmitted or mailed to the owner shown on the face of the title of such manufactured home. Provided the lienholder submits complete and legible documents, the director of revenue shall mail confirmation or electronically confirm receipt of each notice of lien to the lienholder as soon as possible, but no later than fifteen business days after the filing of the notice of lien.
2. A lienholder may elect that the director of revenue retain possession of an electronic certificate of title, and the director shall issue regulations to cover the procedure by which such election is made. Each such certificate of ownership or title shall require a separate election, unless the director provides otherwise by regulation. A subordinate lienholder shall be bound by the election of the superior lienholder with respect to the certificate involved.
3. As used in this section, "electronic certificate of ownership" means any electronic record of ownership or title, including a lien or liens that may be recorded.
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(L. 1985 S.B. 152 § 700.155, A.L. 2002 H.B. 2008 merged with S.B. 895)
Effective 8-28-02 (H.B. 2008); 7-01-03 (S.B. 895)