03RS HB388


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HB 388 (BR 1381) - T. Pullin, S. Riggs

     AN ACT relating to the discharge of a security interest.
     Amend KRS 186.045 to establish when a perfected security interest on a motor vehicle has been discharged; establish the process a debtor may follow to have a security interest discharged if a termination statement or discharge has not been filed by the secured party with the county clerk; amend KRS 186A.190, 186A.210, 138.470, 186.990, and 186A.205 to conform.


     SCS - Maintain original provisions; amend KRS 186.045 to require the circuit court to order the county clerk to note the termination on the title and to remove the lien from AVIS upon a debtor proving to the circuit court that the security interest has been paid in full; require the county clerk to discharge the security interest, but remove the requirement that he must do so immediately.

     Feb 7-introduced in House
     Feb 10-to Banking and Insurance (H)
     Feb 11-posting waived; posted in committee
     Feb 12-reported favorably, 1st reading, to Calendar
     Feb 13-2nd reading, to Rules
     Feb 19-posted for passage in the Regular Orders of the Day for Thursday, February 20, 2003
     Feb 21-3rd reading, passed 93-0
     Feb 24-received in Senate
     Feb 26-to Banking and Insurance (S)
     Mar 4-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
     Mar 5-2nd reading, to Rules
     Mar 6-posted for passage in the Consent Orders of the Day for Thursday, March 6, 2003
     Mar 10-3rd reading, passed 38-0 with Committee Substitute ; received in House; posted for passage for concurrence in Senate Committee Substitute
     Mar 11-House concurred in Senate Committee Substitute ; passed 94-0; enrolled, signed by each presiding officer; delivered to Governor
     Mar 18-signed by Governor (Acts ch. 103)

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