When someone buys a car or trailer, the state sends the ownership paper (called a title) to the owner. If a lender has a claim on the vehicle and chooses to keep the title on file electronically with the state, the state sends confirmation to that lender instead. Lenders can ask the state to hold the title electronically, and other lenders with smaller claims on the same vehicle have to go along with that choice.
301.610. , to whom, when — , defined, maintained by , when. — 1. A certificate of ownership of a motor vehicle or trailer when d by the shall be mailed to the owner shown on the face of the of such motor vehicle or trailer. If the certificate of ownership is being held electronically by the director of revenue at the of a , then of such ownership shall be electronically transmitted or mailed to the first lienholder named in such .
2. A lienholder may elect that the director of revenue retain of an electronic certificate of ownership, and the director shall issue s to cover the procedure by which such election is made. Each such certificate of ownership shall require a separate election, unless the director provides otherwise by regulation. A shall be bound by the election of the with respect to the certificate involved.
3. "Electronic certificate of ownership" means any electronic of ownership, including a or that may be .
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Source & history notes
(L. 1965 p. 474 § 2, A.L. 1990 H.B. 1279, A.L. 1992 H.B. 884, A.L. 1999 H.B. 795, A.L. 2002 H.B. 2008 merged with S.B. 895) Effective 8-28-02 (H.B. 2008); 7-01-03 (S.B. 895)
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RSMo 301.600
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Purchase of motor vehicles and trailers through claims adjustment process by insurers, procedure, requirements
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Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.