Section 4505.131 | Lender-provided physical certificate of title.
(A) Any person that purchases a motor vehicle that is financed shall choose, at the time that the security interest financing the motor vehicle is fully discharged, to either receive a physical certificate of title to that motor vehicle from the secured party or to have the certificate of title remain electronic.
(B) Upon a secured party's receipt of good funds in the correct amount discharging the security interest financing the motor vehicle, the secured party shall send the purchaser a written form. The purchaser shall complete the form to affirmatively choose whether the purchaser wishes to receive a physical certificate of title or to have the certificate of title remain electronic. The form may be electronic or nonelectronic.
(C) If the purchaser affirmatively selects to receive a physical certificate of title, the secured party shall deliver to the purchaser, without any additional fee, a physical certificate of title to the motor vehicle.
(D) This section does not apply when a security interest financing a motor vehicle is discharged because the purchaser sold or traded the motor vehicle and no longer has an ownership interest in that motor vehicle.
Last updated May 3, 2023 at 11:52 AM
Available Versions of this Section
- June 30, 2023 – Enacted by House Bill 23 - 135th General Assembly [ View June 30, 2023 Version ]