This bill makes numerous changes to the TAVT statute. These include: major revisions to determining the fair market value of vehicles; a new valuation methodology for kit cars; authorization for a tag agent to deviate from fair market value methodology based upon mileage and vehicle condition; redefining trade in value as fair market value rather than as stated in the bill of sale; requiring the state revenue commissioner to develop a standard form for use by dealers; providing for civil fines and dealer license revocation for failure to apply for title and remit TAVT proceeds; allowing tag agents to retain one percent of the local proceeds to defray administration cost which proceeds go to the county general fund; increasing the criminal penalty for failure to obtain a title and register a vehicle to a misdemeanor of a high and aggravated nature; providing for conditional titles for 1962 or earlier model years and allowing opt in under the TAVT system; providing for transfers as a result of divorce decrees or court orders; providing for refund requests and prompt payment of the proceeds thereof by dealers to vehicle purchasers; providing an express expiration period of 45 days for temporary license plates; allowing the state revenue commissioner and the county tag agent to provide for 30 day extension of initial registration periods; allowing the county tag agent to require further information to make determinations regarding certificates of title and liens; providing for electronic submission of title applications; and many other changes. The bill appears to be almost identical to HB 158. |
