[Vtr-tac] Correction: Filing Requirements for Seller-Financed Transactions- SB 1235
Electronic Distribution of VTR Information to Texas Counties
vtr-tac at extlists.dmv.state.tx.us
Fri Nov 20 10:02:39 CST 2009
Please review and distribute as appropriate.
The following listserv was sent out on October 15, 2009, along with an attached workaround document with the file name of *Dealer SellerFinanced Workaround.pdf.* The instructions within the workaround document has an error, referring to *45 working days* instead of *45 calendar days* in two places. Please discard all copies of the prior workaround document and replace them with copies of the attached corrected file *Corrected_Dealer SellerFinanced Workaround.pdf.* We have
also revised the previous listserv to specify *calendar days* (see parentheses).
Listserv dated October 15, 2009 (revised November 20, 2009 to specify *calendar days* wherever appropriate):
NOTE: This listserv reverses the policy communicated in our listservs dated 08/31/2009 and 09/10/2009 regarding the 45-day (calendar days) Filing Requirements for Seller-Financed Transactions addressed by SB 1235 during the last legislative session.
SB 1235 contained a provision relating to the title filing requirements for seller-financed transactions. VTR*s original position was that the amendment to Section 152.069(a), Tax Code, in this legislation did not affect the 20 working day filing requirement for seller-financed title transactions. After reviewing the various statutes involved and considering the legislative intent of this amendment, we have concluded that provision for extending the time to transfer a title to 45 days
(calendar days) in a seller-financed transaction can be construed from the statutes.
Therefore, seller-financed transactions by dealers have 45 days (calendar days) from the date of delivery (date of title assignment) of the vehicle to the purchaser to apply for title before penalty fees are imposed. The title filing requirement for all other dealer retail sales remains 20 working days.
RTS changes are being made to collect the $10 late penalty after 45 days (calendar days) on a seller-financed transaction. In the interim, please follow the temporary workaround described in the attached file.
If you have any questions or need any additional information please contact your local Vehicle Titles and Registration Division Regional Office.
If you have any comments or suggestions concerning this VTR communication process, please contact your local VTR Regional Office.
If you would like to see previous postings from the "VTR Electronic Archives," please visit http://extlists.dot.state.tx.us/pipermail/vtr-tac/ .
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