As previously reported here, the OBL raised concerns about a provision in the transportation budget, HB 23, that changes the process of handling liens on motor vehicles. What was enacted as Section 4505.131 of the Ohio Revised Code requires lenders to provide a written notice to motor vehicle owners asking whether they prefer a paper or electronic title, and if the owner choses a paper title, the lender must obtain and provide it at no cost.
This week, the OBL penned a letter to the General Assembly along with a coalition of partners to urge the repeal of Section 4505.131 and allow for time to study the several logistical challenges presented by the new titling process. Included in the message is a letter from the American Financial Services Association (AFSA) that goes into greater detail of the language and the issues presented. To read the letter click here.
The OBL continues to work with key members of the legislature to address this issue and will provide members with new information as it is available.