Bill would set mobile home loan title rules if HB 6347 passes

The bill would set out steps for recording, transferring, and clearing a lender’s claim on a mobile home title. These provisions concern a mobile home with a title and a lender’s claim secured by that home. The owner gives the title and filing papers to the lender, which sends them and the required fee to the department. The lender may have its transferred claim shown on the title by giving the department a copy of the assignment; not doing so does not invalidate the claim or transfer. A lender must send a release only when no further loan, promise to lend, or other value remains secured or to be secured. The owner must start the filing steps immediately after creating the claim. If the release condition is met, the lender must send the release within 30 days after the debt is paid.

The amendment would take effect only if House Bill 6347 is enacted into law. This condition applies to the entire amendatory act. House Bill 6347 must be enacted into law. The text gives no separate effective date; enactment of House Bill 6347 is the stated condition.