GREEN SHEET REDIGEST
HB 432 2017 Regular Session Shadoin
(KEYWORD, SUMMARY, AND DIGEST as amended by Senate committee
amendments)
MTR VEHICLE/REGISTRATION. Imposes certain requirements on transactions
executing the transfer of certificates of title of certain movable property.
DIGEST
Present law provides for definitions.
Proposed law defines the term "authorized officer" as any officer of a federally insured
financial institution operating in LA who is designated to witness the endorsement of a seller,
on behalf of a federally insured financial institution for the purpose of transferring a titled
motor vehicle.
Present law enumerates certain circumstances that are deemed "endorsements" for the
purposes of present law regarding the delivery of certificates of title to the purchaser of a
vehicle.
Proposed law adds another circumstance to be deemed an "endorsement" for the purposes
of present law. Proposed law provides that the signature of the seller in the presence of an
authorized officer, who shall verify the identity of the seller and who shall subscribe his
name as a witness, when the seller is transferring ownership to a purchaser who is granting
a security interest in the vehicle to the federally insured financial institution that is making
a secured loan to the purchaser, shall be considered an "endorsement" for the purposes of
present law.
Proposed law requires the federally insured financial institution to provide the Department
of Public Safety and Corrections, office of motor vehicles, with a separate document
identifying the name and job title of the authorized officer for the purpose of verifying that
the person signing as a witness is an authorized officer of that particular financial institution.
Proposed law additionally requires this separate document be attached or included with each
title presented for transfer.
Present law prohibits a person from selling, assigning, or transferring a vessel or outboard
motor titled by the Department of Wildlife and Fisheries (DW&F) or documented with the
U. S. Coast Guard without delivering to the new owner or the new owner's designee a
certificate of title or a certificate of documentation with an assignment in the new owner's
name.
Proposed law maintains present law. Proposed law further provides that if a person sells,
assigns, or transfers a vessel or outboard motor to a purchaser who obtains a secured loan
from a federally insured financial institution that takes a security interest in the vessel or
outboard motor, the bill of sale or assignment of the certificate of title shall be signed by the
seller and witnessed by an authorized officer who must subscribe his name as a witness
thereon, in lieu of any law, policy, or regulation to the contrary that requires signature by the
seller before a notary public.
Proposed law requires the federally insured financial institution to provide the DW&F with
a separate document identifying the name and job title of the authorized officer for the
purpose of verifying that the person signing as a witness is an authorized officer of that
particular financial institution.
Proposed law provides that for the purposes of proposed law, "authorized officer" means any
officer of a federally insured financial institution operating in LA who is designated to
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Prepared by Sharon F. Lyles. witness the bill of sale or assignment of a certificate of title of a seller, on behalf of a
federally insured financial institution, for the purpose of executing the transfer of either a
vessel or an outboard motor.
Proposed law provides that a federally insured financial institution may designate one or
more officers to serve as authorized officers.
(Amends R.S. 34:852.6(A); Adds R.S. 32:702(17) and 705(B)(4))
Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Transportation,
Highways and Public Works to the original bill:
1. Change the term "authorized signer" to "authorized officer" throughout the bill.
2. Add that an endorsement means the signature of the seller in the presence of an
authorized officer who must verify the identity of the seller and who must
subscribe his name as a witness thereon.
3. Add that an endorsement or assignment of a certificate of title must be signed by
the seller and witnessed by an authorized signer who must subscribe his name as
a witness thereon.
The House Floor Amendments to the engrossed bill:
1. Add that the separate document identifying the authorized signer be attached or
included with each title presented for transfer.
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Transportation, Highways,
and Public Works to the reengrossed bill
1. Adds that proposed law controls over regulations or policy of the LDW& F.
2. Clarifies that an "authorized officer" may witness a bill of sale or assignment of
title to a vessel or outboard motor in lieu of execution in the presence of a notary
public.
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Prepared by Sharon F. Lyles.