ENROLLED
ACT No. 305
2017 Regular Session
HOUSE BILL NO. 432
BY REPRESENTATIVE SHADOIN
1 AN ACT
2 To amend and reenact R.S. 34:852.6(A) and to enact R.S. 32:702(17) and 705(B)(4), relative
3 to transactions executing the transfer of certificates of title of certain movable
4 property; to provide for definitions; to regulate certain transactions transferring
5 certificates of title of movable property; to impose certain procedural requirements;
6 and to provide for related matters.
7 Be it enacted by the Legislature of Louisiana:
8 Section 1. R.S. 32:702(17) and 705(B)(4) are hereby enacted to read as follows:
9 §702. Definitions
10 As used in this Chapter:
11 * * *
12 (17) "Authorized officer" means any officer of a federally insured financial
13 institution operating in Louisiana who is designated to witness the endorsement of
14 a seller, on behalf of a federally insured financial institution, for the purpose of
15 executing the transfer of a titled motor vehicle or titled vehicle in accordance with
16 the requirements of this Chapter. A federally insured financial institution may
17 designate one or more officers to serve as authorized officers.
18 * * *
19 §705. Delivery of certificate to purchaser of vehicle
20 * * *
21 B. For purposes of this Section, an "endorsement" means one of the
22 following:
23 * * *
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1 (4)(a) The signature of the seller in the presence of an authorized officer, as
2 defined in R.S. 32:702(17), who shall verify the identity of the seller and who shall
3 subscribe his name as a witness thereon, when the seller is transferring ownership to
4 a purchaser who is granting a security interest in the vehicle to the federally insured
5 financial institution that is making a secured loan to the purchaser.
6 (b) The federally insured financial institution shall provide the Department
7 of Public Safety and Corrections, office of motor vehicles, with a separate document
8 identifying the name and job title of the authorized officer for the purpose of
9 verifying that the person signing as a witness is an authorized officer of that
10 particular financial institution. This document or a copy thereof shall be attached to
11 or included with each title presented to the department that is endorsed in the manner
12 described in this Paragraph.
13 * * *
14 Section 2. R.S. 34:852.6(A) is hereby amended and reenacted to read as follows:
15 §852.6. Prohibition of vessel or outboard motor sale, assignment, or transfer without
16 certificate of title or documentation
17 A.(1) No person shall sell, assign, or transfer a vessel or outboard motor
18 titled by the department or documented with the United States Coast Guard without
19 delivering to the new owner or the new owner's designee a certificate of title or a
20 certificate of documentation with an assignment in the new owner's name.
21 (2)(a) Notwithstanding the requirements of Paragraph (1) of this Subsection
22 or any other law, regulation, or policy of the department to the contrary that requires
23 the signature of a notary public on a document evidencing the transfer of ownership
24 of a vessel or outboard motor, if a person sells, assigns, or transfers a vessel or
25 outboard motor to a purchaser who obtains a secured loan from a federally insured
26 financial institution that takes a security interest in the vessel or outboard motor, the
27 bill of sale or seller's assignment of the certificate of title shall be signed by the seller
28 and may, in lieu of being signed in the presence of a notary public, be signed in the
29 presence of an authorized officer who shall verify the identity of the seller and
30 subscribe his name as a witness.
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1 (b) The federally insured financial institution shall provide the department
2 with a separate document identifying the name and job title of the authorized officer
3 for the purpose of verifying that the person signing as a witness is an authorized
4 officer of that particular financial institution.
5 (c)(i) For the purposes of this Section, "authorized officer" shall mean any
6 officer of a federally insured financial institution operating in Louisiana who is
7 designated to witness a bill of sale or assignment of a certificate of title of a seller,
8 on behalf of a federally insured financial institution, for the purpose of executing the
9 transfer of either a vessel or an outboard motor.
10 (ii) A federally insured financial institution may designate one or more
11 officers to serve as authorized officers.
12 * * *
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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