Fund Electronic Third-party Vehicle Transactions
Before the act was passed, the law provided for an electronic system to transmit registration, lien, and titling information to the department of revenue (department).The act imposes a per-transaction fee up to $3, set by the department, on third-party providers that issue registrations and titles to administer the system. This fee will also be set and collected to reimburse the general fund for the $1,631,792 appropriated to implement the system.
The general assembly is authorized to make an appropriation from the general fund or the highway users tax fund to fund the system. For the 2021-22 state fiscal year, $1,631,792 is appropriated from the general fund to the department.
(Note: This summary applies to this bill as enacted.)