SB 1029

Existing law requires that the proceeds of a vehicle lien sale be paid to the lienholder in the amount necessary to discharge the lien and to cover the cost of processing the vehicle. Existing law requires that the balance be forwarded to the Department of Motor Vehicles, as provided. Existing law authorizes any person claiming an interest in the vehicle to file a claim with the Department of Motor Vehicles for any portion of the funds from the lien sale that was forwarded to the department, as provided. This bill would require the Department of Motor Vehicles, within 14 days of receiving the balance, to provide prescribed notice about the funds from the lien sale that were forwarded to the department and the process to file a claim, as described above, to specified individuals, including the registered and legal owners of the vehicle.