California SB1029 outlines the disposition of proceeds from vehicle lien sales, including payments to lienholders and the handling of unclaimed funds.

California SB1029 amends the Civil Code to specify how proceeds from vehicle lien sales are to be handled. The bill states that the amount necessary to discharge the lien and the cost of processing the vehicle must be paid to the lienholder, with processing costs capped at $70 for vehicles valued at $4,000 or less and $100 for those valued over $4,000. Any remaining balance is to be forwarded to the Department of Motor Vehicles. Claimants have three years to file a claim for any portion of the funds from the lien sale. After three years, unclaimed funds are treated as escheated property.

California SB1029 outlines the disposition of proceeds from vehicle lien sales, including payments to lienholders and the handling of unclaimed funds.

California SB1029 amends the Civil Code to specify how proceeds from vehicle lien sales are to be handled. The bill states that the amount necessary to discharge the lien and the cost of processing the vehicle must be paid to the lienholder, with processing costs capped at $70 for vehicles valued at $4,000 or less and $100 for those valued over $4,000. Any remaining balance is to be forwarded to the Department of Motor Vehicles. Claimants have three years to file a claim for any portion of the funds from the lien sale. After three years, unclaimed funds are treated as escheated property.