Senate Bill 86

Create a new section of KRS Chapter 186A to define "approved entity," "cabinet," "electronic title application and registration system," "fleet," and "title lien statement"; create a new section of KRS Chapter 186A to require the Transportation Cabinet to establish an electronic title application and registration system that allows submission of required forms and fees electronically; allow approved entities to access the system to facilitate title transfers, fleet registrations, and permanent fleet registrations; set application fees for approved entities at $150; require annual fees for approved entities; require the cabinet to contract with third party providers to provide software and network systems to facilitate transaction; allow agreements with third party providers to include a transaction fee that may be charged to vehicle buyers; require explicit buyer notification of fee; require the cabinet to promulgate administrative regulations to set forth qualifications of approved entities and procedures for the system; repeal and reenact KRS 186A.195 to set forth procedures for the filing of title lien statements and the distribution of fees; amend KRS 186.045 to establish procedures for filing lien terminations on security interest perfected after the effective date of this Act; create a new section of KRS Chapter 281 to allow U-Drive-It certificate holders who become approved entities to use the electronic titling and registration system to apply for annual renewal of registration on their fleet or to pay the required fees and taxes to maintain permanent registration on their fleet; create a new section of KRS Chapter 186A to require the cabinet to establish procedures by which the owner of fleet vehicles may be issued permanent registration fleet plates; set forth requirement for vehicles, specifications of fleet plates; provide exemptions for fleet vehicles used as rental cars; set forth fees and penalties for failure to pay taxes and registration fees and failure to provide annual reconciliations to the cabinet; amend various sections of KRS Chapters 186 and 186A to conform; EFFECTIVE January 1, 2024.