AB523: Bill Text

LRB-0589/2

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1995 - 1996 LEGISLATURE

1995 Assembly BILL 523

August 28, 1995 - Introduced by Representatives Schneider, Freese, Boyle and Olsen, cosponsored by Senators Burke and Huelsman. Referred to Committee on Highways and Transportation.

AB523,1,2 An Act to amend 700.22 (title); and to create 342.15 (1) (d), 342.17 (4) (d) and 700.22 (3) of the statutes; relating to: transfer of ownership in a vehicle.

Analysis by the Legislative Reference Bureau

Under current law, the names of all coowners of a vehicle are required to be listed on the certificate of title for the vehicle. Ownership of the vehicle may not be transferred without the signatures of all coowners of the vehicle.

This bill permits ownership of a vehicle that is owned by 2 or more persons to be transferred by the signature of one of the coowners if legal title to the vehicle is held in the names of the coowners in the alternative, such as "(name of one coowner) or (name of other coowner)".

For further information see the state fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB523, s. 1 Section 1. 342.15 (1) (d) of the statutes is created to read:

AB523,1,9 342.15 (1) (d) Notwithstanding s. 340.01 (42), any person who holds legal title of a vehicle with one or more other persons may, after the first day of the 12th month beginning after the effective date of this paragraph .... [revisor inserts date], transfer ownership of the vehicle under this subsection if legal title to the vehicle is held in the names of such persons in the alternative, including a vehicle held in a form designating the holder by the words "(name of one person) or (name of other person)".

AB523, s. 2 Section 2. 342.17 (4) (d) of the statutes is created to read:

AB523,2,3 342.17 (4) (d) This subsection does not apply to transfer of interest in a vehicle under s. 342.15 (1) (d).

AB523, s. 3 Section 3. 700.22 (title) of the statutes is amended to read:

AB523,2,6 700.22 (title) Exception for bank deposits, checks and, government bonds and vehicles.

AB523, s. 4 Section 4. 700.22 (3) of the statutes is created to read:

AB523,2,9 700.22 (3) Nothing in ss. 700.17 to 700.21 governs the transfer of interest in a vehicle for purposes of s. 342.15 (1) (d).

AB523,2,10 (End)