California Civil Code

§ 3073

CIV § 3073 Effective Jan 1, 1999Div. 3 · Title 14 · Part 4 · Ch. 6.5

Statute text

The proceeds of a vehicle lien sale under this article shall be disposed of as follows:

(a)The amount necessary to discharge the lien and the cost of processing the vehicle shall be paid to the lienholder. The cost of processing shall not exceed seventy dollars ($70) for each vehicle valued at four thousand dollars ($4,000) or less, or one hundred dollars ($100) for each vehicle valued over four thousand dollars ($4,000).

(b)The balance, if any, shall be forwarded to the Department of Motor Vehicles within 15 days of any sale conducted pursuant to Section 3071 or within five days of any sale conducted pursuant to Section 3072 and deposited in the Motor Vehicle Account in the State Transportation Fund, unless federal law requires these funds to be disposed in a different manner.

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Legislative history

Amended by Stats. 1998, Ch. 203, Sec. 4. Effective January 1, 1999.