248 Neb. Admin. Code, ch. 4, § 010

Current through September 17, 2024

Section 248-4-010 - BONDED CERTIFICATE OF TITLE

010.01Notice.

The Department shall include the following statement on a bonded certificate of title and any subsequent title issued as a result of a title transfer while the bond is in effect: NOTICE: THIS VEHICLE MAY BE SUBJECT TO AN UNDISCLOSED INTEREST, BOND NUMBER ...... The Department will assign a bond number to each bond received. The assigned number will be separate from any number the surety company may assign, and the Department's number will be set in the notice on the title.

010.02Recall.

The Department shall recall a bonded certificate of title if the Department finds that the application for the title contained a false statement or if a check presented by the applicant(s) for fees pursuant to this section is returned uncollected by a financial institution.

010.02ANotice. If a bonded certificate of title is recalled, the Department will send a certified letter informing the title holder that the title has been cancelled, the reasons for the cancellation, and requesting that the title be returned to the Department.

010.02BCancellation. If a bonded certificate of title is recalled, the Department will cancel the title in its records.

010.03Titleholder.

The first bonded certificate of title will be issued in the name of the applicant(s). When a bonded certificate of title is transferred to a new owner, the bond need not be renewed unless the Department questions its authenticity.

248 Neb. Admin. Code, ch. 4, § 010