Under current law, the department of revenue may implement a system for electronic transmission of registration, lien, and titling information for vehicles or special mobile machinery. This system is funded by gifts, grants, and donations. Section 1 of the bill creates the electronic transactions fund and directs the department to transfer any gifts, grants, or donations it receives to the state treasurer for deposit in the fund. The contributed money, as well as money from additional fees authorized under section 2 , is to be used to implement the electronic system.
Current law gives a person who moves to Colorado 90 days to register their motor vehicle. Section 2 requires a person who registers a vehicle after moving to Colorado to:
- Provide documentation of the vehicle's previous registration that contains the registration dates;
- Provide evidence of the date that the person became a Colorado resident unless the previous registration expired within 90 days before the owner applied to register the vehicle; and
- Pay the vehicle's registration taxes and fees that are prorated from the date the person became a Colorado resident to the date the person applied to register the vehicle unless the vehicle is used for interstate commerce or unless the owner registered the vehicle within 90 days after becoming a resident.
The effect of these listed changes is that an owner who fails to register the vehicle within 90 days will be assessed back taxes and fees. The additional fees collected under section 2 are transferred to the electronic transactions fund until the fund achieves its purposes. The allocation and use of the taxes does not change.
Current law exempts people with expired temporary tags from paying the late fees for failing to register a vehicle. Section 3 repeals this exemption. Section 3 also imposes prorated registration taxes and fees to capture missed revenue when a person fails to register a vehicle when required by law.
Current law limits to 2 the number of temporary plates that may be issued for a vehicle used to transport persons or property over the road. The purchaser or owner may get a third plate if necessary for title or lien documentation. Section 4 requires the purchaser or owner to pay the vehicle's registration taxes and fees to get the third temporary plate. If the sale is not consummated, the person who attempted to purchase the vehicle gets a 12-month credit toward a subsequent registration of another vehicle.
(Note: This summary applies to this bill as introduced.)