1. (a) A person having possession of a certificate of title for a vehicle because the person has a lien or an encumbrance on the vehicle must deliver not more than ten (10) business days after receipt of the payment the satisfaction or discharge of the lien or encumbrance indicated upon the certificate of title to the person that:

   1. (1) is listed on the certificate of title as owner of the vehicle; or
   2. (2) is acting as an agent of the owner and that holds power of attorney for the owner of the vehicle.

2. (b) A person that:

   1. (1) fails to remove a lien or encumbrance; or

   2. (2) fails to deliver a certificate of title to the owner of a vehicle;

      as required under subsection (a) commits a Class C infraction.

      [Pre-1991 Recodification Citation: 9-1-3.5-1 part.]

As added by P.L.2-1991, SEC.5. Amended by P.L.268-2003, SEC.16; P.L.188-2015, SEC.12; P.L.198-2016, SEC.239.