Vehicles: liens.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Transportation
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases the value threshold for vehicles subject to lien sales from $4,000 to $7,000. It also establishes a process for adjusting this threshold annually to account for inflation, starting in 2030. The bill aims to provide a more equitable system for handling vehicle liens by increasing the value considered before a sale is authorized.
Key provisions
- Increases the vehicle value threshold for lien sales from $4,000 to $7,000.
- Requires annual adjustments to the value threshold to reflect inflation, starting in 2030.
- Mandates notification to vehicle owners and interested parties before a lien sale.
- Specifies requirements for providing notice of the sale, including publication in a local newspaper or posting in public places.
- Outlines procedures for handling objections from vehicle owners.
- Requires lienholders to provide a public inspection period for vehicles before a sale.
- Establishes a process for redeeming vehicles after a lien sale.
- Requires the destruction of license plates after a vehicle is sold.
Who is affected
- Vehicle owners
- Lienholders
- Department of Motor Vehicles
- Vehicle registration agencies
- Consumers
Notable changes
- Increases the value threshold for lien sales, potentially impacting the number of vehicles subject to sale.
Bill text
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Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
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