Regulates pay-off of trade-in vehicles and certain vehicle title releases.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill aims to improve transparency and accountability in the process of trade-in vehicle transactions and vehicle title releases in New Jersey. It requires motor vehicle dealers to promptly remit the full outstanding loan balance to the lender within 15 days of taking possession of a trade-in vehicle. Dealers must also provide proof of payment upon request, and lenders are required to release the vehicle title within 15 days of receiving payment. The bill also addresses the process of securing parties releasing titles and clarifies the requirements for levies on motor vehicles.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
James Beach
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