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Who cares
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Sponsors
No co-sponsors yet.
History
- Print number 6538a
- Amend and recommit to transportation
- Referred to transportation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes the "vehicle lienholder accountability act"
In Assembly Committee · Transportation · Sponsor Michael DenDekker
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the vehicle and traffic law, in relation to establishing the "vehicle lienholder accountability act"; to require lienholders to provide notice to the owner of the vehicle when such lienholder assigns his or her security interest
Purpose or general idea of bill
To require a vehicle lienholder to provide the vehicle's owner with a timely lien release, in writing, when such lien is assigned so that the vehicle's owner can obtain a clear title when the lien is satisfied.
Summary of provisions
Subdivision (a) of section 2120 of the vehicle and traffic law is amended to require vehicle lienholders to provide the vehicle's owner with a release of such lien in writing within ten days of the lien being assigned, and subdivision (c) is added to section 2120 to impose a civil penalty not to exceed one thousand dollars for failure to comply.
Justification
Vehicle lienholders often assign their security interest without generating a lien release to the owner, and the new lienholder often fails to properly register the lien with Department of Motor Vehicles in order to avoid the fees due. As a result, many vehicle owners do not know who has a security interest in their vehicle, and are unable to obtain a clean certificate of title when they have paid off their vehicle loan. The original lienholder should be required to release his or her security interest in the vehicle once the lien has been assigned.
Prior legislative history
2015-2016: A4218 Referred to Transportation; 2013-14: A3649 Referred to Transportation; 2011-12: A2094 Passed Assembly S3302 Referred to Transportation.
Fiscal implications for state and local governments
None.
Effective date
The thirtieth day after it shall become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.