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CT HB07017

Bill

Official Source

Status

Introduced

2/3/2017

Primary Sponsor

Banking Committee

Click for details

Origin

House of Representatives

2017 General Assembly

AI Summary

  • Increases the election-of-remedies threshold for motor vehicle repossession from $4,000 to $8,300 in aggregate cash price.
  • Increases the election-of-remedies threshold for boat repossession from $4,000 to $8,300 in aggregate cash price.
  • Fair market value for motor vehicles and boats above the threshold continues to be calculated using National Automobile Dealers Association guides as of the repossession date.
  • Allows creditors to recover deficiencies if fair market value is less than the balance due plus repossession expenses, with the actual resale price governing if it exceeds the calculated fair market value.
  • Effective October 1, 2017.

Legislative Description

An Act Concerning The Election-of-remedies Threshold For The Repossession Of Motor Vehicles And Boats.

Last Action

Public Hearing 02/14

2/10/2017

Committee Referrals

Banking2/3/2017

Full Bill Text

No bill text available