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CT SB00833
Bill
Status
Introduced
2/3/2021
Primary Sponsor
Banking Committee
Click for details
AI Summary
- Increases the election of remedies threshold for motor vehicles from $4,000 to $9,000 aggregate cash price, effective October 1, 2021
- Increases the election of remedies threshold for boats from $4,000 to $9,000 aggregate cash price, effective October 1, 2021
- Fair market value calculations for both motor vehicles and boats use the National Automobile Dealers Association guides (Used Car Guide for vehicles, Appraisal Guide for Boats, Eastern Edition) based on trade-in and retail values at the date of repossession
- Allows contract holders to recover deficiency amounts when vehicle or boat fair market value is less than the balance due plus retaking expenses, but actual resale price governs if it exceeds the fair market value
- Establishes annual adjustment of the $9,000 threshold beginning October 1, 2022, based on changes to the consumer price index for all urban consumers
Legislative Description
An Act Increasing The Election Of Remedies Threshold For Motor Vehicles And Boats.
Last Action
Public Hearing 02/09
2/4/2021
Committee Referrals
Banking2/3/2021
Full Bill Text
No bill text available