SB1500 Summary

• Extends the repeal date of the Collateral Recovery Act from January 1, 2027 to January 1, 2032.

• Requires licensed repossession agencies to recycle or dispose of hazardous materials found in repossessed vehicles according to state or federal law, with legal owners paying a $50 surcharge fee (adjusted annually for inflation beginning January 15, 2025).

• Defines "hazardous material" to include batteries, motor fuel, motor oil, antifreeze, drugs, medical waste, ammunition, paint, and other materials that pose environmental or safety risks.

• Defines "personal information" as data collected and stored on vehicles, including biometric information, contacts, addresses, garage door codes, and map data, which repossession agencies must clear or erase using a standardized electronic solution before releasing the vehicle.

• Updates the Act's findings and purposes to address consumer protection concerns regarding personal information breaches and hazardous material disposal in repossessed vehicles.