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NY A10863
Bill
Status
6/17/2010
Primary Sponsor
Daniel Burling
Click for details
AI Summary
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Establishes the "vehicle lienholder accountability act" to regulate assignment of security interests in vehicles.
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Requires lienholders to notify vehicle owners when assigning their security interest to another person.
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Mandates lienholders execute a release of their security interest within ten days of assignment.
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Imposes a civil penalty of up to one thousand dollars on lienholders who violate these requirements.
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Takes effect thirty days after becoming law.
Legislative Description
Establishes the "vehicle lienholder accountability act"; requires lienholders to provide notice to the owner of the vehicle when such lienholder assigns his or her security interest and requires such lienholder to execute a release of his or her security interest, within ten days of such assignment.
Last Action
REFERRED TO RULES
6/17/2010