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NY A01346
Bill
Status
12/17/2012
Primary Sponsor
David Gantt
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AI Summary
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Allows motor vehicle dealers receiving vehicles for resale to submit evidence to the Department of Motor Vehicles demonstrating that security interests (liens) have been satisfied, even without a formal release from the lienholder.
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Requires dealers to notify the lienholder concurrently with or prior to submitting evidence to the Commissioner.
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Directs the Commissioner to issue a certificate of title without the lien within 15 business days of receiving all required information and fees, upon acceptance of evidence such as interbank transfers, cashier's checks, or bank checks in the amount specified by the lienholder.
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Permits dealers and the Commissioner to submit and accept evidence in electronic form.
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Establishes liability for dealers who alter or forge payment evidence, but protects subsequent vehicle purchasers from liability and requires dealers to indemnify purchasers and lienholders for any errors in lien removal.
Legislative Description
Authorizes a motor vehicle dealer who receives a vehicle for resale and satisfies any security interest in such vehicle, but has not received a release of security interest for such vehicle, to apply to the commissioner of motor vehicles for a certificate of title free of liens upon submission of proof that the security interest in the vehicle has been satisfied.
Last Action
signed chap.493
12/17/2012