Loading chat...
NY S05132
Bill
Status
6/20/2011
Primary Sponsor
Thomas Libous
Click for details
AI Summary
-
A motor vehicle dealer receiving a vehicle for resale may submit evidence to the Commissioner of Motor Vehicles demonstrating that any security interest has been satisfied, even if a formal release has not been issued.
-
The dealer must notify the lienholder concurrent with or prior to submitting evidence to the Commissioner and must provide proof including electronic fund transfers, cashier's checks, or bank checks equal to the amount the lienholder stated was necessary to satisfy the lien.
-
The Commissioner must issue a duplicate or new certificate of title without the lien within 15 business days of receiving all required information and fees.
-
Dealers who alter or forge payment evidence are liable for damages, attorney's fees, and costs, but subsequent purchasers of the vehicle are protected from liability for any errors in lien removal and the dealer must indemnify them.
-
The Commissioner is authorized to adopt rules and regulations to implement these provisions, and the act takes effect 180 days after becoming law.
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
SUBSTITUTED BY A1346C
6/19/2012