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NY A04218
Bill
Status
1/29/2015
Primary Sponsor
Michael DenDekker
Click for details
AI Summary
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Establishes the "vehicle lienholder accountability act" requiring lienholders to notify vehicle owners in writing when assigning their security interest
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Mandates lienholders execute a release of their security interest within ten days of assignment
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Imposes civil penalties not to exceed $1,000 on lienholders who violate the notification and release requirements
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Clarifies that third parties dealing with a lienholder without notice of assignment are protected, and the lienholder remains liable until the assignee is named on the certificate of title
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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
print number 4218a
6/29/2016