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NY A08166
Bill
Status
Passed
9/29/2016
Primary Sponsor
Marcos Crespo
Click for details
AI Summary
- Increases surety bond requirements for dealer applicants selling 50 or fewer motor vehicles annually from $10,000 to $20,000
- Increases surety bond requirements for dealer applicants selling more than 50 motor vehicles annually from $25,000 to $100,000
- Maintains $50,000 surety bond requirement for new motor vehicle dealers and qualified dealers
- Requires sureties to provide 60 days' notice before bond cancellation or lapse, plus additional notice on the effective date of cancellation or lapse
- Directs commissioner to verify within five days of bond cancellation or lapse that the dealer holds a compliant replacement surety bond
- Requires existing dealers to comply with new bond amounts upon renewal, replacement, alteration, or extension of their current bond
- Takes effect 180 days after enactment
Legislative Description
Requires used motor vehicle dealers to have a $20,000 surety bond if they sell 50 or less cars a year, and a $100,000 surety bond if they sell more than 50 cars a year.
Last Action
signed chap.342
9/29/2016
Committee Referrals
Rules6/16/2016
Rules6/15/2016
Transportation6/10/2015
Full Bill Text
No bill text available