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NY S05485
Bill
Status
6/15/2015
Primary Sponsor
Jeffrey Klein
Click for details
AI Summary
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Increases surety bond requirement for dealer applicants selling 50 or fewer motor vehicles annually from $10,000 to $20,000
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Increases surety bond requirement for dealer applicants selling more than 50 motor vehicles annually from $25,000 to $100,000
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Maintains $50,000 surety bond requirement for new motor vehicle dealers and qualified dealer applicants
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Requires sureties to provide 60 days' notice before bond cancellation or lapse, plus additional notice on the effective date of cancellation or lapse
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Requires commissioner to verify within 5 days of bond cancellation or lapse that dealer maintains compliant surety bond
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Existing bonded dealers must comply with new requirements upon renewal, replacement, alteration, or extension of their current bond
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Effective 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
SUBSTITUTED BY A8166A
6/17/2016