Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to transportation |
Jan 09, 2017 |
referred to transportation |
Senate Bill S1486
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Transportation Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2017-S1486 (ACTIVE) - Details
2017-S1486 (ACTIVE) - Summary
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.
2017-S1486 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1486 TITLE OF BILL : An act to amend the vehicle and traffic law, in relation to establishing the "vehicle lienholder accountability act"; to require lienholders to provide notice to the owner of the vehicle when such lienholder assigns his or her security interest PURPOSE OR GENERAL IDEA OF BILL : To require a vehicle lienholder to provide the vehicle's owner with a timely lien release, in writing, when such lien is assigned so that the vehicle's owner can obtain a clear title when the lien is satisfied. SUMMARY OF PROVISIONS : Subdivision (a) of section 2120 of the vehicle and traffic law is amended to require vehicle lienholders to provide the vehicle's owner with a release of such lien in writing within ten days of the lien being assigned, and subdivision (c) is added to section 2120 to impose a civil penalty not to exceed one thousand dollars for failure to comply. JUSTIFICATION :
2017-S1486 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1486 2017-2018 Regular Sessions I N S E N A T E January 9, 2017 ___________ Introduced by Sen. AVELLA -- read twice and ordered printed, and when printed to be committed to the Committee on Transportation AN ACT to amend the vehicle and traffic law, in relation to establishing the "vehicle lienholder accountability act"; to require lienholders to provide notice to the owner of the vehicle when such lienholder assigns his or her security interest THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "vehicle lienholder accountability act". § 2. Section 2120 of the vehicle and traffic law, as added by chapter 1134 of the laws of 1971, is amended to read as follows: § 2120. Assignment by lienholder. (a) A lienholder may assign, abso- lutely or otherwise, his OR HER security interest in the vehicle to a person other than the owner without affecting the interest of the owner or the validity of the security interest, [but any] PROVIDED THAT SUCH LIENHOLDER NOTIFIES THE OWNER OF THE VEHICLE OF SUCH ASSIGNMENT, IN WRITING, AND EXECUTES A RELEASE OF HIS OR HER SECURITY INTEREST WITHIN TEN DAYS OF SUCH ASSIGNMENT. ANY person without notice of the assignment is protected in dealing with the lienholder as the holder of the securi- ty interest and the lienholder remains liable for any obligations as lienholder until the assignee is named as lienholder on the certificate. (b) The assignee may, but need not to perfect the assignment, have the certificate of title endorsed or issued with the assignee named as lien- holder, upon delivering to the commissioner an assignment by the lien- holder named in the certificate in the form the commissioner prescribes. Upon the request of the assignee the commissioner shall request the owner to deliver to the commissioner the certificate of title. (C) A LIENHOLDER WHO VIOLATES THE PROVISIONS OF THIS SECTION SHALL PAY A CIVIL PENALTY NOT TO EXCEED ONE THOUSAND DOLLARS. § 3. This act shall take effect on the thirtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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