New Jersey A5070 mandates the MVC to establish an electronic transaction system for used motor vehicle sales within 24 months, and allows the same.

New Jersey A5070 requires the New Jersey Motor Vehicle Commission (MVC) to implement an electronic transaction system for used motor vehicle sales within 24 months of the effective date of P.L.2021, c.462. This system will replace the existing paper-based system for notification, recording, transfer, and release of security interests and title information by lienholders. The bill also authorizes the MVC to use this electronic system for private motor vehicle sales, ensuring compliance with the federal Truth in Mileage Act of 1986 and related regulations.

New Jersey A5070 mandates the MVC to establish an electronic transaction system for used motor vehicle sales within 24 months, and allows the same.

New Jersey A5070 requires the New Jersey Motor Vehicle Commission (MVC) to implement an electronic transaction system for used motor vehicle sales within 24 months of the effective date of P.L.2021, c.462. This system will replace the existing paper-based system for notification, recording, transfer, and release of security interests and title information by lienholders. The bill also authorizes the MVC to use this electronic system for private motor vehicle sales, ensuring compliance with the federal Truth in Mileage Act of 1986 and related regulations.