New Jersey S2086 regulates the pay-off of trade-in vehicles and certain vehicle title releases.

New Jersey S2086 regulates the pay-off of trade-in vehicles and certain vehicle title releases. The bill invalidates levies on vehicles unless a creditor seizes and takes actual possession within 30 days of providing notice to the chief administrator. It exempts subsequent purchasers of trade-in vehicles from financial responsibility. The bill also mandates that dealers remit payment for the remaining loan on a customer’s trade-in within 15 days of accepting it and provide proof of payment upon request. Failure to comply with these provisions subjects dealers to penalties.

New Jersey S2086 regulates the pay-off of trade-in vehicles and certain vehicle title releases.

New Jersey S2086 regulates the pay-off of trade-in vehicles and certain vehicle title releases. The bill invalidates levies on vehicles unless a creditor seizes and takes actual possession within 30 days of providing notice to the chief administrator. It exempts subsequent purchasers of trade-in vehicles from financial responsibility. The bill also mandates that dealers remit payment for the remaining loan on a customer’s trade-in within 15 days of accepting it and provide proof of payment upon request. Failure to comply with these provisions subjects dealers to penalties.