New Jersey S1724 regulates the payoff of trade-in vehicles and title releases, requiring dealers to settle remaining loans within 15 days and.
New Jersey S1724 mandates that motor vehicle dealers must pay off the remaining loan on a customer's trade-in vehicle within 15 days of accepting the trade-in. The bill also requires dealers to provide proof of payment to customers upon request. Violators face penalties of up to $1,000 for the first offense and up to $2,000 for each subsequent offense, in addition to covering any fines, fees, or expenses resulting from non-compliance.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.