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2001 SESSION
HB 1963 Motor Vehicle Transaction Recovery Fund; limits.
Introduced by: Leo C. Wardrup, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Motor Vehicle Transaction Recovery Fund. Provides that where dealer's surety is liable for claims against a dealer, the surety remains liable for the first $25,000, but the Motor Vehicle Transaction Recovery Fund will be liable for the next $75,000 (instead of $50,000). In claims against the Fund involving a single transaction, the maximum claim is increased from $15,000 to $20,000 and for multiple transactions from $75,000 to $100,000. The minimum amount at which claims become prorated is increased from $50,000 to $75,000.
SUMMARY AS INTRODUCED:
Motor Vehicle Transaction Recovery Fund. Provides that where dealer's surety is liable for claims against a dealer, the surety remains liable for the first $25,000, but the Motor Vehicle Transaction Recovery Fund will be liable for the next $75,000 (instead of $50,000). In claims against the Fund involving a single transaction, the maximum claim is increased from $15,000 to $20,000 and for multiple transactions from $75,000 to $100,000. The minimum amount at which claims become prorated is increased from $50,000 to $75,000.