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2015 SESSION
SB 1085 Value of property; enforcement of liens.
Introduced by: Jill Holtzman Vogel | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Enforcement of liens; property value. Increases from $10,000 to $12,500 the maximum value of property that may be sold for cash at auction to satisfy a lien on a motor vehicle without petitioning for a court order for the sale of such property. The bill also requires the Commissioner of the Department of Motor Vehicles to determine the value of the property by using the trade-in value of the vehicle as found in a recognized pricing guide and to communicate such value to the bailee.
SUMMARY AS INTRODUCED:
Enforcement of liens; property value. Increases from $10,000 to $12,500 the maximum value of property that may be sold for cash at auction to satisfy a lien on a motor vehicle without petitioning for a court order for the sale of such property. The bill also requires the Commissioner of the Department of Motor Vehicles, in determining the value of a vehicle, to use the trade-in value of the vehicle as found in a recognized pricing guide.