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2012 SESSION
HB 171 Motor Vehicle Transaction Recovery Fund; bonding requirements.
Introduced by: John A. Cosgrove | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Motor Vehicle Transaction Recovery Fund; bonding requirements. Permits the Fund to drop below the previously mandated $250,000 balance requirement but not to register a negative balance. The bill also allows the Board to await a positive balance in the Fund before paying claims so long as claims are not unpaid for more than 60 days. The bill further allows recovery against a dealer to include attorney fees.
SUMMARY AS INTRODUCED:
Motor Vehicle Transaction Recovery Fund; bonding requirements. Permits the Fund to drop below the previously mandated $250,000 balance requirement but not to register a negative balance. The bill also allows recovery against a dealer to include attorney fees.