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2012 SESSION
SB 421 Motor vehicle dealers; recovering title.
Introduced by: David W. Marsden | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Motor vehicle dealers; the Motor Vehicle Transaction Recovery Fund. Provides a new mechanism whereby a person who purchases a vehicle from a dealer may recover the title to that vehicle if the title is in the possession of someone other than the dealer. The bill also provides a mechanism by which awards against dealers' bonds from the Motor Vehicle Transaction Recovery Fund will be adjusted to keep pace with inflation and allows recovery against a dealer to include attorney fees. The bill also permits the Fund to drop below the previously mandated $250,000 balance requirement but not to register a negative balance and allows the Board to await a positive balance in the Fund before paying claims so long as they do not go unpaid for more than 60 days.
SUMMARY AS INTRODUCED:
Motor vehicle dealers; the Motor Vehicle Transaction Recovery Fund. Provides a new mechanism whereby a person who purchases a vehicle from a dealer may recover the title to that vehicle if the title is in the possession of someone other than the dealer. The bill also provides a mechanism by which the minimum balance to be maintained in the Motor Vehicle Transaction Recovery Fund will be adjusted to keep pace with inflation.