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Senate Bill S3302

2011-2012 Legislative Session

Establishes the "vehicle lienholder accountability act"

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Archive: Last Bill Status - In Senate Committee Transportation Committee

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2011-S3302 (ACTIVE) - Details

See Assembly Version of this Bill:
A2094
Current Committee:
Senate Transportation
Law Section:
Vehicle and Traffic Law
Laws Affected:
Amd ยง2120, V & T L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7831, A10863
2013-2014: A3649
2015-2016: A4218
2017-2018: A3357
2019-2020: A3903

2011-S3302 (ACTIVE) - Summary

Establishes the "vehicle lienholder accountability act"; requires lienholders to provide notice to the owner of the vehicle when such lienholder assigns his or her security interest and requires such lienholder to execute a release of his or her security interest, within ten days of such assignment.

2011-S3302 (ACTIVE) - Sponsor Memo

2011-S3302 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3302

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 15, 2011
                               ___________

Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Transportation

AN ACT to amend the vehicle and traffic law, in relation to establishing
  the "vehicle lienholder accountability act"; to require lienholders to
  provide notice to the  owner  of  the  vehicle  when  such  lienholder
  assigns his or her security interest

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act shall be known and may be cited  as  the  "vehicle
lienholder accountability act".
  S  2. Section 2120 of the vehicle and traffic law, as added by chapter
1134 of the laws of 1971, is amended to read as follows:
  S 2120. Assignment by lienholder. (a) A lienholder may  assign,  abso-
lutely  or  otherwise,  his OR HER security interest in the vehicle to a
person other than the owner without affecting the interest of the  owner
or  the  validity of the security interest, [but any] PROVIDED THAT SUCH
LIENHOLDER NOTIFIES THE OWNER OF THE VEHICLE  OF  SUCH  ASSIGNMENT,  AND
EXECUTES  A  RELEASE  OF HIS OR HER SECURITY INTEREST WITHIN TEN DAYS OF
SUCH  ASSIGNMENT.  ANY  person  without  notice  of  the  assignment  is
protected  in  dealing with the lienholder as the holder of the security
interest and the lienholder remains liable for any obligations as  lien-
holder until the assignee is named as lienholder on the certificate.
  (b) The assignee may, but need not to perfect the assignment, have the
certificate of title endorsed or issued with the assignee named as lien-
holder,  upon  delivering to the commissioner an assignment by the lien-
holder named in the certificate in the form the commissioner prescribes.
Upon the request of the assignee  the  commissioner  shall  request  the
owner to deliver to the commissioner the certificate of title.
  (C) A LIENHOLDER WHO VIOLATES THE PROVISIONS OF THIS SECTION SHALL PAY
A CIVIL PENALTY NOT TO EXCEED ONE THOUSAND DOLLARS.
  S  3.  This  act shall take effect on the thirtieth day after it shall
have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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