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Assembly Bill A3357

2017-2018 Legislative Session

Establishes the "vehicle lienholder accountability act"

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Archive: Last Bill Status - In Assembly Committee

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2017-A3357 (ACTIVE) - Details

See Senate Version of this Bill:
S1486
Current Committee:
Assembly Transportation
Law Section:
Vehicle and Traffic Law
Laws Affected:
Amd §2120, V & T L
Versions Introduced in Other Legislative Sessions:
2009-2010: A10863
2011-2012: A2094
2013-2014: A3649
2015-2016: A4218, S6538
2019-2020: A3903

2017-A3357 (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.

2017-A3357 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3357
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2017
                                ___________
 
 Introduced  by  M.  of  A.  DenDEKKER  --  read once and referred 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".
   §  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:
   § 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,  IN
 WRITING,  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 securi-
 ty interest and the lienholder remains liable  for  any  obligations  as
 lienholder 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.
   §  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

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