Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to transportation |
May 17, 2017 |
referred to transportation |
Senate Bill S6409
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Transportation Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2017-S6409 (ACTIVE) - Details
- Current Committee:
- Senate Transportation
- Law Section:
- Vehicle and Traffic Law
- Laws Affected:
- Amd §2121, V & T L
2017-S6409 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6409 TITLE OF BILL : An act to amend the vehicle and traffic law, in relation to the release of security interests in certain motor vehicles PURPOSE OF BILL : To provide mechanisms for the release of security interests pertaining to motorcycles and certain vehicles. SUMMARY OF PROVISIONS : Section 1 of the bill would amend section 2121 of the Vehicle and Traffic Law (VTL) by adding a new subdivision (c) to provide new mechanisms for lien removal for certain vehicles. Section 2 of the bill would make it take effect 180 days after it becomes law. JUSTIFICATION : Under current law, a lien remains on a motor vehicle title unless and until the lien holder executes a release of the security interest and mails/delivers the release to the owner. In short, the cooperation of the lien holder is a prerequisite for lien removal, unless a dealer
2017-S6409 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6409 2017-2018 Regular Sessions I N S E N A T E May 17, 2017 ___________ Introduced by Sen. ROBACH -- (at request of the Department of Motor Vehicles) -- 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 the release of security interests in certain motor vehicles THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2121 of the vehicle and traffic law is amended by adding a new subdivision (c) to read as follows: (C) (1) FOR AUTOMOBILES HAVING AN UNLADEN WEIGHT OF TEN THOUSAND POUNDS OR LESS, AND MOTORCYCLES, A SECURITY INTEREST THAT HAS NOT BEEN RELEASED AS PROVIDED IN SUBDIVISIONS (A) AND (B) OF THIS SECTION SHALL BE CONSIDERED SATISFIED, A RELEASE OF SECURITY INTEREST SHALL NOT BE REQUIRED, AND THE SECURITY INTEREST SHALL BE AUTOMATICALLY RELEASED BY THE COMMISSIONER AFTER TEN YEARS FROM THE DATE THE SECURITY INTEREST WAS RECORDED IN THE RECORDS OF THE DEPARTMENT. UPON SUCH AUTOMATIC RELEASE OF A SECURITY INTEREST, THE COMMISSIONER MAY RECORD THAT THE SECURITY INTEREST IS DEEMED SATISFIED, REMOVE THE SECURITY INTEREST FROM ITS FILES, AND UPON SUBMISSION OF ANY REQUIRED FORMS AND FEES, ISSUE A CERTIFICATE OF TITLE THAT REFLECTS FULL SATISFACTION AND RELEASE OF THE SECURITY INTEREST. PROVIDED HOWEVER, THAT THE PROVISIONS OF THIS PARA- GRAPH SHALL NOT APPLY IF, BEFORE THE DATE OF SUCH AUTOMATIC RELEASE, THE HOLDER OF THE SECURITY INTEREST PERFECTS THE SECURITY INTEREST FOR A SECOND TIME IN ACCORDANCE WITH THE PROVISIONS OF THIS ARTICLE. (2) FOR AUTOMOBILES HAVING AN UNLADEN WEIGHT OF TEN THOUSAND POUNDS OR LESS, AND MOTORCYCLES, IF A SECURITY INTEREST HAS NOT BEEN RELEASED AS PROVIDED IN SUBDIVISIONS (A) AND (B) OF THIS SECTION, AN OWNER MAY SUBMIT TO THE COMMISSIONER EVIDENCE TO DEMONSTRATE THAT SUCH SECURITY INTEREST HAS BEEN SATISFIED, AND THAT THE HOLDER OF THE SECURITY INTER- EST IS NO LONGER IN BUSINESS, OR THAT THE HOLDER HAS REFUSED OR FAILED TO ISSUE A RELEASE WITHIN FIFTEEN BUSINESS DAYS AFTER THE HOLDER EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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