Sponsored by:
Senator VIN GOPAL
District 11 (Monmouth)
SYNOPSIS
Eliminates fee for re-issuance of motor vehicle title following loan payoff.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning motor vehicle titling fees and supplementing Title 39 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding the provisions of any other law, rule, or regulation to the contrary, where a person has purchased a motor vehicle through financing, where a lien has been noted on the certificate of ownership, and where the person has made final payment to satisfy the lien, the New Jersey Motor Vehicle Commission shall not charge a fee to re-issue the certificate of ownership to the person with the lien no longer noted on the certificate.
2. This act shall take effect immediately.
STATEMENT
This bill prohibits the New Jersey Motor Vehicle Commission from charging a title fee to individuals who have paid off their car loans for the re-issuance of a title without a lienholder noted on it.