A2094-2011 Actions

• Jan 4, 2012: ordered to third reading cal.93
• Jan 4, 2012: RETURNED TO ASSEMBLY
• Jan 4, 2012: DIED IN SENATE
• Jun 7, 2011: REFERRED TO TRANSPORTATION
• Jun 7, 2011: delivered to senate
• Jun 7, 2011: passed assembly
• Mar 10, 2011: advanced to third reading cal.104
• Mar 8, 2011: reported
• Mar 1, 2011: reported referred to codes
• Jan 13, 2011: referred to transportation

A2094-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         2094
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 January 13, 2011
 
 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".
 

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.
 LBD05072-01-1

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