The Assembly Consumer Affairs Committee approved legislation earlier today that would codify industry best practices for lien payoffs and will require lending sources to release liens in a more timely fashion.
The Bill (A1483) also eliminates Division of Motor Vehicle Stop Codes or “secret liens,” which create problems for consumers and dealers alike.
NJ CAR thanks Assemblyman Paul Moriarty (D-4), for sponsoring this important legislation, which now heads to the floor of the General Assembly for consideration.