§706. Lienholder to furnish information

Upon request of the owner, another lienholder named on the certificate of title or certificate of salvage or a dealer to which the vehicle has been transferred, a lienholder shall disclose all pertinent information as to the security agreement, the indebtedness secured by that agreement, the existence and identity of subordinate lienholders and the certificate of title or certificate of salvage numbers.

SUMMARY

This bill exempts used motor vehicle dealers who obtain motor vehicles at an auction outside the State from the requirement that they obtain from the sellers of those vehicles a written statement that includes information such as identifying information regarding the vehicles, the name and address of the seller, the principal use of the vehicles and the type of damage, if any, that the vehicles have sustained, such as fire, water or substantial collision damage.

This bill provides for timely delivery of documentation necessary for the transfer of title to motor vehicles.

This bill also allows a motor vehicle dealer to obtain all pertinent information about existing liens on a vehicle that a customer wants to trade in toward the purchase of another vehicle.