The bill amends New Jersey motor vehicle laws to establish a new license designated with the letter "M" for motor vehicle franchisors, allowing them to sell, lease, or assign vehicles to their employees. This new license is issued by the Chief Administrator of the New Jersey Motor Vehicle Commission and requires proof of employment to be maintained for four years. The bill specifies that these transactions are strictly for employees and do not permit retail sales to the general public. Additionally, it sets a limit of 50 vehicles that can be provided for promotional purposes and allows franchisors to use regular license plates for these vehicles.

Furthermore, the bill modifies existing definitions and requirements for motor vehicle dealers, particularly regarding leasing dealers. It clarifies that leasing dealers who do not engage in buying or selling vehicles are not required to maintain a physical place of business, thus providing greater operational flexibility. The bill also outlines the licensing fees and renewal processes for all dealers, ensuring compliance with regulations while accommodating the new provisions for franchisors. Overall, the legislation aims to streamline operations for motor vehicle franchisors and enhance their ability to support their employees through vehicle transactions.