The bill amends New Jersey's laws regarding new motor vehicle dealer licenses by introducing provisional licenses for applicants who are in the process of meeting the necessary requirements, such as obtaining a franchise agreement or installing a permanent sign. The Chief Administrator of the New Jersey Motor Vehicle Commission is authorized to issue these provisional licenses, which will be valid for 90 days with the possibility of a one-time extension. Additionally, the bill specifies that new motor vehicle dealers must maintain a minimum business size of 1,000 square feet, while used motor vehicle dealers must have at least 72 square feet of office space, and both must display an exterior sign that complies with local ordinances.

Moreover, the bill updates the definition of a new motor vehicle dealer to include authorized dealers of motor vehicle franchisors and introduces a new definition for motor vehicle franchisor. It establishes a licensing fee of $200 for initial applications and renewals, with provisions for license expiration and potential extensions at the chief administrator's discretion. The legislation also clarifies that leasing dealers who only buy vehicles for leasing purposes are not considered engaged in the business of buying or selling motor vehicles unless they sell to consumers other than the lessee, in which case they must obtain a used car dealer license. These changes are set to take effect immediately and will apply to all relevant license applications, including those currently under administrative review.