The bill amends New Jersey's laws regarding new motor vehicle dealer licenses by establishing a provisional license for applicants who are in the process of meeting full licensing requirements. It introduces new definitions, including "motor vehicle franchisor," and sets specific requirements for business locations, mandating that new motor vehicle dealers maintain a permanent space of at least 1,000 square feet for servicing or displaying vehicles, while used motor vehicle dealers must have a minimum office space of 72 square feet. The provisional license is valid for 90 days, with the possibility of a 90-day extension, allowing applicants to operate while completing their licensing requirements.

Additionally, the bill mandates criminal background checks for applicants to ensure that those with a history of fraud or misrepresentation are ineligible for licensing. It establishes a licensing fee of $200 for both initial applications and renewals, and requires all licensed dealers to display an exterior sign at their business location. The amendments aim to enhance regulatory oversight, streamline the licensing process, and clarify the definitions and requirements for motor vehicle dealers in New Jersey, including provisions for leasing dealers who are not considered engaged in buying or selling vehicles unless they sell to consumers other than the lessee.