The bill amends R.S.39:10-10 to require that when the terms of a security agreement related to a motor vehicle are fulfilled, the seller or secured party must deliver the certificate of ownership to the buyer by certified mail, return receipt requested. This change ensures that the transfer of ownership is conducted securely and provides proof of delivery. Additionally, within 15 days of fulfilling the contract or terminating the security interest, the seller or secured party is required to file a notice with the chief administrator, documenting the performance or termination of the agreement.

The bill also updates the language regarding penalties for violations, changing the fine from $25.00 to $25. This legislation aims to enhance the security and reliability of the ownership transfer process for motor vehicles, ensuring that buyers receive their certificates of ownership in a secure manner. The bill will take effect on the first day of the seventh month following its enactment.