This bill mandates the New Jersey Motor Vehicle Commission (MVC) to establish and manage an electronic transaction system for used motor vehicle sales within 24 months of the effective date of P.L.2021, c.462. The legislation allows for the preparation and submission of both new and used motor vehicle sales transaction documents electronically, ensuring compliance with relevant state and federal regulations, including the federal Truth in Mileage Act of 1986.

Additionally, the bill authorizes the MVC to extend the use of this electronic system to private motor vehicle sales, which are defined as transactions between individuals who are not licensed dealers. The chief administrator of the MVC is given the discretion to create a schedule for implementing this electronic processing for private sales. The bill also stipulates that the new system will facilitate the notification, recording, transfer, and release of security interests and title information by lienholders, replacing the traditional paper-based methods.

Statutes affected:
Introduced: 39:10-4.1