The bill introduces an amendment to Chapter 31-3 of the General Laws by adding a new section 31-3-33.1, which allows for the renewal of registration for vehicles leased for a period of 36 months and registered in two-year cycles to be renewed for an additional year to match the lease's expiration. This insertion ensures that the registration period aligns with the lease term, and the registration fees will be adjusted to reflect this change. Additionally, the bill amends Section 31-6-1 regarding "Registration Fees," revising the fee structure based on vehicle weight and type, with fees ranging from $30 to $972 plus additional charges, and includes provisions for refunds and transfers.

The bill also specifies fees for various vehicle-related services, including the replacement of number plates, registration of different vehicle categories, and issuance of permits. A notable insertion in the bill allows for a refund of any unused portion of the registration fee if a registrant voluntarily cancels their vehicle's registration within the registration period, applicable to vehicles under a conditional sale or lease agreement. The legislative explanation clarifies that the act permits one-year renewal registrations for certain leased vehicles and refunds for unused registration fees upon voluntary cancellation. The act will take effect immediately upon passage.

Statutes affected:
2692: 31-6-1