This bill amends the General Laws regarding the registration of vehicles by introducing a new section, 31-3-33.1, that allows for the renewal of registration for vehicles leased for a period of thirty-six (36) months and registered in two (2) year cycles. It permits these vehicles to be renewed for one additional year to coincide with the expiration of the lease, with the renewal fees adjusted accordingly.

Additionally, the bill modifies the existing registration fees structure under section 31-6-1 by allowing the division of motor vehicles to issue a credit to registrants of vehicles that are subject to an agreement for conditional sale or lease, who voluntarily cancel their registration within the registration period. This credit will equal the unused portion of the registration fee paid and can be applied to future registration fees incurred by the registrant. The act is set to take effect upon passage.

Statutes affected:
5768: 31-6-1