GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2011

H                                                                                                                                                    1

HOUSE BILL 693

 

 

Short Title:        Transporter Plates/Repossessions.

(Public)

Sponsors:

Representative McLawhorn (Primary Sponsor).

For a complete list of Sponsors, see Bill Information on the NCGA Web Site.

Referred to:

Transportation.

April 7, 2011

A BILL TO BE ENTITLED

AN ACT to allow the division of motor vehicles to issue transporter plates to an individual or business that has a contract to repossess vehicles for a financial institution that holds a security INTEREST in the vehicles being repossessed.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 20-79.2 reads as rewritten:

"§ 20-79.2.  Transporter plates.

(a)        Who Can Get a Plate. - The Division may issue a transporter plate authorizing the limited operation of a motor vehicle in the circumstances listed in this subsection. A person who receives a transporter plate must have proof of financial responsibility that meets the requirements of Article 9A of this Chapter. The person to whom a transporter plate may be issued and the circumstances in which the vehicle bearing the plate may be operated are as follows:

(2)        To a financial institution that has a recorded lien on a motor vehicle to repossess the motor vehicle.vehicle or to an individual or business that holds a contract with a financial institution to repossess vehicles in which the financial institution holds a security interest upon default in the loan instrument. An individual or business must produce a letter to the Division from the finance company or institution indicating the company or institution utilizes the individual or business for repossession services. A transporter plate issued under this subdivision shall only be used to transport a repossessed vehicle from the place of repossession to a location designated by the recorded lienholders.

…."

SECTION 2.  This act is effective when it becomes law.