GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
H 1
HOUSE BILL 693
Short Title: Transporter Plates/Repossessions. |
(Public) |
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Sponsors: |
Representative McLawhorn (Primary Sponsor). For a complete list of Sponsors, see Bill Information on the NCGA Web Site. |
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Referred to: |
Transportation. |
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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.