New Jersey Statutes 39:10-11.2. Electronic lien, titling system for motor vehicles
Terms Used In New Jersey Statutes 39:10-11.2
- Chief Administrator: means the Chief Administrator of the New Jersey Motor Vehicle Commission. See New Jersey Statutes 39:10-2
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means conditional sale agreement, bailment, lease, chattel mortgage, trust receipt or any other form of security or possession agreement executed prior to January 1, 1963, wherein and whereby possession of a motor vehicle is delivered to the buyer and title therein is to vest in the buyer at a subsequent time upon the payment of part or all of the price, or upon the performance of any other condition or happening of any contingency, or upon the payment of a sum substantially equivalent to the value of the motor vehicle, by which contract it is agreed that the buyer is bound to become, or has the option of becoming, the owner of the motor vehicle upon full compliance with the terms of the contract. See New Jersey Statutes 39:10-2
- Electronic: means relating to technology having electrical, digital, magnetic, optical, electromagnetic, or similar capabilities. See New Jersey Statutes 39:10-2
- Lien: A claim against real or personal property in satisfaction of a debt.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
b. If the chief administrator determines that the commission has the resources and capability to establish and implement an electronic lien and titling system, the commission shall establish and implement an electronic lien and titling system within 12 months of the effective date of this act.
c. If the chief administrator determines that the commission does not have the resources and capability to establish and implement an electronic lien and titling system, the commission shall contract with a qualified bidder to establish and implement an electronic lien and titling system for the State. A contract entered into pursuant to this subsection shall be offered, advertised, and awarded in the manner prescribed in chapter 34 of Title 52 of the Revised Statutes and consistent with the provisions of sections 2 and 3 of this act.
L.2017, c.308, s.1.