AN ACT TO CLARIFY THAT A SECURITY INTEREST IN A TITLE SHALL BE RELEASED AFTER SATISFACTION AND TO RESTRICT FRANCHISED MOTOR VEHICLE DEALERS PLATES TO AN OFFICER, SALES REPRESENTATIVE, OR OTHER EMPLOYEE OF A FRANCHISED MOTOR VEHICLE DEALER OR AN IMMEDIATE FAMILY MEMBER OF AN OFFICER, SALES REPRESENTATIVE, OR OTHER EMPLOYEE OF A FRANCHISED MOTOR VEHICLE DEALER. Summarized in Daily Bulletin 4/12/11. Enacted June 27, 2011. Effective August 1, 2011.
Bill Summaries: S581 (2011-2012 Session)
Bill S 581 (2011-2012)Summary date: Jun 30 2011 - View summary
Bill S 581 (2011-2012)Summary date: Apr 12 2011 - View summary
Amends GS 20-58.4 to clarify that, upon satisfaction or other discharge of a security interest in a vehicle for which the certificate of title is in the possession of the secured party, the secured party must, within the earlier of 10 days after demand or 30 days after satisfaction, release the security interest as specified. Amends GS 20-79(d)(5) to provide that a dealer license plate may be displayed only on a motor vehicle that, among other requirements, is driven by an officer, sales representative, or employee of a franchised motor vehicle dealer, or the immediate family member of one of those parties. Applies to offenses committed and security interests satisfied on or after August 1, 2011.