AN ACT TO CLARIFY THAT TERMINAL RENTAL ADJUSTMENT CLAUSES DO NOT CREATE A SALE OR SECURITY INTEREST IN THE LEASED VEHICLE. Summarized in Daily Bulletin 4/13/11. Enacted June 23, 2011. Effective June 23, 2011.
TERMINAL RENTAL ADJUSTMENT CLAUSES.
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TO CLARIFY THAT TERMINAL RENTAL ADJUSTMENT CLAUSES DO NOT CREATE A SALE OR SECURITY INTEREST IN THE LEASED VEHICLE.Intro. by Vaughan.
Status: Ch. SL 2011-223 (Senate Action) (Jun 23 2011)
Bill History:
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Wed, 13 Apr 2011 Senate: Filed
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Thu, 14 Apr 2011 Senate: Passed 1st Reading
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Thu, 14 Apr 2011 Senate: Ref To Com On Finance
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Mon, 2 May 2011 Senate: Withdrawn From Com
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Mon, 2 May 2011 Senate: Re-ref Com On Transportation
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Wed, 18 May 2011 Senate: Reptd Fav
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Thu, 19 May 2011 Senate: Passed 2nd & 3rd Reading
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Tue, 24 May 2011 House: Passed 1st Reading
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Tue, 24 May 2011 House: Ref To Com On Finance
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Tue, 7 Jun 2011 House: Reptd Fav
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Tue, 7 Jun 2011 House: Cal Pursuant Rule 36(b)
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Tue, 7 Jun 2011 House: Placed On Cal For 6/7/2011
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Mon, 13 Jun 2011 House: Passed 2nd Reading
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Tue, 14 Jun 2011 House: Passed 3rd Reading
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Wed, 15 Jun 2011 Ratified
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Thu, 16 Jun 2011 Pres. To Gov. 6/16/2011
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Thu, 23 Jun 2011 Signed By Gov. 6/23/2011
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Thu, 23 Jun 2011 Ch. SL 2011-223
S 590/S.L. 2011-223
Bill Summaries:
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Bill S 590 (2011-2012)Summary date: Jun 30 2011 - View Summary
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Bill S 590 (2011-2012)Summary date: Apr 13 2011 - View Summary
Enacts new GS 20-78.1 to provide that a lease transaction does not create a sale or security interest in a motor vehicle or trailer simply because the lease contains a terminal rental adjustment clause that permits or requires the rental price to be adjusted up or down as specified.
View: All Summaries for Bill