N.J. Stat. § 39:10-11.3

Current through L. 2024, c. 80.

Section 39:10-11.3 - Additional requirements

In addition to the requirements set forth in chapter 34 of Title 52 of the Revised Statutes, whenever the chief administrator seeks to contract for the establishment and implementation of an electronic lien and titling system, the specifications and invitations for bids shall include, but not be limited to, provisions providing that the contract:

a. shall be for a term of not less than seven years;

b. shall be a no-cost contract, ensuring that:

(1) the commission shall be assessed no charges by the successful bidder for establishing and implementing the electronic lien and titling system; and

(2) the successful bidder shall be obligated to reimburse the commission for all reasonable implementation costs directly associated with the establishment and implementation of the electronic lien and titling system; and

c. authorizes the successful bidder to charge participating lienholders and their agents reasonable fees for implementing and administering an electronic lien and titling system.

N.J.S. § 39:10-11.3

Added by L. 2017, c. 308,s. 2, eff. 1/16/2018.