New Jersey Statutes 39:10-11.3. Additional requirements
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Terms Used In New Jersey Statutes 39:10-11.3
- 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.
2. 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.
L.2017, c.308, s.2.