New Jersey Statutes 56:8-67.1. Sale of used passenger motor vehicle, upon termination of lease agreement
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Terms Used In New Jersey Statutes 56:8-67.1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
2. A lessor who is a dealer and who sells or offers for sale a used passenger motor vehicle, subject to a motor vehicle lease agreement which was in effect for more than 90 days, to a consumer who is not the lessee, or a family member or employee of the lessee upon the termination of the lease agreement, shall be subject to the provisions of P.L.1995, c.373 (C. 56:8-67 et seq.) including the bonding requirement of section 11 of that act (C. 56:8-77).
L.1997,c.22,s.2.