Plain English Breakdown
The official bill summary does not provide details on the exact process or implications of selling vehicles between $12,500 and $17,000 in value.
Increasing Value for Vehicle Auctions Without Court Order
This act raises the maximum value of property from $12,500 to $17,000 that can be sold at public auction without a court order when there is a lien on a motor vehicle.
What This Bill Does
- Increases the limit for selling vehicles with liens in auctions from $12,500 to $17,000.
Who It Names or Affects
- Companies holding vehicles with liens, such as tow truck operators, garage keepers, mechanics, and self-storage facilities.
- Vehicle owners whose cars are held by these companies.
Terms To Know
- lien
- A legal claim on a property or asset to secure the payment of a debt.
- public auction
- A sale where items are sold to the highest bidder in an open and competitive process.
Limits and Unknowns
- The bill does not specify what happens if the value of the vehicle is between $12,500 and $17,000.
- It's unclear how many more vehicles will be affected by this change.