DMV Quarterly Meeting: Agency Says it Can Fine Unregistered Brokers

DMV Quarterly Meeting: Agency Says it Can Fine Unregistered Brokers

On Wednesday, during our Quarterly Meeting with the Commissioner of Motor Vehicles and his top staff, DMV officials addressed GNYADA’s top legislative issue: brokers. DMV informed GNYADA representatives, and New York’s metro dealer associations and the state association who participated in the meeting that DMV can penalize brokers that violate the Vehicle and Traffic Law and General Business Law. The agency told us they have the authority to pursue both registered and unregistered brokers who violate state law by holding a hearing and enforcing monetary penalties.

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DMV Issues New Guidance on Electronic Lien Releases

DMV Issues New Guidance on Electronic Lien Releases

GNYADA’s efforts to reduce the amount of time it takes for a lien to be released are paying off. Over the past year, GNYADA has addressed ways to speed up lien releases with DMV. For too long financial institutions have ignored the law to immediately release liens upon clearance of final payment by a dealer. That is, until now.

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GNYADA Discusses Five-Day Rule with DMV

GNYADA Discusses Five-Day Rule with DMV

As a follow up to the recent DMV Quarterly meeting, DMV reached out to GNYADA to discuss our proposal to double the number of days dealers have to submit a vehicle’s registration application. Presently, dealers are required to submit applications for registration, when a temporary certificate of registration (TCR) has been issued, to the DMV within five days of issuance.

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Governor Reinstates Annual Vehicle Inspection Requirement

Governor Reinstates Annual Vehicle Inspection Requirement

In March, Governor Cuomo issued an Executive Order temporarily suspending annual safety/emission inspection requirements in order to encourage New Yorkers to stay home during the height of the pandemic.

That Executive Order is set to expire on November 3, 2020 which will reinstate the annual inspection requirement.

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DMV IS WATCHING VERIFI USE

DMV IS WATCHING VERIFI USE

Earlier this year DMV implemented new rules that require dealers to use eMV-50s for all transfers in VERIFI – including both in-state and out-of-state transactions. That change makes it easy for DMV to know when a dealer uses a paper MV-50 to process a transfer. Violations of these new rules can cost dealers $1,000 for each misuse of paper MV-50s.

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