This bill changes parts of title 49, United States Code, to add a definition of "used motor vehicle" and to limit when dealers can sell, lease, or loan used vehicles that have open safety recalls. It adds a rule that if a manufacturer does not provide a repair remedy within 60 days after a specified notification date, the manufacturer must reimburse a dealer who holds the used vehicle. The reimbursement rate must be set by the Secretary and be at least 1 percent of the vehicle's fair market value per month, prorated daily, until a remedy is available or payments equal the vehicle's fair market value. The bill also adds a rule that a "dealer" (someone who sold at least 5 vehicles in the prior year) may not sell, lease, or loan a used motor vehicle until any required recall remedy is completed. Exceptions allow sale if recall information was not available through the Secretary's system or the manufacturer's website, if enforcement of a recall order is stayed in certain court actions, if the vehicle is sold at wholesale, or if the vehicle is a junk automobile with required title information reported. The bill takes effect 1 year after enactment.
The bill specifies a reimbursement requirement (at least 1% of fair market value per month, prorated daily) that manufacturers must pay dealers when a remedy is unavailable. No publicly available information on overall budgetary costs, federal spending effects, or broader economic impacts is provided in the bill text.
No publicly available information.
No publicly available information.