Senate Commerce Committee Statement to Assembly, No. 4521 with committee amendments (June 16, 2021)

Summary

A Senate Commerce Committee statement, dated June 16, 2021, to [First Reprint] Assembly, No. 4521 of the State of New Jersey, with committee amendments. The committee reports Assembly Bill No. 4521 (1R) favorably and with committee amendments. As amended, the bill permits a motor vehicle insurer to submit, with an application for a certificate of ownership or salvage certificate of title, a power of attorney executed electronically by a person who received or is due to receive a total loss settlement. A power of attorney signed electronically is not required to be notarized. The statement says the bill is identical to Senate Bill No. 2882 (1R) and that the amendments alter the effective date to twelve months after enactment.

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     SENATE COMMERCE COMMITTEE

                     STATEMENT TO

                         [First Reprint]
                ASSEMBLY, No. 4521
                    with committee amendments



 STATE OF NEW JERSEY
                        DATED: JUNE 16, 2021

    The Senate Commerce Committee reports favorably and with
committee amendments Assembly Bill No. 4521 (1R).
    As amended, this bill provides that a motor vehicle insurer
(insurer) licensed to do business in this State is permitted to submit
with an application for a certificate of ownership or salvage
certificate of title a power of attorney executed electronically by a
person who has received or is due to receive a total loss settlement
from an insurer in a form and in a format to be prescribed by the
Chief Administrator of the New Jersey Motor Vehicle Commission
(chief administrator).
    A power of attorney signed electronically is not required to be
notarized but is to, at a minimum, meet security requirements
prescribed by the chief administrator.
    The chief administrator is authorized to adopt regulations to
implement the provisions of the bill, and may prescribe the form
and format of an electronically signed power of attorney and any
additional security requirements the chief administrator deems
necessary, including any requirements to ensure that any power of
attorney signed electronically complies with federal odometer
disclosure requirements under 49 C.F.R. s.580.1 et seq.
    As amended and reported by the committee, Assembly Bill
No.4521 (1R) is identical to Senate Bill No. 2882 (1R), as also
amended and reported by the committee.

COMMITTEE AMENDMENTS
    The committee amended the bill by removing the existing
provisions to replace it with language that:
    (1) allows a New Jersey-licensed insurer to submit with an
application for a certificate of ownership or salvage certificate of title a
power of attorney electronically by a person who received or is due to
receive a total loss settlement from the insurer;
    (2) stipulates that a power of attorney signed electronically is not
required to be notarized but is to meet minimum security requirements;
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    (3) authorizes the Chief Administrator of the New Jersey Motor
Vehicle Commission to adopt regulations to implement the provisions
of the bill; and
    (4) alters the effective date to be twelve months after enactment of
the bill.


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