Senate Commerce Committee Statement to Assembly, No. 4521 (1R) — State of New Jersey (June 16, 2021)

Summary

A Senate Commerce Committee statement to the First Reprint of Assembly, No. 4521, State of New Jersey, dated June 16, 2021, reporting the bill favorably with committee amendments. The bill permits a licensed 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 receiving a total loss settlement. An electronically signed power of attorney need not be notarized but must meet security requirements prescribed by the Chief Administrator of the New Jersey Motor Vehicle Commission. The amendments set the effective date at twelve months after enactment, and the bill is identical to Senate Bill No. 2882 (1R).

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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;

(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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