Senate Commerce Committee Statement to Senate, No. 1198 — State of New Jersey (July 23, 2020)

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 1198 with committee amendments, State of New Jersey, dated July 23, 2020, reporting the bill favorably. The bill expands the definition of "motor vehicle ancillary protection product" to include lost or stolen motor vehicle key fobs, leased motor vehicle excess wear and use protection, and other services the director may approve. It defines excess wear and use protection to cover items such as tires, paint chips, interior stains, dents, windshield cracks and excess mileage that results in a lease-end charge, with payments capped at the purchase price of the vehicle. The committee amendments make the effective date the first day of the third month following enactment.

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
1198

with
committee amendments

STATE
OF NEW JERSEY

DATED: JULY
23, 2020

The
Senate Commerce Committee reports favorably and with committee amendments
Senate Bill No. 1198.

This
bill expands the definition of “motor vehicle ancillary protection product” to
include motor vehicle key fobs that have become lost or stolen, leased motor
vehicle excess wear and use protection, and other services that may be approved
by the director. The bill defines leased motor vehicle excess wear and use
protection as the repair, replacement, or maintenance of property, or
indemnification for repair, replacement, or maintenance, due to excess wear and
use; damage for items such as tires, paint cracks or chips, interior stains,
rips or scratches, exterior dents or scratches, windshield cracks or chips,
missing interior or exterior parts or excess mileage that results in a
lease-end charge; or any other charge for damage that is deemed as excess wear
and use by a lessor under a motor vehicle lease.

The
bill provides that in the case of a service contract that covers leased motor
vehicle excess wear and use protection, a payment under the contract shall not
exceed the purchase price of the vehicle.

COMMITTEE AMENDMENTS:

The committee amended the bill to make the effective
date the first day of the third month following enactment. As introduced, the
bill would be effective immediately.

The committee also amended the bill to make certain
technical changes.

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