Eliminates fee for re-issuance of motor vehicle title following loan payoff.

This bill (S 2022) eliminates a fee charged by the New Jersey Motor Vehicle Commission when a car owner pays off a financed vehicle. It directly affects residents who have satisfied a car loan, requiring the Commission to reissue their vehicle title without a lien noted at no cost. The key provision prohibits the fee for reissuing titles after final loan payment, removing a specific administrative charge. The bill is currently pending in the Senate Transportation Committee after introduction on January 9, 2024.