Regulates pay-off of trade-in vehicles and certain vehicle title releases.

This New Jersey bill requires used car dealers to pay the full remaining loan balance on a trade-in vehicle within 15 days of taking possession and provide proof of payment to the person who traded in the vehicle. Dealers who fail to comply face penalties of up to $1,000 for the first offense and $2,000 for subsequent offenses, plus any late fees they caused. It directly affects vehicle owners trading in their cars and dealers, ensuring outstanding loans are settled promptly without delays. The bill also updates existing title transfer rules to clarify timelines for delivering vehicle titles after loan payments are made.