Used Cars In Louisiana, Louisiana changes surety bond procedure on used cars

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Used Cars In Louisiana – The bill recently ratified in Louisiana brought a change to the procedure for surety bond claims against used car dealers. It transfers the sole and exclusive authority to manage claims against car dealer bonds to the Louisiana Motorized Vehicle Commission Used.

The main goal is to make it easier and easier for victims of fraudulent dealers to get financial compensation. House Bill 514 was submitted to the DPR in March 2018. It was signed into law by Governor John Bel Edwards on May 23 to become Law 435.

Used Cars In Louisiana

With the new rules, the commission is given the right to take action to regulate and obtain payments related to the guarantee of dealer guarantees. This is the only entity that can institutionalize and intervene legal actions on bond claims, and to prevent illegal payments. The Commission also has the right to refuse or reject any claim against the agent’s bond guarantee, if it is deemed invalid.

In cases when the commission starts or participates in the legal action, it is entitled to compensation for appropriate attorney fees and court fees. Payment will then be made by a car dealer, guarantee provider, or both parties.

Car dealer bonds are typical licensing requirements for car sellers throughout the United States. Their function is to provide an extra layer of protection for state authorities that issue dealer licenses, as well as for the general public.

If car sellers engage in illegal and dangerous practices that cause damage to their customers or other parties, fair compensation can be sought through surety bond claims. The Plaintiff can request a replacement in the amount up to the surety bond amount given by the violating dealer. In the case of Louisiana, this amount has been set at $ 50,000.

The new Louisiana law creates a clear legal framework for handling claims against used car dealers. This empowers the Used Motor Vehicle Commission as the central authority to handle such cases. In this way, it simplifies procedures for consumers and other parties seeking compensation and used car dealers. The new rules also aim to speed up the process of claims, thus ensuring faster payments for the injured party.

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