AB 2469, as introduced, Frazier. Vehicle registration services.
Under existing law, the Department of Motor Vehicles licenses and regulates vehicle registration services. Existing law requires an applicant for a license to be a registration service, or for the renewal of that license, to submit to the department a bond in the amount of $25,000.
This bill would make a technical, nonsubstantive change to those provisions.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 11402 of the Vehicle Code is amended
2to read:
(a) The amount of the bond required by subdivision
4(e) of Section 11401 for the issuance of a registration service
5license, or for the renewal ofbegin delete such aend deletebegin insert thatend insert licensebegin insert,end insert is twenty-five
6thousand dollars ($25,000). Liability under the bond shall remain
7at that amount.
8(b) If the amount of the liability under the bond is decreased,
9or there is outstanding a final court judgment arising out of a
P2 1violation of any provision of this code for
which the registration
2service is liable, the license of the registration service shall be
3automatically suspended. In order to reinstate the license, the
4registration service shall either file an additional bond or restore
5the bond on file to the original amount, or shall satisfy the
6outstanding judgment for which the registration service and surety
7are liable.
8(c) The bond shall remain in effect for three years after cessation
9of business of the registration service.
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