California Assembly Bill AB2469 Introduced / Bill

 BILL NUMBER: AB 2469INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Frazier FEBRUARY 19, 2016 An act to amend Section 11402 of the Vehicle Code, relating to vehicles. LEGISLATIVE COUNSEL'S DIGEST 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 1. Section 11402 of the Vehicle Code is amended to read: 11402. (a) The amount of the bond required by subdivision (e) of Section 11401 for the issuance of a registration service license, or for the renewal of  such a  that  license  ,  is twenty-five thousand dollars ($25,000). Liability under the bond shall remain at that amount. (b) If the amount of the liability under the bond is decreased, or there is outstanding a final court judgment arising out of a violation of any provision of this code for which the registration service is liable, the license of the registration service shall be automatically suspended. In order to reinstate the license, the registration service shall either file an additional bond or restore the bond on file to the original amount, or shall satisfy the outstanding judgment for which the registration service and surety are liable. (c) The bond shall remain in effect for three years after cessation of business of the registration service.