Establishes "Motor Vehicle Open Recall Notice and Fair Compensation Act"; revises motor vehicle franchise agreements.**

This bill establishes the "Motor Vehicle Open Recall Notice and Fair Compensation Act" to improve transparency around vehicle recalls and provide fair compensation for dealers. It requires motor vehicle dealers to check for open recalls on used vehicles using the National Highway Traffic Safety Administration website before sale, inform prospective buyers about any recalls found, and not sell vehicles subject to stop-sale or do-not-drive notices. Dealers must also provide the New Jersey Motor Vehicle Commission with lists of vehicles with long-unfixed recalls (six months or more), triggering the Commission to send official notices to vehicle owners. The bill also establishes compensation requirements for dealers when parts are unavailable for recalled vehicles, requiring 1.75 percent of the vehicle's value per month for used vehicles or the manufacturer's suggested retail price for new vehicles.