Used Car Safety Recall Repair Act

S 2956, the Used Car Safety Recall Repair Act, requires manufacturers to reimburse dealers for used vehicles with unresolved safety recalls. If a manufacturer fails to provide a remedy within 60 days of a recall notice, they must pay dealers 1% of the vehicle's fair market value per month (prorated daily) until repairs are made or payments reach the vehicle's full value. The bill prohibits dealers from selling, leasing, or loaning used vehicles with active safety recalls until repairs are completed, unless specific exceptions apply (e.g., recall information wasn't available at sale time). It directly affects dealers selling more than five vehicles annually and used car buyers, ensuring safety fixes are addressed before transactions. The law takes effect one year after enactment.