S.1304 - Automobile Dealer Economic Rights Restoration Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Grassley, Chuck [R-IA] (Introduced 06/18/2009)|
|Committees:||Senate - Judiciary|
|Latest Action:||06/18/2009 Read twice and referred to the Committee on the Judiciary.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.1304 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (06/18/2009)
Automobile Dealer Economic Rights Restoration Act of 2009 - Prohibits an automobile manufacturer (manufacturer) in which the federal government has an ownership interest, or which receives loans from the federal government, from depriving an automobile dealer (dealer) of its economic rights. Requires the manufacturer to honor those rights as they existed for Chrysler LLC and General Motors Corporation dealers prior to the commencement of the bankruptcy cases of each corporation, including dealer rights to recourse under state law.
Requires the appropriate manufacturer to restore the franchise agreement between the dealers and Chrysler LLC or General Motors that was in effect prior to the commencement of their respective bankruptcy cases, and to take assignment of such agreements.
States that nothing in this Act is intended to make null and void the transfer of substantially all the assets of such corporations.