North Carolina 2019-2020 Session Status: Enacted Bipartisan · 3 R · 1 D cosponsors

SB 488 — DMV/MV Dealer Changes.

Last action — Signed by Gov. 7/1/2020

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced April 02, 2019. Enacted.

Prognosis

Likely to advance 98% · high confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 6 sponsors

    2 primary, 4 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (3 R · 1 D) — cross-party backing.

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

500 added · 132 removed

Plain-language change summary

The recent changes in SB 488 shift the focus from motor vehicle processes to strengthening the financial stability of retirement systems in North Carolina. The bill now requires stress testing for the Teachers' and State Employees' Retirement System, which means that the system will be evaluated periodically (every five years) to ensure it can handle economic challenges. This is important because it helps maintain the pension fund's health, ensuring that current and future retirees receive their benefits without financial strain on the state. Overall, these amendments aim to enhance the reliability of retirement funds for public employees.

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GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2019 S 2 SENATE BILL 488 Pensions and Retirement and Aging Committee Substitute Adopted 5/2/19 Short Title:
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2019 S 1 SENATE BILL 488 Short Title:
Senators B.
Jackson, Wells, and Chaudhuri (Primary Sponsors).
April 3, 2019 A BILL TO BE ENTITLED AN ACT TO REQUIRE STRESS TESTING FOR THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, AS RECOMMENDED BY THE PEW FOUNDATION;
Rules and Operations of the Senate April 3, 2019 A BILL TO BE ENTITLED AN ACT TO REQUIRE STRESS TESTING FOR THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, AS RECOMMENDED BY THE PEW FOUNDATION;
(1a) An estimate of the range of likely employer contributions over 20 years based on analysis that simulates the volatility of annual investment returns above *S488-v-2* General Assembly Of North Carolina Session 2019 and below the expected rate, applying methodology determined by the actuary.
(2) Projections of assets, liabilities, pension debt, service costs, employee contributions, employer contributions, net amortization, benefit payments, *S488-v-1* General Assembly Of North Carolina Session 2019 payroll, and funded ratio for the Retirement System for each of the next 30 years based upon the then-current actuarial assumptions, including the assumed rate of return.
(2) Projections of assets, liabilities, pension debt, service costs, employee contributions, employer contributions, net amortization, benefit payments, payroll, and funded ratio for the Retirement System for each of the next 30 years based upon the then-current actuarial assumptions, including the assumed rate of return.
Page 2 Senate Bill 488-Second Edition General Assembly Of North Carolina Session 2019 (10) An assessment of how the changes of assumptions adopted by the Board of Trustees in the experience review affect any of the other results in the report.
(10) An assessment of how the changes of assumptions adopted by the Board of Trustees in the experience review affect any of the other results in the report.
147-69.2 to evaluate or adjust the investment policystatement orto evaluateadherenceto orrisk associated with statutory constraints on investments.
147-69.2 to evaluate or adjust the Page 2 Senate Bill 488-First Edition General Assembly Of North Carolina Session 2019 investment policystatement orto evaluateadherenceto orrisk associated with statutory constraints on investments.
(12) Any additional information deemed useful bythe Board to evaluate current or prospective funding or contribution policies.
(12) Any additional information deemed useful by the Board to evaluate current or prospective funding or contribution policies.
Anyunencumberedbalancein excessofprepaidpremiumsorchargesinthe PublicEmployee Health Benefit Fund at the end of each fiscal year shall be used first, in the following order:
Anyunencumberedbalancein excessofprepaidpremiumsorchargesinthePublicEmployee Health Benefit Fund at the end of each fiscal year shall be used first, in the following order:
(2) Second, an amount determined by the State Treasurer, subject to approval by the Board of Trustees, that does not exceed twenty-five percent (25%) of any unencumbered balanceremainingafterprovidingforincurredbut unpresented claims may be transferred to the Retiree Health Benefit Fund, established under G.S.
(2) Second, an amount determined by the State Treasurer, subject to approval by the Board of Trustees, that does not exceed fifty percent (50%) of any unencumbered balanceremainingafterprovidingforincurredbut unpresented claims may be transferred to the Retiree Health Benefit Fund, established under G.S.
Senate Bill 488-Second Edition Page 3 General Assembly Of North Carolina Session 2019 (4) Fourth, to improve the plan, as may be provided by the General Assembly.State Treasurer, subject to approval by the Board of Trustees.
(4) Fourth, to improve the plan, as may be provided by the General Assembly.State Treasurer, subject to approval by the Board of Trustees.
The balance in the Health Benefits Reserve Fund may be transferred from time to time to the PublicEmployeeHealth Benefit Fundto provideforanydeficiencyoccurringtherein.
The balance in the Health Benefits Reserve Fund may be transferred from time to time to the PublicEmployeeHealth Benefit Fund to provideforanydeficiencyoccurringtherein.
ThePublic Employee Health Benefit Fund and the Health Benefit Reserve Fund shall be deposited with the State Treasurer and invested as provided in G.S.
ThePublic Senate Bill 488-First Edition Page 3 General Assembly Of North Carolina Session 2019 Employee Health Benefit Fund and the Health Benefit Reserve Fund shall be deposited with the State Treasurer and invested as provided in G.S.
PART III.
8 PART III.
Page 4 Senate Bill 488-Second Edition General Assembly Of North Carolina Session 2019 (c) The Board of Trustees shall have performed an annual actuarial valuation of the System and shall have the financial responsibility for maintaining the System on a generally accepted actuarial basis.
(c) The Board of Trustees shall have performed an annual actuarial valuation of the System and shall have the financial responsibility for maintaining the System on a generally accepted actuarial basis.
(d) An actuarially determined employer contribution shall be calculated annually by the actuary using assumptions and a cost method approved by the Actuarial Standards Board of the American Academy of Actuaries and selected by the Board of Trustees.
Page 4 Senate Bill 488-First Edition General Assembly Of North Carolina Session 2019 (d) An actuarially determined employer contribution shall be calculated annually by the actuary using assumptions and a cost method approved by the Actuarial Standards Board of the American Academy of Actuaries and selected by the Board of Trustees.
"(f) The Board of Trustees of the Teachers'and State Employees' Retirement System shall administer the provisions of this section.
"(f) The Board of Trustees of the Teachers'and State Employees'Retirement System shall administer the provisions of this section.
Senate Bill 488-Second Edition Page 5 General Assembly Of North Carolina Session 2019 (g) TheDepartment ofPublicSafetyshall providethe Department ofStateTreasurerwith any assistance required by the State Treasurer in carrying out the financial responsibilities of the State Treasurer or the Board of Trustees." SECTION 6.(a) G.S.
(g) TheDepartment ofPublicSafetyshall providethe Department ofStateTreasurerwith any assistance required by the State Treasurer in carrying out the financial responsibilities of the State Treasurer or the Board of Trustees." SECTION 6.(a) G.S.
"(f1) Felony Forfeiture Impact on Contribution-Based Benefit Cap.
Senate Bill 488-First Edition Page 5 General Assembly Of North Carolina Session 2019 "(f1) Felony Forfeiture Impact on Contribution-Based Benefit Cap.
(b) Not later than April 30 of each calendar year, the Retirement Systems Division of the Department of State Treasurer shall make a report to the Board on all employers who were determined to be inactive employers in that preceding calendar year." Page 6 Senate Bill 488-Second Edition General Assembly Of North Carolina Session 2019 SECTION 8.(a) G.S.
(b) Not later than April 30 of each calendar year, the Retirement Systems Division of the Department of State Treasurer shall make a report to the Board on all employers who were determined to be inactive employers in that preceding calendar year." SECTION 8.(a) G.S.
The finance officer of each unit and public authority shall submit to the secretary on January 1 and July 1 of each year (or such year, or other dates as the secretary may prescribe) prescribe, a statement of financial information concerning the unit or public authority.
The finance officer of each unit and public authority shall submit to the secretary on January 1 and July 1 of each year (or such year, or other dates as the secretary may prescribe) prescribe, Page 6 Senate Bill 488-First Edition General Assembly Of North Carolina Session 2019 a statement of financial information concerning the unit or public authority.
All such employees shall be given full credit for all service theretoforeasemployees oftheDepartmentofHealthandHumanServices.Allretiredemployees drawing or receiving benefits from and under the private retirement plan purportedly created on December 6, 1966, by the Bureau of Employment for the Blind Division pursuant to a trust agreement purportedly entered into with a private banking institution as trustee shall continue to be paid by the Teachers' and State Employees' Retirement System benefits in the same amount which they purportedly were entitled to under the private retirement plan and trust agreement, except that such retired persons shall be eligible for such annual cost-of-living increases as may Senate Bill 488-Second Edition Page 7 General Assembly Of North Carolina Session 2019 be provided for retirement members of the Teachers' and State Employees' Retirement System under the provisions of this Article.
All such employees shall be given full credit for all service theretoforeasemployees oftheDepartmentofHealthandHumanServices.Allretiredemployees drawing or receiving benefits from and under the private retirement plan purportedly created on December 6, 1966, by the Bureau of Employment for the Blind Division pursuant to a trust agreement purportedly entered into with a private banking institution as trustee shall continue to be paid by the Teachers' and State Employees' Retirement System benefits in the same amount which they purportedly were entitled to under the private retirement plan and trust agreement, except that such retired persons shall be eligible for such annual cost-of-living increases as may be provided for retirement members of the Teachers' and State Employees' Retirement System under the provisions of this Article.
(b) Upon the enrollment of the employees in the Teachers' and State Employees' Retirement System, the purported private retirement plan and trust agreement hereinabove referred to shall be dissolved and terminated.
Senate Bill 488-First Edition Page 7 General Assembly Of North Carolina Session 2019 (b) Upon the enrollment of the employees in the Teachers' and State Employees' Retirement System, the purported private retirement plan and trust agreement hereinabove referred to shall be dissolved and terminated.
The retirement allowance of a member with a final average compensation of more than one hundred thousand dollars ($100,000), Page 8 Senate Bill 488-Second Edition General Assembly Of North Carolina Session 2019 as hereinafter indexed, shall not be subject to the contribution based benefit cap if the compensation was earned from multiple simultaneous employers, unless an employer's share of the average final compensation exceeds one hundred thousand dollars ($100,000).
The retirement allowance of a member with a final average compensation of more than one hundred thousand dollars ($100,000), as hereinafter indexed, shall not be subject to the contribution based benefit cap if the compensation was earned from multiple Page 8 Senate Bill 488-First Edition General Assembly Of North Carolina Session 2019 simultaneous employers, unless an employer's share of the average final compensation exceeds one hundred thousand dollars ($100,000).
Employers are not required to make contributions on account of any retiree who became a member on or after January 1, 2015, and who earned at least five years of membership service in the Retirement System after January Senate Bill 488-Second Edition Page 9 General Assembly Of North Carolina Session 2019 1, 2015.
Employers are not required to make contributions on account of any retiree who became a member on or after January 1, 2015, and who earned at least five years of membership service in the Retirement System after January 1, 2015.
The retirement allowance of a member with a final average compensation of more than one hundred thousand dollars ($100,000), as hereinafter indexed, shall not be subject to the contribution-based benefit cap if the compensation was earned from multiple simultaneous employers, unless an employer's share of the average final compensation exceeds one hundred thousand dollars ($100,000).
The retirement allowance of a member with a final average compensation of more than one hundred thousand dollars ($100,000), Senate Bill 488-First Edition Page 9 General Assembly Of North Carolina Session 2019 as hereinafter indexed, shall not be subject to the contribution-based benefit cap if the compensation was earned from multiple simultaneous employers, unless an employer's share of the average final compensation exceeds one hundred thousand dollars ($100,000).
Page 10 Senate Bill 488-Second Edition
Page 10 Senate Bill 488-First Edition
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How this bill changes current law

6 changes Share ↗

Compared against the N.C. General Statutes as published AI-generated reading aid — verify against the official bill.

The bill allows the Division of Motor Vehicles to distribute temporary registration plates through commission contractors and modifies various related procedures.

  • G.S. 20-79.1

    (l) The Division is authorized to enter into agreements to utilize commission contractors under contract with the Division under G.S. 20-63(h) to distribute temporary registration plates to dealers as provided in this section. The Division must provide compensation to commission contractors for distributing temporary registration plates at the transaction rate established for issuing registration documents in G.S. 20-63(h)(1). The Division must provide commission contractors with any forms, equipment, and supplies necessary for distributing temporary registration plates and provide appropriate guidance and supervision of the distribution. If the Division enters into agreements with commission contractors under this subsection, the Division shall make every effort to enter into agreements with commission contractors across all geographic regions of the State in order to make temporary registration plates accessible to all dealers.

    This change authorizes the Division of Motor Vehicles to work with commission contractors to distribute temporary registration plates, enhancing accessibility for dealers.

  • G.S. 20-58(a)(2)

    the application for notation of a security interest shall be in the form prescribed by the Division, signed by the debtor, and contain the date of application of each security interest, and name and address of the secured party from whom information concerning the security interest may be obtained. → an application for a notation of a security interest submitted to the Division of Motor Vehicles pursuant to G.S. 20-58(a)(2) signed by a debtor may be signed by electronic signature by the debtor without notarization provided the application is submitted by a licensed or regulated lender in this State having a lienholder identification number issued by the Division.

    This allows debtors to sign applications for notations of security interest electronically without the need for notarization, simplifying the process.

  • G.S. 20-58(a)(2)

    the application must be accompanied by the existing certificate of title unless in the possession of a prior secured party or in the event the manufacturer's statement of origin or existing certificate of title (i) was not delivered to the dealer or (ii) was lost or misplaced on the date the dealer sells or transfers the motor vehicle. → an application for a notation of a security interest submitted to the Division of Motor Vehicles pursuant to G.S. 20-58(a)(2) signed by the secured party instead of the debtor does not require documentary evidence of the applicant's security interest in that motor vehicle signed by the debtor provided the application is submitted by a licensed or regulated lender in this State having a lienholder identification number issued by the Division.

    This removes the requirement for documentary evidence when a secured party submits an application with an electronic signature.

  • G.S. 20-79.1(a)

    Such The application shall be made upon a form prescribed and furnished by the Division. → Such The application shall be made upon a form prescribed and furnished by the Division. The Division shall provide methods for physical and electronic application submission and payment.

    This specifies that the Division must provide both physical and electronic methods for submitting applications and payments for temporary registration plates.

  • G.S. 20-288

    The Division shall require in such application, or otherwise, information relating to matters set forth in G.S. 20-294 as grounds for the refusing of licenses, and to other pertinent matters commensurate with the safeguarding of the public interest, all of which shall be considered by the Division in determining the fitness of the applicant to engage in the business for which he seeks a license. The Division shall not require submission of an applicant's fingerprints to be used in performing a criminal history record check of an applicant for a license or license renewal. → The Division shall require in such application, or otherwise, information relating to matters set forth in G.S. 20-294 as grounds for the refusing of licenses, and to other pertinent matters commensurate with the safeguarding of the public interest, all of which shall be considered by the Division in determining the fitness of the applicant to engage in the business for which he seeks a license.

    This change clarifies that the Division is not required to collect fingerprints for conducting criminal history checks for license applicants.

  • G.S. 20-295

    (b) When an application for license renewal has been timely submitted prior to expiration of the license, the license shall remain valid for up to 30 days after the expiration date until the Division grants or denies the application.

    This allows a grace period for expired dealer licenses when renewal applications are submitted on time.

Action History

  1. Signed by Gov. 7/1/2020

  2. Ch. SL 2020-77

  3. Conf Report Adopted

  4. Ordered Enrolled

  5. Ratified

  6. Pres. To Gov. 6/25/2020

  7. Conf Com Reported

  8. Placed on Today's Calendar

  9. Conf Com Reported

  10. Cal Pursuant Rule 44(d)

  11. Placed On Cal For 06/25/2020

  12. Conf Report Adopted

  13. Failed Concur In H Com Sub

  14. Conf Com Appointed

  15. Conf Com Appointed

  16. Withdrawn From Cal

  17. Placed On Cal For 06/23/2020

  18. Withdrawn From Cal

  19. Placed On Cal For 06/22/2020

  20. Regular Message Received For Concurrence in H Com Sub

  21. Placed On Cal For 06/19/2020

  22. Regular Message Sent To Senate

  23. Passed 2nd Reading

  24. Passed 3rd Reading

  25. Reptd Fav Com Substitute

  26. Cal Pursuant Rule 36(b)

  27. Placed On Cal For 06/16/2020

  28. Passed 1st Reading

  29. Ref To Com On Rules, Calendar, and Operations of the House

  30. Regular Message Sent To House

  31. Regular Message Received From Senate

  32. Passed 2nd Reading

  33. Passed 3rd Reading

  34. Reptd Fav

  35. Reptd Fav Com Substitute

  36. Com Substitute Adopted

  37. Re-ref Com On Rules and Operations of the Senate

  38. Withdrawn From Com

  39. Re-ref to Pensions and Retirement and Aging. If fav, re-ref to Rules and Operations of the Senate

  40. Passed 1st Reading

  41. Ref To Com On Rules and Operations of the Senate

  42. Filed

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

2 sponsors · 4 co-sponsors · 173 not signed on

Sponsors (2)

Co-sponsors (4)

Not signed on (173)

173 members have not signed on to this bill.

Show all 173 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

C RPT Adoption

Passed 114 Yea · 0 Nay · 6 Other
Party YeaNayPresentNot Voting
Democratic 24001
Republican 34001
Unaffiliated 55003
U 1001
Total 114006
% of votes cast 95%0%0%5%
How each member voted (120)
Member Party Vote
Autry — Yea
Beasley — Yea
Brewer — Yea
Clemmons — Yea
Farmer-Butterfield — Yea
Floyd — Yea
Gailliard — Yea
Garrison — Yea
Gill — Yea
Graham — Yea
Harris — Yea
Holley — Yea
Hunt — Yea
Hunter — Yea
Jackson — Yea
Lucas — Yea
Martin — Yea
Montgomery — Yea
Queen — Yea
Richardson — Yea
Russell — Yea
vonHaefen — Yea
Wray — Yea
Boles — Yea
Bumgardner — Yea
Carter — Yea
Cleveland — Yea
Conrad — Yea
Davis — Yea
Dobson — Yea
Elmore — Yea
Faircloth — Yea
Fraley — Yea
Grange — Yea
Hardister — Yea
Horn — Yea
Hurley — Yea
P. Jones — Yea
Lewis — Yea
McElraft — Yea
McGrady — Yea
McNeill — Yea
Moore — Yea
Presnell — Yea
Rogers — Yea
Saine — Yea
Sasser — Yea
Speciale — Yea
Szoka — Yea
Yarborough — Yea
Zachary — Yea
Fisher — Not Voting
Insko — Not Voting
Terry — Not Voting
C. Smith — Yea
K. Baker — Yea
K. Smith — Yea
R. Smith — Yea
Allison A. Dahle Democratic Yea
Amos L. Quick, III Democratic Yea
Becky Carney Democratic Yea
Brandon Lofton Democratic Yea
Brian Turner Democratic Yea
Carolyn G. Logan Democratic Yea
Cecil Brockman Democratic Not Voting
Cynthia Ball Democratic Yea
Dante Pittman Democratic Yea
Deb Butler Democratic Yea
Eric Ager Democratic Yea
Gale Adcock Democratic Yea
Garland E. Pierce Democratic Yea
Graig Meyer Democratic Yea
Joe John Democratic Yea
Marcia Morey Democratic Yea
Mary Belk Democratic Yea
Pricey Harrison Democratic Yea
Robert T. Reives, II Democratic Yea
Shelly Willingham Democratic Yea
Sydney Batch Democratic Yea
Terence Everitt Democratic Yea
Tracy Clark Democratic Yea
Vernetta Alston Democratic Yea
Zack Hawkins Democratic Yea
Bobby Hanig Republican Yea
Brenden H. Jones Republican Yea
Chris Humphrey Republican Yea
Dean Arp Republican Yea
Dennis Riddell Republican Yea
Destin Hall Republican Yea
Donna McDowell White Republican Yea
Donny Lambeth Republican Yea
Edward C. Goodwin Republican Yea
Frank Iler Republican Yea
Harry Warren Republican Yea
Hugh Blackwell Republican Yea
Jake Johnson Republican Yea
Jay Adams Republican Yea
Jeffrey C. McNeely Republican Yea
Jimmy Dixon Republican Yea
John A. Torbett Republican Yea
John R. Bell, IV Republican Yea
John Sauls Republican Yea
Julia C. Howard Republican Yea
Keith Kidwell Republican Yea
Kelly E. Hastings Republican Yea
Kevin Corbin Republican Yea
Kyle Hall Republican Yea
Larry C. Strickland Republican Yea
Larry W. Potts Republican Yea
Lisa S. Barnes Republican Yea
Mark Brody Republican Yea
Mitchell S. Setzer Republican Not Voting
Phil Shepard Republican Yea
Sarah Stevens Republican Yea
Stephen M. Ross Republican Yea
Steve Jarvis Republican Yea
W. Ted Alexander Republican Yea
William D. Brisson Republican Yea
Carla D. Cunningham U Not Voting
Nasif Majeed U Yea

Official roll call →

Conference Rpt Motion 8 To Adopt

Passed 44 Yea · 0 Nay · 6 Other
Party YeaNayPresentNot Voting
Democratic 9000
Unaffiliated 24004
Republican 11002
Total 44006
% of votes cast 88%0%0%12%
How each member voted (50)
Member Party Vote
deViere — Yea
Fitch — Yea
Foushee — Yea
Marcus — Yea
Peterson — Yea
Smith — Yea
VanDuyn — Yea
Woodard — Yea
Ballard — Yea
Brown — Yea
Bryan — Yea
J. Davis — Yea
Edwards — Yea
Gallimore — Yea
Gunn — Yea
Harrington — Yea
Johnson — Yea
Krawiec — Yea
Newton — Yea
Perry — Yea
Steinburg — Yea
Wells — Yea
Nickel — Not Voting
Searcy — Not Voting
Horner — Not Voting
Tillman — Not Voting
D. Davis — Yea
J. Jackson — Yea
Dan Blue Democratic Yea
Gladys A. Robinson Democratic Yea
Jay J. Chaudhuri Democratic Yea
Joyce Waddell Democratic Yea
Michael Garrett Democratic Yea
Mujtaba A. Mohammed Democratic Yea
Natalie S. Murdock Democratic Yea
Paul A. Lowe, Jr. Democratic Yea
Tracy Clark Democratic Yea
Bill Rabon Republican Yea
Brent Jackson Republican Yea
Carl Ford Republican Yea
Danny Earl Britt, Jr. Republican Yea
Jim Burgin Republican Yea
Norman W. Sanderson Republican Yea
Phil Berger Republican Yea
Ralph Hise Republican Yea
Tom McInnis Republican Not Voting
Vickie Sawyer Republican Not Voting
W. Ted Alexander Republican Yea
W. Ted Alexander Republican Yea
Warren Daniel Republican Yea

Official roll call →

Subjects

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Frequently asked questions

Who sponsors SB 488?
SB 488 is sponsored by Wells, Jay J. Chaudhuri (Democratic), Bishop, Ralph Hise (Republican), Jim Burgin (Republican), and Brent Jackson (Republican).
What is the current status of SB 488?
This bill has been enacted into law. Introduced April 02, 2019. Enacted.
Where can I track SB 488?
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