S.2603

Section 32E of chapter 90 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by striking out the second paragraph and inserting in place thereof the following paragraph:-
A lessor shall provide and maintain, during such time as the lessor engages in the business of leasing motor vehicles under any system referred to in section 32C, a motor vehicle liability policy or bond or deposit, on a secondary or contingent basis, equal to not less than the financial requirements imposed on owners or registrants in the commonwealth if the lessee or operator does not have a motor vehicle liability policy or other coverage, which, in addition to providing indemnity, protection or security for personal injuries, shall, except in the case of vehicles leased for a term of more than 30 days, further provide indemnity, protection or security for damage to property as required by this chapter. If the lessee or operator holds a valid and collectible liability policy or other form of financial security which satisfies the minimum financial requirements imposed on owners or registrants in the commonwealth, a lessor’s obligation under this section shall be satisfied.
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