8-2408. Dealer requirements; reports; records, availability for inspection; disposition of business; exceptions.
8-2408
8-2408. Dealer requirements; reports; records, availability for inspection;
disposition of business; exceptions.
Except as hereinafter provided, every person licensed as a
dealer under provisions of this act shall:
(a) On or before the 20th day of each month, file a monthly
report, on a form prescribed and furnished by the division of vehicles,
listing all sales or transfers, except sales or transfers by a first or
second stage manufacturer to a vehicle dealer of new or used vehicles,
including the name and address of the purchaser or transferee, date of
sale, the serial or identification number of the vehicle,
and such other information as the division may require.
(b) Salvage vehicle dealers, vehicle crusher, vehicle recycler,
rebuilder, scrap metal recycler and
salvage vehicle pool shall, in addition
to their monthly
sales report for used vehicles, if applicable,
on or before the 20th day of each month
file a monthly report on a
form prescribed and furnished
by the division, listing all vehicles for which the major component part
containing the vehicle identification number or engine number if manufactured
prior to 1981, has been disposed of or sold. The certificate of title or
transfer
certificate for all vehicles listed must accompany the
monthly report.
(c) Make available during regular business hours to any employee of
the division or any member of
law enforcement
for the purpose of
investigation or inspection, all records concerning vehicles purchased,
sold or exchanged during the preceding 12 months, including
certificates of title on all vehicles owned by the dealership, except
those titles surrendered pursuant to subsection (b).
(d) Whenever a dealer sells or otherwise disposes of such dealer's
business, or for any reason suspends or goes out of business as a dealer,
such dealer shall
notify the division and
return the dealer's license and dealer plates, and the division
upon receipt of such notice and plates shall cancel the dealer's
license, except that such dealer may, upon payment of 50% of the annual
fee to the division, have the license and dealer plates assigned to the
purchaser of the business.
(e) In addition to the requirements of subsection (a), any
dealer paying a commission or fee to a broker shall report to the
division, on the monthly sales report, the name of the broker and the
broker's license number.
(f) Dealers, licensed as brokers must in addition to the
requirements of subsection (a) include on the monthly sales reports, the
name of the seller, the transferor or dealer that owns the
vehicle and whether the seller or the purchaser paid the
broker's fee or commission.
(g) Lending agencies licensed under this act, which sell two or less
repossessed vehicles a month, shall not be required to file the monthly reports
under subsection (a),
except that such lending agencies shall report
annually, on a form prescribed and furnished by the division, the total
number of sales or transfers of such vehicles.
History: L. 1980, ch. 36, § 8; L. 1981, ch. 48, § 7;
L. 1988, ch. 53, § 1;
L. 1991, ch. 33, § 24;
L. 1994, ch. 302, § 5;
L. 2009, ch. 63, § 5; July 1.