The bill amends Minnesota Statutes 2022, section 168.27, subdivision 31, to increase the maximum documentary fees that motor vehicle dealers can charge for sales and leases. Specifically, the maximum fee for transactions occurring on or after July 1, 2023, is raised from $100 to $200, and for transactions from July 1, 2024, through June 30, 2025, the fee increases to $275. Additionally, for sales or leases made on or after July 1, 2025, the maximum fee will be set at $350. The bill also clarifies that the documentary fee does not include an optional electronic transfer fee.

Furthermore, the bill specifies that the documentary fee is applicable for services rendered in preparing, handling, and processing documents related to the closing of a motor vehicle sale or lease, particularly for vehicles being registered in Minnesota. The effective date for these changes is set for July 1, 2023, ensuring that the new fee structure will be in place for future transactions.

Statutes affected:
Introduction: 168.27