Current law requires motor vehicle dealers, motor vehicle salespersons, motor vehicle buyer agents, wholesale motor vehicle auction dealers, business disposers, used motor vehicle dealers, wholesalers, used powersports vehicle dealers, powersports vehicle dealers, and powersports salespersons (dealers) to have bonds to compensate people for fraud or a violation of the motor vehicle dealer statutes if the violation is designated as recoverable by the motor vehicle dealer board. Sections 1, 2, 3, 5, and 6 of the bill require the violation to be related to fraud in order for a person to recover from the bond. Sections 4 and 7 authorize a person to recover from a bond in an action if the board makes a finding in a hearing issues a final agency order with a finding that a dealer committed fraud.
(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Read MoreStatutes affected:
Introduced (01/27/2020): 44-20-112, 44-20-113, 44-20-114, 44-20-131, 44-20-412, 44-20-413, 44-20-432
Engrossed (02/18/2020): 44-20-112, 44-20-113, 44-20-114, 44-20-131, 44-20-412, 44-20-413, 44-20-432
Reengrossed (02/19/2020): 44-20-112, 44-20-113, 44-20-114, 44-20-131, 44-20-412, 44-20-413, 44-20-432