Each seller and purchaser of a motor vehicle with one of the mentioned branded titles must report the sale to the database. In addition, licensed dealers must keep records of sales, vehicle information, and certain seller and purchaser information. These records must be kept for 3 years. A licensed dealer must report sales once each month.
A fee of up to 50 cents for the sale will be set and collected by a consolidator to implement the bill. The fee must be approved by the department of revenue. Law enforcement may use the database.
Failure to report a purchase or sale as required is a class 1 misdemeanor.
(Note: This summary applies to this bill as introduced and does not reflect any amendments that were subsequently adopted.)