Motor vehicle dealers - powersports vehicle dealers - auto dealer's license fund. Section 1 of the act clarifies that money received as fines for the following violations may be deposited in the auto dealers license fund:
- Issuance of a bad check by a motor vehicle dealer; and
- Failure to obtain any necessary license to be a motor vehicle dealer, manufacturer, distributor, wholesaler, manufacturer representative, used motor vehicle dealer, buyer agent, wholesale motor vehicle auction dealer, or motor vehicle salesperson.
Section 3 diverts half of the fine for failing to obtain a license to be a wholesaler, powersports vehicle dealer, used powersports vehicle dealer, powersports vehicle manufacturer, powersports vehicle distributor, or powersports vehicle manufacturer representative to the auto dealers license fund.
Section 2 exempts businesses that sell vehicles that meet the following criteria from the requirement that specified sellers of powersports vehicles be licensed:
- The vehicle has been owned for more than one year;
- The vehicle has been used exclusively for business purposes;
- The vehicle is titled in the name of the business;
- All taxes for the vehicle have been paid; and
- The total number of vehicles sold by the business owner over a 2-year period does not exceed 20 vehicles.
(Note: This summary applies to this bill as enacted.)