Okla. Admin. Code § 765:10-3-1 - Forms required
(a)
Retail Sales Forms. The following forms shall be required in the
sale of a used motor vehicle by a used motor vehicle dealer to anyone other
than a licensed dealer:
(1) Sales contract or
bill of sale,
(2) Odometer
statement,
(3) Federal Trade
Commission Buyer's Guide conforming to FTC and state standards,
(4) Written notice of thirty (30) day
title-transfer requirement and receipt for delivery of certificate of title to
buyer,
(5) Used motor vehicle
dealer's temporary tag,
(6)
Condition of sale:
(A) warranty, or
(B) vehicle service contract, or
(C) warranty disclaimer,
(7) Finance or security agreement, if
applicable, and
(8) Consignment
agreement, if applicable,
(9) Spot
delivery form, if applicable,
(10)
'We Owe' form, if applicable,
(11)
Any other form which affects the rights of either party.
(b)
Dealer to dealer forms. The
following forms shall be required in dealer to dealer transactions:
(1) Bill of sale, and
(2) Odometer statement, if
required.
(c)
Approval. All forms must be approved by the Commission. The
content and forms to be used shall be filed thirty (30) days prior to use, and
if not rejected in thirty (30) days from the filing date, the forms will be
conditionally approved.
(d)
Standards. The forms required shall contain substantially the
following information:
(1)
Sales
contract or bill of sale.
(A) The sales
contract or bill of sale shall state the names of the parties, the make, model,
tag number and vehicle identification number (VIN) of the vehicle subject to
the transaction, a statement of the selling amount, a description of the
vehicle traded in, if any, and the consideration given therefore, and the
statement referring to the FTC Buyer's Guide as required by federal law or
rule, and proper signatures of the parties.
(B) Said form shall also contain or have
attached a statement of any terms that create any contingencies in the
completion of the contract, including contingencies relating to financing,
whether by the dealer or a third party, and any limitations to which the
contingencies may be subject.
(C)
Said form shall also state, in clearly understandable terms, the type of title
the purchaser shall receive, whether it be an "original" green title; an
insurance loss dated title; a title with a theft or flood damage notation; or a
rebuilt, salvage or junk title, or any other disclosures or discrepancies noted
on the face of the title, including special notations regarding mileage or
odometer readings, but shall not include a "repossessed" or "repo" title,
together with some form of written acknowledgment by the purchaser that the
purchaser is aware of the type of title to be received. Failure to make said
disclosure shall create a presumption that the type of title to be received
shall be an "original" green title without discrepancies of any sort.
(D) Said form shall not contain statements
such as "trade in value does not reflect actual cash value of trade in" or any
language that suggests the amounts stated are not the true value agreed upon by
the parties.
(2)
Odometer statement. The odometer statement must conform to the
requirements of federal and state law.
(3)
Federal Trade Commission Buyer's
Guide.
(A) From and after May 9, 1985,
in all sales to consumers, as defined in Title 16 Code of Federal Regulations
Section 455.1(4), it shall be required that dealers display and complete the
"Buyer's Guide" form required by the Federal Trade Commission. Display and
completion of the "Buyer's Guide" as required by Federal Trade Commission Used
Motor Vehicle Trade Regulation Rule shall be deemed compliance with this
rule.
(B) The "Buyer's Guide"
required herein shall not be used in lieu of warranty disclaimer forms to
disclaim warranties, actual or implied. In order to disclaim any warranties, a
separate warranty disclaimer form must be used.
(C) From and after May 9, 1985, conditions of
sale forms must include the following language, conspicuously written on that
form: "The information you see on the window form for this vehicle is part of
this contract. Information on the window form overrides any contrary provisions
in the contract of sale." Condition of sale contracts which do not contain this
language shall not be approved by this Commission. Nothing in this rule shall
be construed to make any additional informational or substantive requirements
as to warranties, implied warranties or service contracts beyond that presently
required by the Used Motor Vehicle Trade Regulation Rules or state
law.
(4)
Title,
tax stamp and tax transfer notice requirement. It shall be the duty of
every person licensed to sell new or used motor vehicles to advise each
purchaser in writing about his title requirements and payment of any taxes due.
It shall be the duty of the selling dealer to affix the applicable used motor
vehicle dealer's tax stamp in the appropriate place on the assignment or
re-assignment area of the certificate of title. Dealers failing to comply with
provisions of this section shall be responsible for all taxes due on such sales
or on such vehicles.
(5) If a
prospective purchaser makes a deposit of anything of value to obtain the option
to complete a purchase (of a used motor vehicle) in the future, the dealer
shall acknowledge the deposit in writing, the time period for which the option
to purchase is valid, whether the deposit is refundable in whole or in part,
and the conditions, if any under which the deposit may be refunded. The deposit
shall be deemed refundable unless it is clearly stated in writing that the
deposit or a portion thereof is non-refundable.
(e)
Used motor vehicle dealer's
temporary tags. Misuse of the used motor vehicle dealer's temporary tag
may be grounds for the assessment of a fine or, suspension or revocation of the
used motor vehicle dealer's license.
Notes
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No prior version found.