Okla. Admin. Code § 765:10-3-2 - Consignment sales
(a)
Consignment. A used motor vehicle dealer, whether acting as
principal or agent, or by power of attorney, shall be responsible for complying
with
765:10-3-1 et seq.
with regard to all vehicles purchased, sold, or transferred by the dealer
whether or not any other party has any interest in the vehicle being purchased,
sold, or transferred. The dealer need not disclose to a potential purchaser if
the vehicle offered for sale has been consigned to the dealer by an individual.
The individual consigning the vehicle shall provide a copy of the certificate
of title to the dealer-consignee at the time of the execution of the
consignment agreement. The certificate of title of a used motor vehicle owned
by an individual consigned to a used motor vehicle dealer for sale by that
dealer shall be assigned by the individual to the dealer, and shall be assigned
to the purchaser contemporaneously with the transfer of funds from the buyer to
the dealer, provided a consignment form approved by this Commission is used in
the consignment transaction, and any other state and federal forms required are
properly executed at the time of sale by the dealer as agent for the consignor.
A used motor vehicle dealer's tax stamp shall be required in the assignment of
the certificate of title from the dealer to the purchaser. The consignor shall
have primary responsibility for the truthfulness of the information concerning
the vehicle unless the dealer willfully, knowingly, or negligently with
reckless disregard of the true facts, misrepresents or misstates the
information on the forms and/or the certificate of title. The dealer, by acting
as agent for the consignor, is deemed to be a transferor with regard to
49 U.S.C. Section
32701 et. seq. (Federal Odometer Act). The
dealer and the consignor shall both be responsible to the consignor's lender,
if any, to satisfy the lender's interest in the vehicle. A used motor vehicle
dealer who has taken a used motor vehicle on consignment from an individual
seller shall not consign the vehicle for sale to another used motor vehicle
dealer without the knowledge and written consent of the individual seller and
the execution of a consignment form among the three parties.
(b)
Consignments between
dealers. A used motor vehicle dealer who takes another used motor
vehicle dealer's vehicle on consignment to sell the vehicle at the first
dealer's licensed location shall be responsible for complying with
765:10-3-1 et.
seq. in all particulars, including execution of all forms required for the
transaction. There shall be a written document of consignment of the vehicle
from the consigning dealer to the selling dealer which may set forth the
benefits, responsibilities, and duties of each dealer arising from the
consignment transaction, and shall include a statement that the vehicle is
subject to a lender's interest or that it is not. Both dealers shall be
responsible to the lender to satisfy the lender's interest after the sale of
the vehicle. The certificate of title to the vehicle consigned and sold shall
be assigned from the consigning dealer to the selling dealer at the time of the
sale of the vehicle and the certificate of title shall then be re-assigned to
the purchaser. The selling dealer shall be responsible to the purchaser for any
liability which may arise from or because of the sale of the vehicle,
regardless of any statements to the contrary in the consignment form executed
between the dealers. A used motor vehicle dealer's tax stamp shall be required
in both transactions.
(c)
Consignments at auction. In lieu of the procedure set forth in (a)
and (b) above, a used motor vehicle dealer acting as an auction shall follow
the procedure in this subsection. Sales by used motor vehicle dealers shall be
evidenced by execution of an auction form approved by the Commission. An
auction may provide by its own rules, the terms and conditions of sale and
purchase between the consigner and the buyer. Said rules shall apply in all
instances except where said rules are in conflict with state or federal statute
or the Rules of this Commission. An auction, by acting as agent for the
consignor, is not deemed to be a transferor with regard to Motor Vehicle
Information and Cost Saving Act 15 U.S.C. Section 1981 et seq. (Federal
Odometer Act.) A used motor vehicle dealer consigning a vehicle for sale at
auction shall be responsible for complying with all record keeping requirements
under the Rules of this Commission.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.