Tenn. Comp. R. & Regs. 0960-01-.11 - INSPECTION OF BUSINESS RECORDS

Current through March 20, 2022

(1) All persons licensed by the Commission shall make available for inspection during normal business hours by the Commission or its duly authorized representative, all books, records and other memorandums of all transactions, transfers and/or sales of motor vehicles or recreational vehicles, and dead files (any paperwork from an uncompleted deal where a credit application is received or a buyer's/purchase order is prepared).
(2) All records shall be kept on site or at a location where the records can be accessed in a reasonable amount of time. Proof of ownership and consignment agreements of each motor vehicle or recreational vehicle possessed shall be maintained at the location of the dealership or at a dealership which owns the licensee. Temporary tag logs shall be kept at the dealership of the licensee to which the tags were issued. Records may be kept in written or electronic format.
(3) All business records shall be kept for the period of time required by state or federal law or regulation.
(4) All motor vehicle dealers or recreational vehicle dealers who are operating an additional business at the dealership in accordance with T.C.A. § 55-17-129 or T.C.A. § 55-17-416, as applicable, shall, upon written request by the Commission, or its agent:
(a) Within fifteen (15) days of receipt of the written request, provide certification to the Commission, or its agents, certifying that the space used by the motor vehicle dealer or recreational vehicle dealer, and the space used by the additional business, are in compliance with T.C.A. § 55-17-129 or T.C.A. § 55-17-416, as applicable. This certification shall be completed on a form approved by the Commission, if any such form exists at the time of request.
(b) Within thirty (30) days of receipt of the written request, provide certification to the Commission, or its agents, certifying that the gross income of the motor vehicle dealer or recreational vehicle dealer, and the gross income of the additional business, are in compliance with T.C.A. § 55-17-129 or T.C.A. § 55-17-416, as applicable. The certification shall be completed on a form approved by the Commission, if any such form exists at the time of request. In addition to the certification, the motor vehicle dealer or recreational vehicle dealer shall provide proof, satisfactory to the Commission, of the claimed gross income of the dealership, and income of the additional business. This may include, but is not limited to, past financial statements, current financial statements, and CPA audits.
(c) The Commission may discipline a licensee, up to and including suspension or revocation, for a licensee's failure to comply with subparagraphs (a) and (b) above.

Notes

Tenn. Comp. R. & Regs. 0960-01-.11
Original rule filed February 5, 1979; effective May 28, 1979. Repeal and new rule filed August 20, 2008; effective November 3, 2008. Repeal and new rule filed June 22, 2011; effective September 20, 2011. Amendments filed September 21, 2016; effective December 20, 2016. Amendments filed May 12, 2017; effective August 10, 2017. Amendments filed September 1, 2017; effective 11/30/2017.

Authority: T.C.A. §§ 55-17-107, 55-17-129, 55-17-402, and 59-17-416.

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