Bill Text: VA HB190 | 2010 | Regular Session | Comm Sub
Bill Title: Motor vehicle buyer's order; revises kinds of transactions involving dealer-arranged financing.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2010-04-10 - Governor: Acts of Assembly Chapter text (CHAP0359) [HB190 Detail]
Download: Virginia-2010-HB190-Comm_Sub.html
10104636D
Be it enacted by the General Assembly of Virginia: 1. That §§46.2-1530, 46.2-1930, 46.2-1992.23, and 46.2-1993.23 of the Code of Virginia are amended and reenacted as follows: §46.2-1530. Buyer's order. A. Every motor vehicle dealer shall complete, in duplicate, a buyer's order for each sale or exchange of a motor vehicle. A copy of the buyer's order form shall be made available to a prospective buyer during the negotiating phase of a sale and prior to any sales agreement. The completed original shall be retained for a period of four years in accordance with §46.2-1529, and a duplicate copy shall be delivered to the purchaser at the time of sale or exchange. A buyer's order shall include: 1. The name and address of the person to whom the vehicle was sold or traded. 2. The date of the sale or trade. 3. The name and address of the motor vehicle dealer selling or trading the vehicle. 4. The make, model year, vehicle identification number and body style of the vehicle. 5. The sale price of the vehicle. 6. The amount of any cash deposit made by the buyer. 7. A description of any vehicle used as a trade-in and the amount credited the buyer for the trade-in. The description of the trade-in shall be the same as outlined in subdivision 4 of this subsection. 8. The amount of any sales and use tax, title fee, uninsured motor vehicle fee, registration fee, purchaser's on-line systems filing fee, or other fee required by law for which the buyer is responsible and the dealer has collected. Each tax and fee shall be individually listed and identified. 9. The net balance due at settlement. 10. Any item designated as "processing fee," and the amount charged by the dealer, if any, for processing the transaction. As used in this section processing includes obtaining title and license plates for the purchaser, but shall not include any "purchaser's on-line systems filing fee" as defined in §46.2-1530.1 or any "dealer's manual transaction fee" as defined in §46.2-1530.2. 11. Any item designated as "dealer's business license tax," and the amount charged by the dealer, if any. 12.
13. For sales of used motor vehicles, the disclosure required by §46.2-1529.1. If the transaction does not include a policy of motor vehicle liability insurance, the seller shall stamp or mark on the face of the bill of sale in boldface letters no smaller than 18 point type the following words: "No Liability Insurance Included." A completed buyer's order when signed by both buyer and seller may constitute a bill of sale. B. The Board shall approve a buyer's order form and each dealer shall file with each original license application its buyer's order form, on which the processing fee amount is stated. C. If a processing fee is charged, that fact and the amount of the processing fee shall be disclosed by the dealer. Disclosure shall be by placing a clear and conspicuous sign in the public sales area of the dealership. The sign shall be no smaller than eight and one-half inches by eleven inches and the print shall be no smaller than one-half inch, and in a form as approved by the Board. §46.2-1930. Buyer's order. A. Every T&M vehicle dealer shall complete, in duplicate, a buyer's order for each sale or exchange of a vehicle. A copy of the buyer's order form shall be made available to a prospective buyer during the negotiating phase of a sale and prior to any sales agreement. The completed original shall be retained for a period of four years in accordance with § 46.2-1929, and a duplicate copy shall be delivered to the purchaser at the time of sale or exchange. A buyer's order shall include: 1. The name and address of the person to whom the vehicle was sold or traded. 2. The date of the sale or trade. 3. The name and address of the T&M vehicle dealer selling or trading the vehicle. 4. The make, model year, vehicle identification number and body style of the vehicle. 5. The sale price of the vehicle. 6. The amount of any cash deposit made by the buyer. 7. A description of any vehicle used as a trade-in and the amount credited the buyer for the trade-in. The description of the trade-in shall be the same as outlined in subdivision 4 of this subsection. 8. The amount of any sales and use tax, title fee, uninsured vehicle fee, registration fee, or other fee required by law for which the buyer is responsible and the dealer has collected. Each tax and fee shall be individually listed and identified. 9. The net balance due at settlement. 10. Any item designated as "processing fee," and the amount charged by the dealer, if any, for processing the transaction. As used in this section processing includes obtaining title and license plates for the purchaser, but shall not include any "purchaser's on-line systems filing fee" as described in §46.2-1930.1 or any "dealer's manual transaction fee" as defined in §46.2-1930.2. 11. Any item designated as "dealer's business license tax," and the amount charged by the dealer, if any. 12. If the transaction does not include a policy of liability
insurance, the seller shall stamp or mark on the face of the bill of sale in
boldface letters no smaller than A completed buyer's order when signed by both buyer and seller may constitute a bill of sale. B. The Commissioner shall approve a buyer's order form and each dealer shall file with each original license application its buyer's order form, on which the processing fee amount is stated. C. If a processing fee is charged, that fact and the amount of the processing fee shall be disclosed by the dealer. Disclosure shall be by placing a clear and conspicuous sign in the public sales area of the dealership. The sign shall be no smaller than eight and one-half inches by eleven inches and the print shall be no smaller than one-half inch, and in a form as approved by the Commissioner. §46.2-1992.23. Buyer's order. A. Every trailer dealer shall complete, in duplicate, a buyer's order for each sale or exchange of a vehicle. A copy of the buyer's order form shall be made available to a prospective buyer during the negotiating phase of a sale and prior to any sales agreement. The completed original shall be retained for a period of four years in accordance with § 46.2-1992.22, and a duplicate copy shall be delivered to the purchaser at the time of sale or exchange. A buyer's order shall include: 1. The name and address of the person to whom the vehicle was sold or traded. 2. The date of the sale or trade. 3. The name and address of the trailer dealer selling or trading the vehicle. 4. The make, model year, vehicle identification number and body style of the vehicle. 5. The sale price of the vehicle. 6. The amount of any cash deposit made by the buyer. 7. A description of any vehicle used as a trade-in and the amount credited the buyer for the trade-in. The description of the trade-in shall be the same as outlined in subdivision 4 of this subsection. 8. The amount of any sales and use tax, title fee, uninsured motor vehicle fee, registration fee, or other fee required by law for which the buyer is responsible and the dealer has collected. Each tax and fee shall be individually listed and identified. 9. The net balance due at settlement. 10. Any item designated as "processing fee," and the amount charged by the dealer, if any, for processing the transaction. As used in this section processing includes obtaining title and license plates for the purchaser, but shall not include any "purchaser's on-line systems filing fee" as defined in §46.2-1992.23:1 or any "dealer's manual transaction fee" as defined in §46.2-1992.23:2. 11. Any item designated as "dealer's business license tax," and the amount charged by the dealer, if any. 12. A completed buyer's order when signed by both buyer and seller may constitute a bill of sale. B. The Commissioner shall approve a buyer's order form and each dealer shall file with each original license application its buyer's order form, on which the processing fee amount is stated. C. If a processing fee is charged, that fact and the amount of the processing fee shall be disclosed by the dealer. Disclosure shall be by placing a clear and conspicuous sign in the public sales area of the dealership. The sign shall be no smaller than eight and one-half inches by eleven inches and the print shall be no smaller than one-half inch, and in a form as approved by the Commissioner. §46.2-1993.23. Buyer's order. A. Every motorcycle dealer shall complete, in duplicate, a buyer's order for each sale or exchange of a vehicle. A copy of the buyer's order form shall be made available to a prospective buyer during the negotiating phase of a sale and prior to any sales agreement. The completed original shall be retained for a period of four years in accordance with § 46.2-1993.22, and a duplicate copy shall be delivered to the purchaser at the time of sale or exchange. A buyer's order shall include: 1. The name and address of the person to whom the vehicle was sold or traded. 2. The date of the sale or trade. 3. The name and address of the motorcycle dealer selling or trading the vehicle. 4. The make, model year, and vehicle identification number. 5. The sale price of the vehicle. 6. The amount of any cash deposit made by the buyer. 7. A description of any vehicle used as a trade-in and the amount credited the buyer for the trade-in. The description of the trade-in shall be the same as outlined in subdivision 4 of this subsection. 8. The amount of any sales and use tax, title fee, uninsured motor vehicle fee, registration fee, or other fee required by law for which the buyer is responsible and the dealer has collected. Each tax and fee shall be individually listed and identified. 9. The net balance due at settlement. 10. Any item designated as "processing fee," and the amount charged by the dealer, if any, for processing the transaction. As used in this section processing includes obtaining title and license plates for the purchaser, but shall not include any "purchaser's on-line systems filing fee" as defined in §46.2-1993.23:1 or any "dealer's manual transaction fee" as defined in §46.2-1993.23:2. 11. Any item designated as "dealer's business license tax," and the amount charged by the dealer, if any. 12. If the transaction does not include a policy of liability
insurance, the seller shall stamp or mark on the face of the bill of sale in
boldface letters no smaller than A completed buyer's order when signed by both buyer and seller may constitute a bill of sale. B. The Commissioner shall approve a buyer's order form and each dealer shall file with each original license application its buyer's order form, on which the processing fee amount is stated. C. If a processing fee is charged, that fact and the amount of the processing fee shall be disclosed by the dealer. Disclosure shall be by placing a clear and conspicuous sign in the public sales area of the dealership. The sign shall be no smaller than eight and one-half inches by eleven inches and the print shall be no smaller than one-half inch, and in a form as approved by the Commissioner. |