SB498 Summary

• Amends Section 40-12-390 of the Alabama Code to clarify the definition of "used motor vehicle dealer" for licensing purposes.

• Adds explicit language that "used motor vehicle dealer" does not include "licensees of the State Banking Department" in addition to existing exemptions for banks and finance companies.

• Maintains existing exemptions for motor vehicle rental and leasing companies that acquire vehicles as an incident to their regular business.

• Defines a used motor vehicle dealer as any person, firm, or corporation engaged in buying, selling, exchanging, advertising, or negotiating the sale of five or more motor vehicles at retail during a calendar year.

• Becomes effective immediately upon passage and approval by the Governor or upon becoming law through other means.