HB213 Summary

• Amends Section 40-12-390 of the Code of Alabama 1975 to modify the definition of "used motor vehicle dealer" in state licensing law.

• Explicitly exempts banks, credit unions, licensees of the State Banking Department, and finance companies from being required to obtain a used motor vehicle dealer license when they acquire vehicles as incidental to their regular business operations.

• Maintains existing exemption for motor vehicle rental and leasing companies from used motor vehicle dealer licensing requirements.

• Becomes effective immediately upon passage and approval by the Governor.

• Passed by House on March 8, 2012 and Senate on May 16, 2012.