SB286 Summary

• Creates a master regulatory dealer license to consolidate separate licenses for new motor vehicle dealers, used motor vehicle dealers, motor vehicle rebuilders, and motor vehicle wholesalers into a single license issued by the Department of Revenue.

• Increases civil penalties for willfully acquiring motor vehicle dealer license plates in violation of law from $100 to $200 for first violation and $500 for subsequent violations.

• Establishes a new wholesale motor vehicle auction license (Article 10, §40-12-445 et seq.) and prohibits any person from operating a motor vehicle wholesale auction without proper licensure, with criminal penalties for violations.

• Adjusts master dealer license application fees effective October 1, 2020, to equal the average of contiguous states' annual dealer license fees, rounded to nearest $25, with adjustments allowed every five years thereafter.

• Increases surety bond requirement for master dealer licenses from $25,000 to not less than $50,000 or an amount prescribed by the department.