HB 973 Summary

• Authorizes motor vehicle dealers, purchasers, and lienholders to rescind or cancel a used motor vehicle sale before a certificate of title application is submitted with written concurrence signed by all parties.

• Requires the Department of Highway Safety and Motor Vehicles to rescind, cancel, or revoke a title application or issued title within 60 days if a notarized affidavit is filed by all parties stating the sale has been rescinded and all moneys will be returned.

• Establishes a 30-day deadline for filing the affidavit after execution and requires the department to process it within 7 days and issue a new title to the dealer reflecting the pre-sale odometer reading.

• Requires dealers to obtain and surrender or certify the certificate of title as lost or destroyed, and prohibits retail sale of the vehicle until the dealer receives a new certificate of title from the department.

• Amends tax law to require motor vehicle dealers be reimbursed for sales taxes collected if the sale is rescinded and the dealer returns the tax amount to the purchaser, effective July 1, 2023.