Loading chat...
IN SB0561
Bill
Status
1/20/2015
Primary Sponsor
James Tomes
Click for details
AI Summary
Senate Bill No. 561 Summary
-
Creates the Indiana Vehicle Remarketer Commission consisting of six (6) members appointed by the governor to license and regulate vehicle remarketers, remarketer agents, and remarketer agencies engaged in wholesale motor vehicle sales.
-
Establishes licensing requirements for vehicle remarketers including minimum age of 18, completion of approved vehicle remarketing instruction, background check, and liability insurance coverage of at least $100,000 bodily injury per person, $300,000 per accident, and $50,000 property damage.
-
Defines unfair trade practices including selling to the general public, selling rebuilt vehicles without disclosure, using false or misleading advertising, and engaging in fraud or deceptive acts related to vehicle sales.
-
Requires vehicle remarketers to deliver certificates of title to purchasers within specified timeframes (21 days for transfers between dealers/remarketers, immediately or within 21 days for other sales) with escalating civil penalties ($100-$500) for violations.
-
Establishes the Vehicle Remarketer Enforcement Fund supported by licensing fees and surcharges to administer and enforce the regulations, with emergency rules required by June 30, 2015 and final rules by July 1, 2016.
Legislative Description
Vehicle remarketers. Creates the Indiana vehicle remarketer commission (commission) to license and register persons engaged in the remarketing of motor vehicles. Sets standards and responsibilities for persons in the professions of vehicle remarketer, vehicle remarketer agent, and vehicle remarketer agency (remarketers). Requires the commission to adopt emergency rules to authorize remarketers to operate after June 30, 2015. Makes an appropriation.
Last Action
First Reading: referred to Committee on Commerce & Technology
1/20/2015