HB 979 Summary

• Expands title service agent regulations to include all-terrain vehicles, trailers, and watercraft in addition to motor vehicles, with licensing and bonding requirements of $25,000.

• Changes motor vehicle dealer sales reporting from monthly to weekly electronic submissions to the Department of Revenue, with penalties up to $300 per violation for late or missing reports.

• Increases minimum vehicle sales threshold for dealer licensure from 6 to 12 vehicles per calendar year, effective January 1, 2014, and raises surety bond requirements from $25,000 to $50,000 for most dealer types.

• Requires title assignments to include sale price, trade-in amount, and net price information for motor vehicles, trailers, vessels, and outboard motors.

• Modifies off-site vehicle sales rules to require 30-day advance notice (increased from 10 days), $550 permit fee, and requires all potential dealers in a class to be invited at least 60 days prior to participation.