Senate Bill No. 2312 Summary

• Amends North Dakota Century Code section 57-40.3-01 to clarify that motor vehicle purchase price excludes manufacturer's incentives or discounts that reduce the amount paid by the purchaser at the time of purchase.

• Creates a new section establishing purchase price adjustment rules, including provisions for trade-in values, stolen or totally destroyed vehicles, and dealer replacement vehicles.

• Allows a credit or trade-in credit for owners whose vehicles were stolen or totally destroyed, limited to insurance compensation received, with required notarized insurance statements provided to the Department of Transportation within three years.

• Permits a credit against replacement vehicle purchases not to exceed the total amount received from selling a previously owned vehicle, with the credit valid for three years from the sale date.

• Requires sellers to obtain and attach copies of motor vehicle purchaser's certificates when claiming credits for replacement vehicles.

• Effective for vehicle purchases occurring after June 30, 2021.