HF 2726

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to motor vehicles; regulating dealer 
  1.3             transfers; amending Minnesota Statutes 2000, section 
  1.4             168A.11, subdivision 1. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2000, section 168A.11, 
  1.7   subdivision 1, is amended to read: 
  1.8      Subdivision 1.  [APPLICATION UPON TRANSFER.] If a dealer 
  1.9   buys a vehicle and holds it for resale and procures the 
  1.10  certificate of title from the owner, and complies with 
  1.11  subdivision 2 hereof, the dealer need not apply for a 
  1.12  certificate of title, but upon transferring the vehicle to 
  1.13  another person other than by the creation of a security interest 
  1.14  shall promptly execute the assignment and warranty of title by a 
  1.15  dealer, showing the names and addresses of the transferee and of 
  1.16  any secured party holding a security interest created or 
  1.17  reserved at the time of the resale, and the date of the security 
  1.18  agreement in the spaces provided therefor on the certificate or 
  1.19  secure reassignment.  With respect to motor vehicles subject to 
  1.20  the provisions of section 325E.15, the dealer shall also, in the 
  1.21  space provided therefor on the certificate or secure 
  1.22  reassignment, state the true cumulative mileage registered on 
  1.23  the odometer or that the exact mileage is unknown if the 
  1.24  odometer reading is known by the transferor to be different from 
  1.25  the true mileage.  The transferee shall complete the application 
  2.1   for title section on the certificate of title or separate title 
  2.2   application form prescribed by the department.  The dealer shall 
  2.3   mail or deliver the certificate to the registrar or deputy 
  2.4   registrar with the transferee's application for a new 
  2.5   certificate and appropriate taxes and fees, within ten business 
  2.6   days.