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SB20-140

Powersports And Motor Vehicle Sales Bond Requirement

Concerning the types of conditions that may authorize a person to recover from the bond required as a condition to be licensed to sell vehicles with motors.
Session:
2020 Regular Session
Subjects:
Professions & Occupations
Transportation & Motor Vehicles
Bill Summary

Current law requires motor vehicle dealers, motor vehicle salespersons, motor vehicle buyer agents, wholesale motor vehicle auction dealers, business disposers, used motor vehicle dealers, wholesalers, used powersports vehicle dealers, powersports vehicle dealers, and powersports salespersons (dealers) to have bonds to compensate people for fraud or a violation of the motor vehicle dealer statutes if the violation is designated as recoverable by the motor vehicle dealer board. Sections 1, 2, 3, 5, and 6 of the bill require the violation to be related to fraud in order for a person to recover from the bond. Sections 4 and 7 authorize a person to recover from a bond in an action if the board makes a finding in a hearing issues a final agency order with a finding that a dealer committed fraud.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Under Consideration

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. C. Holbert
Rep. J. Melton

Sponsor

Co-sponsor

Sen. J. Cooke, Sen. L. Crowder, Sen. V. Marble, Sen. R. Scott, Sen. J. Tate

COVID-19 Resources

Temporary Guidelines for Review and Comment Meetings

The House and Senate are temporarily adjourned. The building is closed to the public.