§ 23-112-610. Display of dealer’s license
(a) Each dealer licensed under this subchapter shall maintain for display, in a conspicuous place at the dealer’s business location, the license certificate issued by the Department of Arkansas State Police. (b) (1) Each dealer shall also have his or her used motor vehicle dealer’s license name conspicuously displayed on all signage. (2) All printed […]
§ 23-112-611. Records to be maintained
(a) Every person required to have a license shall maintain, for three (3) years from the date of purchase, records of each vehicle transaction to which the person was a party. (b) Dealers shall maintain copies of all documents executed in conjunction with any transaction, which may include bills of sale, titles, odometer statements, invoices, […]
§ 23-112-613. Delivery prior to sale — Disclosures — Definitions
(a) As used in this section: (1) (A) “Contract for sale” means the final agreement between a used motor vehicle dealer and a consumer that: (i) Includes all material terms of the sale of a motor vehicle; and (ii) Is binding upon the seller, the buyer, and any necessary third-party financer. (B) “Contract for sale” […]
§ 23-112-614. Auto auction fees for salvage-titled or parts-only titled vehicles
(a) A five-dollar ($5.00) fee shall be charged to the buyer of each item at an auto auction that is sold on a certificate of title that is labeled “salvage” or “parts-only”. (b) The fee is special revenue and shall be deposited into the State Treasury. (c) The Treasurer of State shall transfer the special […]
§ 23-112-617. Used motor vehicle dealer service and handling fee
(a) A used motor vehicle dealer may fill in the blanks on standardized forms in connection with the sale or lease of used motor vehicles if the motor vehicle dealer does not charge for the service of filling in the blanks or otherwise charge for preparing documents. (b) (1) A used motor vehicle dealer may […]
§ 23-112-609. Issuance of license certificate
Upon satisfactory submission and verification of a fully executed application as required by § 23-112-607(a) and (b), payment of the fee provided for by § 23-112-608, and receipt of the corporate surety bond as required by § 23-112-607(c), the Department of Arkansas State Police shall issue the applicant a license certificate.
§ 23-112-601. Necessity for regulation — Legislative findings — Legislative declaration
(a) The General Assembly declares that the public interest is affected by the sale and distribution of used motor vehicles, and it is recognized that a significant factor of the inducement in making a sale of a used motor vehicle to a member of the general public is the trust and confidence of the purchaser […]
§ 23-112-602. Definitions
As used in this subchapter: (1) (A) “Auto auction” means any person who operates or provides a place of business or facilities for the wholesale exchange of motor vehicles by and between duly licensed motor vehicle dealers, or from used motor vehicle dealers to individuals, or individuals to used motor vehicle dealers, or any combination […]
§ 23-112-603. Penalty for violation and disbursal of fines
(a) In addition to any other penalty prescribed by existing laws, the penalties for violation of this subchapter and the disbursement of fines shall be as follows: (1) A first violation of this subchapter by any person shall constitute a Class A misdemeanor; (2) A second violation of this subchapter by any person shall constitute […]
§ 23-112-604. Powers generally
(a) The Department of Arkansas State Police may promulgate rules that are necessary to implement, enforce, and administer this subchapter. (b) The department may cancel a dealer’s license if the dealer: (1) Fails to keep and maintain the requirements of § 23-112-607(a) and (c); or (2) Pleads guilty or nolo contendere to or has been […]