§ 20-268.5 Second-hand automobile records and reports.
AC § 20-268.5
a. A second-hand automobile dealer shall maintain a physical or electronic copy of each of the following documents relating to the sale of a second-hand automobile for six years after the date of execution by the consumer of such documents: 1. The buyer's order, bill of sale, any retail installment contract, and any document incorporated by reference into the bill of sale or retail installment contract; 2. Every document signed or initialed by the consumer in connection with the sale transaction; 3. Every written disclosure provided to, and signed or initialed by, the consumer pursuant to this subchapter; 4. Each signed automobile contract cancellation option document, whether accepted or declined by the consumer; and 5. Each signed document cancelling a sales contract or declining to cancel a sales contract pursuant to an automobile contract cancellation option. b. The department may inspect and audit all records required to be maintained pursuant to this section. c. A second-hand automobile dealer shall maintain a report on consumer use of automobile contract cancellation options in a format to be prescribed by the commissioner by rule. The report shall be made available upon request of the commissioner but in no instance shall such request be made more than once annually. The report shall include: 1. The total number of consumers that accepted an automobile contract cancellation option in connection with their second-hand automobile purchase; and 2. The total number of consumers that canceled their second-hand automobile sales contracts pursuant to an automobile contract cancellation option. (L.L. 2017/197, 10/16/2017, eff. 2/13/2018)
