(A) Any motor vehicle dealer, motor vehicle leasing dealer, motor vehicle auction owner, construction equipment auction owner, or motor vehicle distributor, hereinafter referred to as "licensee", who has been notified by the secretary of the board of a hearing to be held pursuant to Chapter 119. of the Revised Code for violations of Chapter 4517. of the Revised Code and this chapter of the Administrative Code may enter into a consent agreement with the board.
(B) A consent agreement shall be in writing and shall be submitted for authorization to the board. The board shall accept, modify or reject said agreement.
(C) No modifications to such an agreement may become a final order without the agreement and consent of the licensee. If the board rejects the proposed consent agreement terms, or it modifies the consent agreement terms and the modification is not agreed to by the licensee, therein after, the right to an administrative hearing and full due process pursuant to Chapter 119. of the Revised Code shall be granted.
(D) A consent agreement shall not be effective until the agreement is authorized by the board and signed by the licensee, licensee's legal counsel, if applicable, and the president of the board.
(E) A consent agreement authorized by the board and signed by all parties pursuant to paragraph (D) of this rule, relinquishes the licensee's privilege to an administrative hearing and any appeal or right of consideration in the matter pursuant to Chapters 119. and 4517. of the Revised Code.