4501:1-4-22 Nature of and length of time records will be maintained.

Persons licensed under Chapter 4738. of the Revised Code shall maintain a record of the following:

(A) All salvage motor vehicles purchased. This record shall include, but not be limited to:

(1) Name of the previous owner.

(2) Serial number (vehicle identification number).

(3) Title number.

(4) Year and make of said vehicle.

(5) Date and county where title was surrendered.

(B) All salvage motor vehicles and salvage motor vehicle parts sold. Sales invoice shall describe:

(1) Item(s) sold.

(2) Name and address of purchaser, except on retail parts only sales.

(3) Sales price.

(C) In addition, each retail sale of a salvage motor vehicle shall:

(1) Be preceded by a written instrument or contract that shall contain all the agreements of the parties and shall be signed by the buyer.

(2) The dealer shall, upon execution of the agreement or contract and before the delivery of the motor vehicle, deliver to the buyer a copy of the agreement or contract that shall clearly describe the motor vehicle sold to the buyer and give the following information:

(a) The amount paid down by the buyer;

(b) The amount credited to the buyer for any trade-in and a description thereof;

(c) The amount of any other charge and a specification of its purpose;

(d) The net balance due from the buyer;

(e) The terms of the payment of the net balance.

(D) Records must be maintained for a period of three years by those holding a license granted under Chapter 4738. of the Revised Code.

(E) Notwithstanding paragraph (A)(5) of this rule, all persons licensed under Chapter 4738. of the Revised Code, shall retain on their premises, the title to all vehicles offered for sale in the conduct of their business.

Effective: 12/19/2010
R.C. 119.032 review dates: 10/04/2010 and 10/05/2015
Promulgated Under: 119.03
Statutory Authority: R.C. 4738.13
Rule Amplifies: R.C. 4738.13
Prior Effective Dates: 12/1/80