32-6B-36 — Dealer's car auction agency--Vehicles acceptable for sale--Permitted purchasers--Unauthorized sale a misdemeanor.
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32-6B-36.
Dealer's car auction agency--Vehicles acceptable for sale--Permitted purchasers--
Unauthorized sale a misdemeanor.
Any auction agency operating under the provisions of this chapter
may accept for sale at its option vehicles which are owned by vehicle dealers regularly licensed in
either this or some other state, or by the following entities if the vehicle is owned and titled by the
entity and acquired incident to its regular business:
(1)
Any regulated lender as defined in § 54-3-14 or any financing institution licensed
pursuant to chapter 54-4;
(2)
Any financial institution chartered or licensed in any other jurisdiction; or
(3)
Any insurance company authorized to do business in either this state or some other state.
An auction agency may also accept from any manufacturer any vehicle that is owned by the
manufacturer and that has a manufacturer's certificate of origin or a valid title. Any vehicle with a
manufacturer's certificate of origin sold for a manufacturer may only be offered to the manufacturer's
franchised dealers with the same line vehicle make.
Any vehicle dealer, regularly licensed by this or some other state, may purchase any vehicle from
an auction agency, except as otherwise prohibited by this section. Any auction agency that accepts
for sale any vehicle not authorized by this section is guilty of a Class 1 misdemeanor.
Source: SL 1986, ch 250, § 37; SL 1997, ch 184, § 1; SL 2001, ch 168, § 1.