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168A.11.1

Statute ID: 20060

Statute Function ID: 40034

Title - Dealer Requirements Upon Subsequent Transfer - Resale

In Effect

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Statute Number:

168A.11.1

Enactment Date:

May 24, 2024

Effective Date:

Oct 1, 2024

Expiration Date:

Repealed?:

Summary Text:

Title - Dealer Requirements Upon Subsequent Transfer - Resale

Statute ID:

20060

Created:

Dec 31, 2024 by mnjis.legal.analyst@state.mn.us

Updated:

Dec 31, 2024 by mnjis.legal.analyst@state.mn.us

Last Update Action:

Added

Legal Analyst Comment:

Amended 2024 c127 Art3 Sect37; Update registar to commissioner

Summary Text:

Title - Dealer Requirements Upon Subsequent Transfer - Resale

Link to MN Statute Text:

https://www.revisor.leg.state.mn.us/stats/168A/11.html

Legislative Session:

2024 - Regular

Session Law Text?:

Statute text last updated on:

Dec 31, 2024

(a) A dealer who buys a vehicle and holds it for resale need not apply for a certificate of title. Upon transferring the vehicle to another person, other than by the creation of a security interest, the dealer must promptly execute the assignment and warranty of title by a dealer, showing the names and addresses of the transferee and of any secured party holding a security interest created or reserved at the time of the resale, and the date of the security agreement in the spaces provided on the certificate of title or secure reassignment.

(b) If a dealer elects to apply for a certificate of title on a vehicle held for resale, the dealer need not register the vehicle but must pay one month's registration tax. If a dealer elects to apply for a certificate of title on a vehicle held for resale, the commissioner must not place any legend on the title that no motor vehicle sales tax was paid by the dealer but may indicate on the title whether the vehicle is a new or used vehicle.

(c) With respect to motor vehicles subject to the provisions of section 325E.15, the dealer must also, in the space provided on the certificate of title or secure reassignment, state the true cumulative mileage registered on the odometer or that the exact mileage is unknown if the odometer reading is known by the transferor to be different from the true mileage.

(d) The transferee must complete the application for title section on the certificate of title or separate title application form prescribed by the commissioner. The dealer must mail or deliver the certificate to the commissioner or deputy registrar with the transferee's application for a new certificate and appropriate taxes and fees, within the period specified under section 168A.10, subdivision 2.

(e) With respect to vehicles sold to buyers who will remove the vehicle from this state, the dealer must remove any license plates from the vehicle, issue a 31-day temporary permit pursuant to section 168.091, and notify the commissioner within 48 hours of the sale that the vehicle has been removed from this state. The notification must be made in an electronic format prescribed by the commissioner. The dealer may contract with a deputy registrar for the notification of sale to an out-of-state buyer. The deputy registrar may charge a fee of $7 per transaction to provide this service.