Arkansas Administrative Code › Agency 006 - Department of Finance and Administration › Division 05 - Division of Revenues › Rule 006.05.95-004 - Regulation 1995-1 Odometer Disclosure Requirements

Current through Register Vol. 49, No. 6, June, 2024
Pursuant to his authority under Act 795 of 1995 Ark Code Ann. §
								4-90-201
				et seg. (1987) and Act 142 of 1949 , amended, Ark. Code Ann. §
								27-14-101 et
				seq. (1987) , the Commissioner of Revenues Hies for the State of Arkansas does
				hereby promulgate the following regulations. The regulations are an adoption of
				NHTSA Odometer Disclosure Requirements, 49 CFR § 580-1 et seq. which were
				promulgated under
				15 U. S.C. §
									1981 et seq. as amended. This regulation
				supersedes Motor Vehicle Regulation 1992-1.
SECTION
			 1. Purpose.
The Purpose of this regulation is to provide purchasers of
				motor vehicles with odometer information to assist them in determining a
				vehicle's condition and value by making the disclosure of a vehicle's mileage a
				condition of title and by requiring lessees to disclose to their lessors the
				vehicle's mileage at the time the lessors transfer the vehicle. In addition,
				the purpose of this regulation is to preserve records that are needed for the
				proper investigation of possible violations of the Motor Vehicle Information
				and Cost Savings Act and any subsequent prosecutorial, adjudicative or other
				action.
SECTION 2.
			 Definitions.
(1) "Owner" means a person, other
			 than a secured party, having the property in or title to a vehicle. The term
			 includes a person entitled to the use and possession of a vehicle subject to a
			 security interest in another person, but excludes a lessee under a lease not
			 intended as security;
(2) "Motor
			 vehicle" means any self-propelled vehicle not operated exclusively upon
			 railroad tracks except snowmobiles and other devices designed and used
			 primarily for the transportation of persons over natural terrain, snow, or ice
			 and propelled by wheels, skies, tracks, runners, or whatever other
			 means;
(3) "Person" means an
			 individual, firm, partnership, agent for the person, incorporated and
			 unincorporated association, or any other legal or commercial entity;
(4) "Lessee" means any person, or the agent
			 for any person to whom a motor vehicle has been leased for a term of at least
			 four(4) months;
(5) "Lessor" means
			 any person, or the agent for any person, "who has leased five (5) or more motor
			 vehicles to a lessee in the past twelve (12) months;
(6) "Mileage" means actual distance that
			 vehicle has traveled.
(7) "Secure
			 printing process or other secure process" means any process which deters and
			 detects counterfeiting and/or unauthorized reproduction and allows alterations
			 to be visible to the naked eye.
(8)
			 "Transferee" means any person to whom ownership of a motor vehicle is
			 transferred by purchase, gift or any means other than by the creation of a
			 security interest, and any person who, as agent, signs an odometer disclosure
			 statement for the transferee.
(9)
			 "Transferor" means any person who transfers his ownership of a motor vehicle by
			 sale, gift, or any means other than by the creation of a security interest, and
			 any person who, as agent, signs an odometer disclosure statement for the
			 transferor.