Arkansas Administrative Code › Agency 006 - Department of Finance and Administration › Division 05 - Division of Revenues › Rule 006.05.92-003 - Odometer Disclosure Requirements

Current through Register Vol. 49, No. 6, June, 2024
Pursuant to his authority under Act 527 of 1975 as" amended
				Ark. Code Ann. §
								4-90-201
				et seq. (1987) and Act 142 of 1949 as amended Ark. Code Ann. §
								27-14-101 et
				seq. (1987) , the Commissioner of Revenues 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. This regulation supersedes Motor Vehicle Regulation
				1990-1.
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 tracts except snowmobiles and other devices designed and used
			 primarily for the transportation of persons over natural terrain, snow, or ice
			 and propelled by wheels, skis, 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 4
			 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.