Wisconsin Administrative Code › Department of Transportation › Chapter Trans 140 - Motor Vehicle Dealer Financial Eligibility And Bond Claim Requirements › Subchapter II - Claims Against Bonds of Department Licensees › Section Trans 140.20 - Definitions

Current through June 24, 2024
The terms used in this subchapter shall have the same
				  meanings as in ch. 218, Stats., except as specifically provided below:
(1) "Claim arose against the bond or letter
				of credit of a licensee" means a situation in which a cause of action has
				accrued against the licensee. Unless otherwise provided by statute, a cause of
				action accrues where there exists a claim capable of present enforcement, a
				suable party against whom it may be enforced, and a party who has a present
				right to enforce it. A tort claim accrues when the injury is discovered or
				reasonably should have been discovered.
Note:
See ch. 893, Stats., and cases thereunder,
				  governing the applicable statutes of limitation, and determination of the date
				  when a cause of action accrues.
(2) "Commercial customer" means a private
				person who buys or agrees to buy one or more motor vehicles from the licensee
				for the person's business or commercial use. A private person who sells,
				trades, or consigns to the licensee a motor vehicle used by the person
				primarily for business or commercial purposes is also a commercial
				customer.
(3) "Financial
				institution" means any person or organization authorized to do business under
				any state or federal law relating to financial institutions, including, without
				limitation, banks and trust companies, savings banks, building and loan
				associations, savings and loan associations, credit unions and sales finance
				companies. A credit corporation or similar financing organization of a motor
				vehicle manufacturer, factory branch, distributor or dealer is a financial
				institution. Any person who floor plans motor vehicles is a financial
				institution.
(4) "Floor plan" means
				to make a financing arrangement for the lending of money to a motor vehicle
				dealer so that he or she may purchase a motor vehicle to include in his or her
				inventory; the loan being secured by the motor vehicle while in the dealer's
				possession and to be repaid when the motor vehicle is sold.
(5) "Motor vehicle" shall have the same
				meaning as s. 218.0101(22),
				Stats., and includes mobile homes as defined by s.
				218.0114, Stats. For the
				purposes of this subchapter, a moped as defined by s.
				218.40(2),
				Stats., is also a motor vehicle.
(6) "New motor vehicle" shall have the same
				meaning as s. Trans 137.03 (7).
(7)
				" Private person" means a person not licensed under ch. 218, Stats., and not
				required to be so licensed, for the purpose of the transaction from which the
				person's claim arises. A financial institution, or a motor vehicle
				manufacturer, factory branch, factory representative, distributor, distributor
				representative, or a motor vehicle, mobile home, moped, salvage, trailer or
				auction dealer or a salesperson employed by such dealer is not a private
				person.
(7m) The "period covered by
				the security" is co-extensive with the biennial license, issued under ch. 218,
				Stats., which is conditioned on providing the security in question. If the
				biennial license is extended by operation of s.
				227.51(2),
				Stats., the period covered by the security also is extended and remains
				co-extensive unless sooner cancelled by the surety.
Note:
Forms for bonds and letters of credit are
				  available from the Dealer Section, Department of Transportation, P.O. Box 7909,
				  Madison, Wisconsin 53707.
(8) "Retail customer" means a private person
				buying or agreeing to buy one or more motor vehicles from the bonded licensee
				for the private person's personal, family or household use. A person buying or
				agreeing to buy a motor vehicle or mobile home to be used primarily for
				business or commercial purposes is not a retail customer. A private person who
				sells, trades, or consigns to the bonded licensee a motor vehicle used
				personally or by the person's family or household, and not used primarily for
				business or commercial purposes, is a retail customer.
(9) "Secured party" means a lender, seller or
				other person, whose claim is based on a transaction in which there is, or was,
				a security agreement creating a security interest in the lender's, seller's or
				person's favor, even if that interest is not sufficient to satisfy the claim. A
				person able to claim a lien under ss.
				779.41,
				779.415, or
				779.43(3),
				Stats., is a secured party.