1 Colo. Code Regs. § 205-1, Regulation 44-20-108(1)(b)

Current through Register Vol. 47, No. 22, November 25, 2024

Regulation Regulation 44-20-108(1)(b) - COMPENSATION DISCLOSURES

1. When, on behalf of a consumer, a used motor vehicle dealer negotiates the sale, exchange, or lease of a used or new motor vehicle that the negotiating dealer does not own, the negotiating dealer:

a. shall, prior to the completion of the sale, exchange, or lease of a motor vehicle, provide to the consumer for his or her review and signature the original copy of a "Compensation Disclosures" document that must include all of the information on the example form, below, but may include additional information; and,

b. shall retain the original of the completed and fully-executed "Compensation Disclosures" document in its records related to the subject vehicle, and shall also provide a copy of that document to the consumer.

2. The current owner of a vehicle covered by this regulation shall not be a wholesaler.

3. The "Compensation Disclosures" form, below, is an example format which a negotiating dealer may use to provide the required information to satisfy the disclosure requirements.

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1 CCR 205-1, Regulation 44-20-108(1)(b)

41 CR 20, October 25, 2018, effective 11/14/2018

41 CR 22, November 25, 2018, effective 12/15/2018

42 CR 21, November 10, 2019, effective 11/30/2019

43 CR 24, December 25, 2020, effective 11/17/2020

45 CR 03, February 10, 2022, effective 3/17/2022

45 CR 14, July 25, 2022, effective 8/15/2022