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

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

Regulation Regulation 44-20-108(1)(e)

A wholesaler shall conduct business according to each of the following:

1. A person shall not simultaneously hold a motor vehicle salesperson license and also have an ownership interest in a licensed wholesale business.

2. A wholesaler shall not employ a licensed motor vehicle salesperson.

3. A wholesaler shall have a place of business with a business office. The wholesaler's business books and records shall be kept at that business office.

4. A wholesaler shall maintain written records of all business transactions involving the sale, exchange, or offer of any interest in a motor vehicle.

5. A wholesaler shall transact all business, including but not limited to the purchase and sale of motor vehicles, exclusively in its licensed wholesale business name, and not in the name of another person, whether that other person is or is not associated with the wholesaler license. However, in order to prevent confusion between the wholesale business transactions of a sole proprietor and the personal transactions of the natural person of the same name, a sole proprietor wholesaler shall transact all wholesale business using the sole proprietor's name coupled with the word, "wholesaler" (for example, "Wholesaler Joe Smith," "Joe Smith, Wholesaler," or "Joe Smith--- Wholesaler").

6. A wholesaler shall permit the board and its agents and representatives to inspect, with cause, including ongoing investigation, compliance audit, sworn complaint, or order of the board, the wholesaler's books and records, excluding financial statements and tax returns, any time from Monday through Friday between 9 AM and 5 PM. Upon receipt of a subpoena from the board or the director, the wholesaler shall provide all records, including financial records and tax returns, to the board, the director, or to the agents or representatives of the board or the director. Upon the wholesaler's written request, auto industry division staff shall, under their direct supervision, make available to the wholesaler, all of the records that the wholesaler provides voluntarily or under subpoena, in order for the wholesaler to test, inspect, or copy the records.

7. See Regulation 44-20-102(18) for the definitions of "profit" and "gain of money."

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

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