75 Ind. Admin. Code 6-2-8

Current through October 31, 2024

Section 75 IAC 6-2-8 - Consignment sales

Authority: IC 9-32-3-1

Affected: IC 9-32

Sec. 8.

(a) A consignor who consigns a motor vehicle or watercraft to a consignee to be offered for sale and sold by the consignee on behalf of the consignor to a third party purchaser must provide the consignee with:

(1) the title to the motor vehicle or watercraft;

(2) a duly executed consignment agreement between the consignor and the consignee; and

(3) the consignment sale form prescribed by the secretary.

(b) The consignor must be identified to the buyer by the consignee.

(c) A consignment agreement for consignment sales must contain, but is not limited to, the following information:

(1) The name and current address of the watercraft or motor vehicle's titled owner and person having possession of the title.

(2) The name and current address of any party holding a lien on the motor vehicle or watercraft.

(3) The name and current address of the party to which the motor vehicle or watercraft was consigned for sale.

(4) A description of the motor vehicle or watercraft, including make, model, color, and manufacturer's vehicle identification number or hull identification number.

(5) A statement showing that the consignor has appointed the consignee as an agent for the purpose of offering the motor vehicle or watercraft for sale.

(6) Any sales conditions that must be met by the consignee.

A consignment agreement must be completed for each motor vehicle or watercraft offered for sale on the consignment sales lot regardless of whether or not the consignor has provided a title. A copy of the consignment agreement must be maintained continuously for a period of three (3) years.

(d) Consignment arrangements do not apply to a licensed dealer's inventory.

(e) The motor vehicle or watercraft must be registered by the consignor and insured by the consignor for the purpose of demonstration of the vehicle. The consignee is not eligible for interim plates.

(f) A consignment sale must take place at the consignee's established place of business.

(g) A motor vehicle being offered for sale by a consignee must be clearly marked as a consigned motor vehicle in a manner that makes the consigned motor vehicle easily distinguishable from the consignor's inventory.

75 IAC 6-2-8

Filed 8/15/2014, 9:57 a.m.: 20140910-IR-075130566FRA

Filed 12/14/2017, 1:16 p.m.: 20180110-IR-075160435FRA

Readopted filed 11/30/2023, 11:48 a.m.: 20231227-IR-075230626RFA