Md. Code Regs. 11.15.33.03

Current through Register Vol. 51, No. 25, December 13, 2024

Section 11.15.33.03 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Administration" means the Motor Vehicle Administration.

(2) "Certified selling price" means the full price of the vehicle purchased before the trade-in allowance is deducted.

(3) "Dealer" has the meaning stated in Transportation Article, § 11-111, Annotated Code of Maryland.

(4) Lease.

(a) "Lease" means a signed contract or agreement for the rental or leasing of a vehicle for more than 180 consecutive days.

(b) "Lease" includes a lease where the vehicle is intended or not intended as security as defined in Transportation Article, § 11-127.1, Annotated Code of Maryland.

(5) "Leased vehicle" means a vehicle acquired from a dealer, by the lessor, for lease of the vehicle to a lessee for payment under the terms and conditions of a lease.

(6) "Lessee" means a person or entity who, under the terms and conditions of a lease made at the time of acquisition from a dealer, has possession of the leased vehicle.

(7) "Lessor" means a person or entity who, at the time of acquisition from a dealer, relinquished possession of the vehicle to a lessee under the terms and conditions of the lease.

(8) "Nonleased vehicle" means a vehicle in which a person or business entity holds both title to, and possession of, the vehicle.

(9) "Taxable price" means the total purchase price as stated in Transportation Article, § 13-809, Annotated Code of Maryland.

(10) "Trade-in" means a vehicle assigned to a dealer for the purpose of receiving a deduction in value that is applied to the purchase price of another vehicle.

(11) "Trade-in allowance" means the amount determined by the dealer that is deducted from the purchase price of another vehicle.

Md. Code Regs. 11.15.33.03