Minn. R. agency 171, ch. 7400, DEALER LICENSING, pt. 7400.0800

Current through Register Vol. 49, No. 20, November 12, 2024

Part 7400.0800 - CHANGE IN DEALER LICENSE CONDITIONS

Subpart 1.Notice of change.

A dealer shall notify the registrar of a change in dealer information. Dealer information is the current information that the registrar has concerning a dealer based upon the information or items submitted by the dealer in its initial license application, as updated by any notices of change.

Subp. 2.Form of notice.

A notice of change must be made on a form provided by the registrar and must meet the following conditions:

A. A notice of change must indicate the dealer information that has changed.

B. A notice of change must be accompanied by initial license items that have changed.

C. One owner, officer, or board member shall sign the notice, verifying that the information on the notice is true. The signature must be notarized.

D. A person who is removed as an owner, officer, or board member shall sign the notice, verifying that the person has been removed. The signature must be notarized. If it is not possible for this person to sign, the notice of change must contain the reason.

Subp. 3.Timing of notice.

The dealer shall submit a notice of change so that it is received by the registrar before the change occurs, unless this is not possible, in which case, the dealer shall give notice as soon as reasonable. When a dealer adds a new location, the dealer may not sell a vehicle at that location until the registrar approves the location.

Subp. 4.Approval of location.

The registrar shall approve a location if it meets the established place of business requirements of parts 7400.4000 to 7400.4300 and Minnesota Statutes, section 168.27, subdivision 10. The registrar shall make this determination based on the notice of change and the items filed with the notice of change.

Subp. 5.Dealer license not transferable.

A dealer license may not be transferred from one person or organization to another. Another dealer license must be obtained before a successor dealer may engage in motor vehicle transactions. In addition, if the successor dealer is required to have a bond, the bond must be separate and distinct from the bond under the original license.

A dealer license issued to a partnership becomes invalid when an original partner leaves the partnership or a new partner is brought into the partnership.

A dealer license issued to a corporation or limited liability company becomes invalid when the entity is dissolved. A dealer license remains valid when a shareholder of the corporation or the name of the corporation is changed. A dealer license remains valid when a member of the limited liability company or the name of the limited liability company is changed.

A dealer license issued to an individual, partnership, corporation, or limited liability company does not transfer to a new business entity created by a change in the form of ownership of the business.

Minn. R. agency 171, ch. 7400, DEALER LICENSING, pt. 7400.0800

19 SR 157

Statutory Authority: MS s 299A.01