A dealer engages in an act of unlawful transfer of ownership interest in motor vehicles when all of the following circumstances are met:
(1) The dealer does not pay off any balance due to the secured party on a vehicle acquired by the dealer, no later than the close of the second business day after the acquisition date of the vehicle; and(2) The dealer does not obtain a certificate of title under RCW 46.70.124 for each used vehicle kept in his or her possession unless that certificate is in the possession of the person holding a security interest in the dealer's inventory; and(3) The dealer does not transfer the certificate of title after the transferee has taken possession of the motor vehicle.Amended by 2010 c 161, § 1101, eff. 7/1/2011.2000 c 171 § 71; 1990 c 44 § 6.Effective date-Intent-Legislation to reconcile chapter 161, Laws of 2010 and other amendments made during the 2010 legislative session- 2010 c 161 : See notes following RCW 46.04.013.