Colorado Legislative Council Staff

NO FISCAL IMPACT

TITLE:            CONCERNING USED MOTOR VEHICLE DEALER LICENSEES' DISCLOSURE REQUIREMENTS.

Summary of Assessment

            The bill would clarify when a used motor vehicle dealer licensee must disclose the amount of any compensation received in the sale, exchange, or lease of a vehicle not owned by the licensee from the vehicle owner and the vehicle purchaser. Under current law, disclosure of compensation is required prior to negotiations, and in writing prior to completion of the sale. This bill would require disclosure of compensation be made prior to completion of the sale, exchange, or lease of a vehicle. The bill would become effective upon the Governor's signature.

            The bill regulates a transaction between private parties during the sale of a used motor vehicle and would not involve state or local government revenues, expenditures, or personnel. Therefore, this bill is assessed as having no fiscal impact.

Departments Contacted

            Revenue