41-3-103 - Exceptions to "dealer" definition -- Dealer licensed in other state.
41-3-103. Exceptions to "dealer" definition -- Dealer licensed in other state.
Under this chapter:
(1) (a) An insurance company, bank, finance company, company registered as a titlelender under Title 7, Chapter 24, Title Lender Registration Act, company registered as a checkcasher or deferred deposit lender under Title 7, Chapter 23, Check Cashing and Deferred DepositLending Registration Act, public utility company, commission impound yard, federal or stategovernmental agency, or any political subdivision of any of them or any other person coming intopossession of a motor vehicle as an incident to its regular business, that sells the motor vehicleunder contractual rights that it may have in the motor vehicle is not considered a dealer.
(b) A person who sells or exchanges only those motor vehicles that the person has ownedfor over 12 months is not considered a dealer.
(2) (a) A person engaged in leasing motor vehicles is not considered as coming intopossession of the motor vehicles incident to the person's regular business.
(b) A pawnbroker engaged in selling, exchanging, or pawning motor vehicles isconsidered as coming into possession of the motor vehicles incident to the person's regularbusiness and must be licensed as a used motor vehicle dealer.
(3) A person currently licensed as a dealer or salesperson by another state or country andnot currently under license suspension or revocation by the administrator may only sell motorvehicles in this state to licensed dealers, dismantlers, or manufacturers, and only at their places ofbusiness.
Amended by Chapter 393, 2010 General Session