2001 House Bill 5363 ↩

House Roll Call 689: Passed

To give the Secretary of State authority to regulate auto lease transactions comparable to the authority it now has over the sale of cars by dealers, and require licensure for those engaged in "leasing" and "negotiating a lease" of a vehicle for a term of more than 120 days. Financial institutions, insurers, rental companies, and companies that lease fleets of 5 or more semitrailers are excluded from the auto dealer license requirements of the bill. The bill also has a provision increasing the fee a local government may charge to inspect a scrapped and salvaged vehicle from $50 to $100.