CFPB’s Arbitration Agreement Rule
09/20/2017 - Dealers and finance companies must be in compliance with the CFPB’s
new arbitration agreement rule by March 19, 2018.
Motor Vehicle Sales Tax
08/31/2017 - The Oklahoma Supreme Court upheld the constittutionality of a new sales
tax on motor vehicle sales. The 1.25% tax became effective July 1, 2017. This tax
will be paid by the consumer along with the current 3.25% excise tax when the vehicle
is registered at the tag office.
DOCC Issues 2017 Dollar Amount Changes
06/26/2017 - The DOCC has issued updates to the maximum amounts creditors can charge
on items affected by the Consumer Price Index.
Model Year Changeover
06/26/2017 - July 1 is the date that 2017 models become eligible for used dealer
excise tax exemption.
New Applicants Must Submit OSBI Report
05/03/2017 - Applicants for initial dealer or salesperson license must provide a
current OSBI Criminal History Report.
Buyers Guide Changes Announced by FTC
The FTC has issued the Final Rule regarding changes to the Buyers Guide. Rule changes
are effective January 28, 2017. Existing stock of current forms may be used until
January 28, 2018 (one year after effective date.)
Rule Violations Hit the Bottom Line - Oklahoma used motor vehicle dealers are finding
that failure to comply with state and federal regulations can have a negative impact
on store profits.
Out-Of-State Reassignment - Licensed Oklahoma motor vehicle dealers are allowed
to reassign other states’ certificates of title, including tribal titles.
Open Safety Recalls - Independent dealers have three primary choices when faced
with selling a vehicle subject to an open safety recall. Points to consider when
establishing dealership policy are here.
Title Assignment Date - The Motor Vehicle Division of the Oklahoma Tax Commission
issued a reminder that the certificate of title assignment date is the date of ownership
transfer, not the date the title is completed or entered into the OTC system. Here
is more info on Completion of the Certificate of Title.
Contracting With Minors - Dealers frequently ask about procedures for selling a
car to a minor. John Maile, Executive Director of the UMV&PC, has prepared a discussion
of best practices for contracting with minors.
Model Year Changeover - July 1 is the established date that 2014 models become eligible
for used dealer excise tax exemption. However, model year exceptions may apply. Here
is more on excise tax exemptions.
Title 42 Reform - OIADA’s Senate Bill 582, Possessory Lien Reform, legislation becomes
effective November 1, 2014. Get the details…