Montana Code 61-4-127. Broker requirements — restrictions — annual report — fees
61-4-127. Broker requirements — restrictions — annual report — fees. (1) A broker may not display a motor vehicle, power sports vehicle, or trailer at the broker’s established place of business.
Terms Used In Montana Code 61-4-127
- Broker: means a person:
(a)who engages in the business of offering to procure or procuring a motor vehicle, a trailer, a semitrailer, a pole trailer, a travel trailer, a motorboat, a personal watercraft, a snowmobile, or an off-highway vehicle on behalf of another; or
(b)who represents to the public through solicitation, advertisement, or otherwise that the person is one who offers to procure or procures a motor vehicle, a trailer, a semitrailer, a pole trailer, a travel trailer, a motorboat, a personal watercraft, a snowmobile, or an off-highway vehicle by negotiating purchases, contracts, sales, or exchanges on behalf of another and who does not store, display, or take ownership of a motor vehicle, a trailer, a semitrailer, a pole trailer, a travel trailer, a motorboat, a personal watercraft, a snowmobile, or an off-highway vehicle. See Montana Code 61-4-131
- Business entity: means a corporation, association, partnership, limited liability partnership, limited liability company, or other legal entity recognized under state law. See Montana Code 61-1-101
- Customer identification number: means :
(a)a driver's license or identification card number when the customer is an individual who has been issued a driver's license or identification card by a state driver licensing authority;
(b)a federal employer or tax identification number when the customer is a business entity that has been issued a federal employer or tax identification number;
(c)the identification number assigned by the secretary of state to a business entity authorized to do business in this state under Title 35 if the customer is a business entity that does not have a federal employer or tax identification number other than a social security number; or
(d)if the customer has not been issued one of the numbers described in subsections (14)(a) through (14)(c), a number assigned to the customer by the department when a transaction is initiated under this title. See Montana Code 61-1-101
- Dealer: means a person that, for commission or profit, engages in whole or in part in the business of buying, selling, exchanging, or accepting on consignment new or used motor vehicles, trailers, semitrailers, pole trailers, travel trailers, motorboats, sailboats, snowmobiles, off-highway vehicles, or special mobile equipment that is not registered in the name of the person. See Montana Code 61-1-101
- Department: means the department of justice acting directly or through its duly authorized officers or agents. See Montana Code 61-1-101
- Established place of business: means the geographic location upon which a permanent building is located that is actually occupied either continuously or at regular periods by a person licensed under this part. See Montana Code 61-4-131
- Motor vehicle: means :
(i)a vehicle propelled by its own power and designed or used to transport persons or property on the highways of the state;
(ii)a quadricycle if it is equipped for use on the highways as prescribed in chapter 9; or
(iii)a golf cart only if it is equipped for use on the highways as prescribed in chapter 9 and is operated pursuant to 61-8-391 or by a person with a low-speed restricted driver's license. See Montana Code 61-1-101
- Owner: means each person who holds the legal title to a vehicle. See Montana Code 61-1-101
- person: means an individual, corporation, partnership, limited partnership, limited liability company, association, joint venture, state agency, local government unit, another state government, the United States, a political subdivision of this or another state, or any other legal or commercial entity. See Montana Code 61-1-101
- Power sports vehicle: includes a motorboat, a personal watercraft, a snowmobile, or an off-highway vehicle. See Montana Code 61-4-131
- Trailer: has the meaning provided in 61-1-101 but does not include a trailer that has an unloaded weight of less than 500 pounds. See Montana Code 61-4-131
- Vehicle: means a device in, on, or by which any person or property may be transported or drawn on a public highway, except devices moved by animal power or used exclusively on stationary rails or tracks. See Montana Code 61-1-101
(2)A broker shall install and maintain telephone service at the broker’s established place of business. The telephone service must be listed in the directory assistance that applies to the area in which the business is located, or if a cellular service is used, the broker’s cell phone number must be posted at the broker’s established place of business.
(3)(a) A broker shall maintain a record of every purchase, sale, or exchange of a motor vehicle, power sports vehicle, or trailer negotiated by the broker for compensation upon behalf of a client. The record must include the name, address, and customer identification number of:
(i)the broker’s client;
(ii)the dealer or person from whom the client purchased, sold, or exchanged a motor vehicle, power sports vehicle, or trailer; and
(iii)the financial institution, if any, that financed the client’s purchase, sale, or exchange of a motor vehicle, power sports vehicle, or trailer.
(b)The broker shall also maintain a record of each motor vehicle, power sports vehicle, or trailer for which a deal was brokered, including a description of the vehicle, power sports vehicle, or trailer, its identification number, and the source or sources of compensation received by the broker for each deal.
(c)All records must be physically located and maintained within the building referred to in 61-4-101. Records must be preserved for at least 5 years after the date of the purchase, sale, or exchange negotiated by the broker. An authorized representative of the department, upon presentation of the representative’s credentials, may inspect and have access to and copy any records required under this chapter.
(4)(a) On or before the 15th day of the month prior to the dealer license expiration month, a broker shall submit an annual report, in a form or manner prescribed by the department, to the department pertaining to any changes concerning owner identity, other ownership interests, felony conduct, or surety bond filings, as originally required under 61-4-101, that may have occurred during that calendar year and providing any other relevant information required by the department.
(b)If a broker seeks to change the applicant’s name, ownership interest in the business, corporate officer or managing member of the business entity, or a person designated by the applicant to manage or oversee the applicant’s business, the broker shall also provide a new license application as originally required under 61-4-101 and the department shall examine the license application as required under 61-4-101.
(5)The annual report must be accompanied by a $30 filing fee. The annual report must include the number of purchases, sales, or exchanges negotiated by the broker during the calendar year for which the annual report is filed.