(1) A vehicle dealer transferring any interest in a vehicle or camper shall:

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(a) Within 25 calendar days of the transfer furnish the certificate of title or other primary ownership document for the vehicle and any release thereon to the security interest holder next named, if any, otherwise to the lessor or, if none, to the purchaser;

(b) Within 30 calendar days of the transfer submit to the Department of Transportation, in a manner that complies with any applicable statutes and rules, an application for title on behalf of the person to whom the title is to be furnished or whose name is to appear on the title record;

(c) Comply with rules adopted by the department if title has not been or will not be issued in the form of a certificate; or

(d) Within 25 business days of the transfer provide a notice of delay to the security interest holder next named, if any, the lessor, if any, and the purchaser. The notice shall contain:

(A) The reason for the delay;

(B) The anticipated extent of the delay; and

(C) A statement of the rights and remedies available to the purchaser if the delay becomes unreasonably extended.

(2) A vehicle dealer shall maintain records as determined by the department by rule to show whether the dealer has complied with subsection (1) of this section.

(3) A vehicle dealer that fails to comply with the provisions of subsection (1) of this section is subject to revocation, cancellation or suspension of the dealer’s certificate pursuant to ORS § 822.050. [1989 c.452 § 2; 1991 c.873 § 44; 1993 c.233 § 71; 1997 c.469 § 6; 2001 c.104 § 309; 2003 c.655 § 130]