New and used motor vehicle dealers, powersports dealer, wholesalers and wholesale
auction dealers are required to have a surety bond
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,Answer- in the amount of $50,000
Bond of licensee (1) Before any motor vehicle dealer's, wholesaler's,
wholesale motor vehicle auction dealer's, or used motor vehicle dealer's
license shall be issued by the board through the executive director to any
applicant therefor, the said applicant shall procure and file with the board
evidence of a savings account, deposit, or certificate of deposit meeting the
requirements of section 11-35- 101, C.R.S., or a good and sufficient bond with
corporate surety thereon duly licensed to do business within the state,
approved as to form by the attorney general of the state, and conditioned
that said applicant shall not practice fraud, make any fraudulent
representation, or violate any of the provisions of this part 1 that are
designated by the board by rule in the conduct of the business for which such
applicant is licensed. A motor vehicle dealer or used motor vehicle dealer
shall not be required to furnish an additional bond, savings account, deposit,
or certificate of deposit under this section if such dealer furnishes a bond,
savings account, deposit, or certificate of deposit under section 12-6-512. (2)
(a) The purpose of the bond procured by the applicant pursuant to
subsection (1) of this section and section 12-6-112.2 (1) is to provide for the
reimbursement for any loss or damage suffered by any retail consumer
caused by violation of this part 1 by a motor vehicle dealer, used motor
vehicle dealer, wholesale motor vehicle auction dealer, or wholesaler. For a
wholesale transaction, the bond is available to each party to the transaction;
except that, if a retail consumer is involved, such consumer shall have priority
to recover from the bond. The amount of the bond shall be fifty thousand
dollars for a motor vehicle dealer applicant, used motor vehicle dealer
applicant, wholesale motor vehicle auction dealer applicant, or wholesaler
applicant except the amount of the bond shall be five thousand dollars for
those dealers who sell only small utility trailers that weigh less than two
thousand pounds. The aggregate liability of the surety for all transactions shall
not exceed the amount of the bond, regardless of the number of claims or
claimants
All bonds required pursuant to this section shall be renewed annually at such
time as the bondholder's license is renewed. Such renewal may be done
through a continuation certificate issued by the surety.
,it is unlawful for a motor vehicle salesperson to:
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begin acting as a salesperson while awaiting a new license from the board
according to COlorado law, which of the following does not need to be a licenses as a
motor vehicle dealer and/or powersports dealer?
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a buyers agent
Licensed salespersons cannot obtain a buyer agent license because they
receive compensation from a dealer. Buyer agents are strictly prohibited from
being employed or receiving any fee from a dealer.
When a salesperson leaves a dealer, the dealer must do all the following execpt:
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Immediately employ a new salesperson, licensed or not
Which of the following steps are required to porperly and legally repossess a motor
vehicle
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allow the debtor 20 days to cure
If a mortgagee, lienholder, or the mortgagee's or lienholder's assignee or the
agent of either repossesses a motor or off-highway vehicle because of
default in the terms of a secured debt, the repossessor shall notify, either
orally or in writing, a law enforcement agency, as provided in this section, of
the repossession, the name of the owner, the name of the repossessor, and
the name of the mortgagee, lienholder, or assignee. The notification must be
made at least one hour before, if possible, and in any event no later than one
hour after, the repossession occurs. If the repossession takes place in an
incorporated city or town, the repossessor shall notify the police department,
town marshal, or other local law enforcement agency of the city or town. If
the repossession takes place in the unincorporated area of a county, the
repossessor shall notify the county sheriff. (2) A repossessor who violates
subsection (1) of this section is guilty of a class 2 misdemeanor and, upon
conviction, shall be punished as provided in section 18-1.3-501, C.R.S. (3) If a
motor or off-highway vehicle being repossessed is subject to the "Uniform
Commercial Code - Secured Transactions", article 9 of title 4, C.R.S., the
repossession is governed by section 4-9- 629, C.R.S. (4) As used in this
section, the term "repossessor" means the party who physically takes
possession of the motor or off-highway vehicle and drives, tows, or transports
the vehicle for delivery to the mortgagee, lienholder, or assignee or the agent
of the mortgagee, lienholder, or assignee.
the definition of a used motor vehicle dealer or used powersports dealer includes which
of the following
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A person who attempts to negoitiate a sale or lease of a used motor vehicle
or powersports vehicle woth the intent to make a profit or gain
auction dealers are required to have a surety bond
Give this one a try later!
,Answer- in the amount of $50,000
Bond of licensee (1) Before any motor vehicle dealer's, wholesaler's,
wholesale motor vehicle auction dealer's, or used motor vehicle dealer's
license shall be issued by the board through the executive director to any
applicant therefor, the said applicant shall procure and file with the board
evidence of a savings account, deposit, or certificate of deposit meeting the
requirements of section 11-35- 101, C.R.S., or a good and sufficient bond with
corporate surety thereon duly licensed to do business within the state,
approved as to form by the attorney general of the state, and conditioned
that said applicant shall not practice fraud, make any fraudulent
representation, or violate any of the provisions of this part 1 that are
designated by the board by rule in the conduct of the business for which such
applicant is licensed. A motor vehicle dealer or used motor vehicle dealer
shall not be required to furnish an additional bond, savings account, deposit,
or certificate of deposit under this section if such dealer furnishes a bond,
savings account, deposit, or certificate of deposit under section 12-6-512. (2)
(a) The purpose of the bond procured by the applicant pursuant to
subsection (1) of this section and section 12-6-112.2 (1) is to provide for the
reimbursement for any loss or damage suffered by any retail consumer
caused by violation of this part 1 by a motor vehicle dealer, used motor
vehicle dealer, wholesale motor vehicle auction dealer, or wholesaler. For a
wholesale transaction, the bond is available to each party to the transaction;
except that, if a retail consumer is involved, such consumer shall have priority
to recover from the bond. The amount of the bond shall be fifty thousand
dollars for a motor vehicle dealer applicant, used motor vehicle dealer
applicant, wholesale motor vehicle auction dealer applicant, or wholesaler
applicant except the amount of the bond shall be five thousand dollars for
those dealers who sell only small utility trailers that weigh less than two
thousand pounds. The aggregate liability of the surety for all transactions shall
not exceed the amount of the bond, regardless of the number of claims or
claimants
All bonds required pursuant to this section shall be renewed annually at such
time as the bondholder's license is renewed. Such renewal may be done
through a continuation certificate issued by the surety.
,it is unlawful for a motor vehicle salesperson to:
Give this one a try later!
begin acting as a salesperson while awaiting a new license from the board
according to COlorado law, which of the following does not need to be a licenses as a
motor vehicle dealer and/or powersports dealer?
Give this one a try later!
a buyers agent
Licensed salespersons cannot obtain a buyer agent license because they
receive compensation from a dealer. Buyer agents are strictly prohibited from
being employed or receiving any fee from a dealer.
When a salesperson leaves a dealer, the dealer must do all the following execpt:
Give this one a try later!
Immediately employ a new salesperson, licensed or not
Which of the following steps are required to porperly and legally repossess a motor
vehicle
, Give this one a try later!
allow the debtor 20 days to cure
If a mortgagee, lienholder, or the mortgagee's or lienholder's assignee or the
agent of either repossesses a motor or off-highway vehicle because of
default in the terms of a secured debt, the repossessor shall notify, either
orally or in writing, a law enforcement agency, as provided in this section, of
the repossession, the name of the owner, the name of the repossessor, and
the name of the mortgagee, lienholder, or assignee. The notification must be
made at least one hour before, if possible, and in any event no later than one
hour after, the repossession occurs. If the repossession takes place in an
incorporated city or town, the repossessor shall notify the police department,
town marshal, or other local law enforcement agency of the city or town. If
the repossession takes place in the unincorporated area of a county, the
repossessor shall notify the county sheriff. (2) A repossessor who violates
subsection (1) of this section is guilty of a class 2 misdemeanor and, upon
conviction, shall be punished as provided in section 18-1.3-501, C.R.S. (3) If a
motor or off-highway vehicle being repossessed is subject to the "Uniform
Commercial Code - Secured Transactions", article 9 of title 4, C.R.S., the
repossession is governed by section 4-9- 629, C.R.S. (4) As used in this
section, the term "repossessor" means the party who physically takes
possession of the motor or off-highway vehicle and drives, tows, or transports
the vehicle for delivery to the mortgagee, lienholder, or assignee or the agent
of the mortgagee, lienholder, or assignee.
the definition of a used motor vehicle dealer or used powersports dealer includes which
of the following
Give this one a try later!
A person who attempts to negoitiate a sale or lease of a used motor vehicle
or powersports vehicle woth the intent to make a profit or gain
