| (a) Vehicle purchase, leasing, and sales records. A
vehicle lessor or vehicle lease facilitator shall maintain a complete
record of all vehicle purchases, leases, and sales of leased vehicles
for at least one year after the expiration of the vehicle lease.
(1) Complete records reflecting vehicle lease transactions
that occurred within the preceding 24 months must be maintained at
the licensed location. Records for prior time periods may be kept
off-site.
(2) Within 15 days of receipt of a request from a representative
of the department, a vehicle lessor or vehicle lease facilitator shall
deliver a copy of the specified records to the address listed in the
request.
(b) Content of records for lease transaction. A complete
record for a vehicle lease transaction must contain:
(1) the name, address, and telephone number of the
vehicle lessor;
(2) the name, mailing address, physical address, and
telephone number of each vehicle lessee;
(3) the name, address, telephone number, and license
number of the lease facilitator;
(4) the name, work address, and telephone number of
each employee of the vehicle lease facilitator that handled the transaction;
(5) a complete description of the vehicle involved
in the transaction, including the VIN;
(6) the name, address, telephone number, and GDN of
the dealer selling the vehicle, as well as the franchised dealer's
license number if the vehicle is a new motor vehicle;
(7) the amount of fee paid to the vehicle lease facilitator
or a statement that no fee was paid;
(8) a copy of the buyer's order and sales contract
for the vehicle;
(9) a copy of the vehicle lease contract;
(10) a copy of all other contracts, agreements, or
disclosures between the vehicle lease facilitator and the consumer
lessee; and
(11) a copy of the front and back of the manufacturer's
statement of origin, manufacturer's certificate of origin, or the
title of the vehicle, as applicable.
(c) Content of records for sale of leased vehicle.
A vehicle lessor's complete record for each vehicle sold at the end
of a lease to a lessee, a dealer, or at a wholesale motor vehicle
auction must contain:
(1) the date of the purchase;
(2) the date of the sale;
(3) the VIN;
(4) the name and address of the person selling the
vehicle to the vehicle lessor;
(5) the name and address of the person purchasing the
vehicle from the vehicle lessor;
(6) except for a purchase or sale where the Tax Code
does not require payment of motor vehicle sales tax, a tax assessor-collector
receipt marked paid;
(7) a copy of all documents, forms, and agreements
applicable to a particular sale, including a copy of:
(A) the title application;
(B) the work-up sheet;
(C) the front and back of manufacturer's certificate
of origin or manufacturer's statement of origin, unless the title
is obtained through the electronic title system;
(D) the front and back of the title, unless the title
is obtained through the electronic title system;
(E) the factory invoice;
(F) the sales contract;
(G) the retail installment agreement;
(H) the buyer's order;
(I) the bill of sale;
(J) any waiver;
(K) any other agreement between the seller and purchaser;
and
(L) the purchaser's photo identification if sold to
a lessee;
(8) a copy of the original manufacturer's certificate
of origin, original manufacturer's statement of origin, or title for
motor vehicle offered for sale, or a properly stamped original manufacturer's
certificate of origin, original manufacturer's statement of origin,
or original title for a title transaction entered into the electronic
titling system by a dealer;
(9) the monthly Motor Vehicle Seller Financed Sales
Returns, if any; and
(10) if the vehicle sold is a motor home or a towable
recreational vehicle subject to inspection under Transportation Code,
Chapter 548, a copy of the written notice provided to the buyer at
the time of the sale, notifying the buyer that the vehicle is subject
to inspection requirements.
(d) Records of advertising. A vehicle lessor or vehicle
lease facilitator shall maintain a copy of all advertisements, brochures,
scripts, or an electronically reproduced copy in whatever medium appropriate,
of promotional materials for a period of at least 18 months. Each
copy is subject to inspection upon request by the department at the
business location during posted business hours.
(1) A vehicle lessor and a vehicle lease facilitator
shall comply with all federal and state advertising laws and regulations,
including Subchapter F of this chapter (relating to Advertising).
(2) A vehicle lessor's or vehicle lease facilitator's
advertising or promotional materials may not state or infer, either
directly or indirectly, that the business involves the sale of new
motor vehicles.
(e) Title assignments. Each certificate of title, manufacturer's
certificate of origin, or other evidence of ownership for a vehicle
that has been acquired by a vehicle lessor for lease must be properly
assigned from the seller in the vehicle lessor's name.
(f) Letters of representation or appointment. A letter
of representation or appointment between a vehicle lessor and a vehicle
lease facilitator must be executed by both parties and maintained
by each party.
(g) Electronic records. Any record required to be maintained
by a vehicle lessor or vehicle lease facilitator may be maintained
in an electronic format, provided the electronic record can be printed
at the licensed location or sent electronically upon department request.
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