(a) The department may rescind, cancel, or revoke an
existing title or application for a title if a notarized or county
stamped affidavit is completed and presented to the department within
90 days of initial sale containing:
(1) a statement that the vehicle involved was a new
motor vehicle in the process of a first sale;
(2) a statement that the dealer, the applicant, and
any lienholder have canceled the sale;
(3) a statement that the vehicle was:
(A) never in possession of the title applicant; or
(B) in the possession of the title applicant;
(4) the signatures of the dealer, the applicant, and
any lienholder as principal to the document; and
(5) an odometer disclosure statement executed by the
purchaser of the motor vehicle and acknowledged by the dealer if a
statement is made pursuant to paragraph (3)(B) of this subsection
to be used for the purpose of determining usage subsequent to sale.
(b) A rescission, cancellation, or revocation containing
the statement authorized under subsection (a)(3)(B) of this section
does not negate the fact that the vehicle has been subject to a previous
retail sale.
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