| (a) Purchase and leasing records. A vehicle lessor
or vehicle lease facilitator must maintain a complete record of all
vehicle purchases and sales for at least one year after the expiration
of the vehicle lease.
(1) 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
at a location within the same county or within 25 miles of the licensed
location.
(2) Within 15 days of receipt of a request sent by
mail or by electronic document transfer from a representative of the
department, a vehicle lessor or vehicle lease facilitator must deliver
a copy of the specified records to the address listed in the request.
(b) Content of records. A complete record for a vehicle
lease transaction must contain:
(1) the name, address, and telephone number of the
lessor of the vehicle subject to the transaction;
(2) the name, mailing address, physical address, and
telephone number of each lessee of the vehicle subject to the transaction;
(3) the name, address, telephone number, and license
number of the lease facilitator of the vehicle subject to the transaction;
(4) the name, home 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 franchise license number
of the dealer if the vehicle involved in the transaction 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 if the vehicle involved in the transaction is
a new motor vehicle.
(c) Records of advertising. A vehicle lessor or vehicle
lease facilitator must 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 a representative of
the department at the business of the license holder during posted
business hours.
(1) Vehicle Lessors and vehicle lease facilitators
must comply with all federal and state advertising laws and regulations,
including Subchapter H of this chapter (relating to Advertising).
(2) A vehicle lessor or vehicle lease facilitator may
not state or infer in any advertisement, either directly or indirectly,
that the business involves the sale of new motor vehicles.
(d) 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.
(e) Letters of appointment. A letter of appointment
between a vehicle lessor and a vehicle lease facilitator with whom
the vehicle lessor conducts business must be executed by both parties.
(f) 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 upon request for the record by a representative
of the department.
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