Lawsuit Filed Challenging Motor Vehicle Sales Tax - The Oklahoma Automobile Dealers Association (OADA) filed suit in the Oklahoma Supreme Court challenging the constitutionality of the motor vehicle sales tax.
Sales Tax On Motor Vehicle Sales - Effective July 1, 2017, motor vehicle sales will be subject to a 1.25% sales tax in addition to the current 3.25% excise tax. The new sales tax will be paid by the consumer at the time of registration, along with the excise tax.
Model Year Changeover - July 1 is the established date that 2017 models become eligible for used dealer excise tax exemption. However, model year exceptions may apply. Here is more on excise tax exemptions.
Odometer Disclosure Exemptions - Generally, an odometer disclosure statement is required upon vehicle ownership transfer. However, certain vehicles and situations are exempt from the odometer disclosure requirement. More on Odometer Disclosure Requirements.
Out-of-state Title Reassignments - OTC update to rules governing out-of-state title reassignments; effective 07/11/2013.
Special Mobilized Machinery - OTC policy update regarding dealer exemptions for special mobilized machinery; effective August 2013.
Outstanding Income Tax Liens - All Oklahoma dealers and salespersons should be aware that an outstanding income tax lien can delay license renewal.
05/03/2017 - Applicants for initial dealer or salesperson license must provide a current OSBI Criminal History Report.
05/05/2017 - The UMV&PC auditors are notifying dealers that compliance requires two separate notices.
Changes effective November 1, 2015. Applications and renewals for 2016 will be assessed two-year license fees. Any associated bonds must also be two-year.
Oklahoma used motor vehicle dealers are finding that failure to comply with state and federal regulations can have a negative impact on store profits.
New Vehicle Consignment Rules - 12/2014 - The UMV&PC has published changes to the vehicle consignment rules. View the New Vehicle Consignment Rules (deleted language is indicated by strikeout while new language is indicated by underline.)
Post the Buyers Guide - 06/2014 - UMV&PC investigators are now auditing for display of the FTC As-Is Buyers Guide in all vehicles offered for sale. Federal law allows penalties up to $16,000 per vehicle for non-compliance. View the FTC Dealer’s Guide to the Used Car Rule. More on Compliance…
Watch Your Advertising - 06/2014 - The Commission continues to be highly concerned about advertising issues. At the June 2014 meeting, staff noted that complaints regarding internet advertising are becoming more prevalent. Some dealers post different prices on the internet than are available at the store. Staff recommended that rules be written to address the issue. Dealers should continue to expect increased scrutiny of their advertising activities (including Craigslist and other online postings) by the UMV&PC.
Title 42 Complaint Process - The UMV&PC and the Attorney General’s office have established a complaint process for dealers to report Title 42 abuses.
Notification Filings are Due January 31
Dealers who make consumer credit sales, consumer leases, or consumer loans must renew their Notification Filing with the Oklahoma Dept. Of Consumer Credit annually. (If the dealership is listed as “Seller” on a Retail Installment Sales Contract, that dealership is subject to the Notification Filing requirement.) For more info, see this article. To download filing forms, go to DOCC.
Changes in Dollar Amounts
Changes in the maximum charges that a Lender may make on items that are affected by the Consumer Price Index.