§ 27-14-2303 - Disclosure requirements.
27-14-2303. Disclosure requirements.
(a) (1) When any dealer in this state offers for sale a motor vehicle which carries a title branded pursuant to this subchapter, the dealer shall disclose to any prospective buyer or purchaser prior to sale the nature of the title brand and shall furnish him or her a description of the damage sustained by the motor vehicle on file with the Office of Motor Vehicle.
(2) The disclosure shall be on a buyer's notification form to be prescribed by the Consumer Protection Division of the Office of the Attorney General.
(3) (A) The form shall be fully filled out and affixed to a side window of the motor vehicle with the title "Buyer's Notification" facing to the outside.
(B) The form may be removed temporarily from the window during any test drive, but it shall be replaced as soon as the test drive is over.
(b) (1) When any motor vehicle owner who is not a dealer knowingly offers for sale or trade a motor vehicle which carries a title branded pursuant to this subchapter, such owner shall disclose to any prospective buyer or purchaser prior to the sale or trade the nature of the title brand and shall furnish him or her a description of the damage sustained by the motor vehicle as on file with the Office of Motor Vehicle.
(2) The disclosure shall be on a buyer's notification form to be prescribed by the division.
(c) (1) The form to be prescribed by the division shall have an acknowledgment section that the seller shall require the buyer to sign prior to completing a sales transaction on a motor vehicle that carries a branded title.
(2) The seller shall retain a copy of the signed notification form.
(d) (1) Failure of the seller to procure the buyer's acknowledgment signature shall render the sale voidable at the election of the buyer.
(2) The election to render the sale voidable shall be limited to sixty (60) days after the sales transaction.
(3) The buyer's right to render voidable the purchase is in addition to any other right or remedy which may be available to the buyer. In the event that the seller makes full refund of the purchase price to the buyer within ten (10) days after receipt of the buyer's election to void the sales transaction, the seller shall be subject to no further liability in connection with the sales transaction.