Section 75IAC6-2-5. Transfer dealer license requirements

   (a) Transfer dealers must be properly licensed by the secretary of state under IC 9-32.

  (b) The license fee from IC 9-29-17 [IC 9-29-17 was repealed by P.L.174-2016, SECTION 13, effective July 1, 2016.] is due with the application and is nonrefundable.

  (c) A transfer dealer license is to be utilized by the following parties:

(1) Financial institutions dealing in repossessed vehicles.

(2) Insurance companies dealing in repossessed or salvaged vehicles.

(3) Any other type of business meeting the requirements of a transfer dealer as outlined in IC 9-32 that, because of the nature of its business, has the need to transfer ownership of twelve (12) or more vehicles within any twelve (12) month period.

  (d) A transfer dealer shall do the following:

(1) Furnish a:

(A) federal identification number; and

(B) retail merchant's certificate number.

(2) The transfer dealer must be in good standing with the:

(A) bureau of motor vehicles;

(B) department of state revenue;

(C) state police department; and

(D) secretary of state.

(3) The transfer dealer must furnish proof of coverage by garage liability insurance under IC 9-32-11-14.

(4) Provide a statement delineating the type and extent of the dealer's business.

  (e) Unless conflicting with the provisions of this section, all rules that the secretary of state finds applicable governing dealers shall apply to transfer dealers. (Secretary of State; 75 IAC 6-2-5; filed Aug 15, 2014, 9:57 a.m.: 20140910-IR-075130566FRA)