19A N.C. Admin. Code 3D.0227
Current through Register Vol. 39, No. 9, November 1, 2024
Section 03D .0227 - VEHICLES OFFERED FOR SALE ON A FLOOR PLAN LIEN(a) A "floor plan "lien" is a revolving line of credit in which a superior financial interest in a vehicle is held by a party other than the dealer.(b) A dealer offering a vehicle subject to a floor plan lien for sale shall at the time of sale, satisfy the floor plan lien and obtain the title from the floor plan lienholder, execute the title documents, and deliver them to the purchaser or the lienholder as required by G.S. 20-52.1, 20-72, 20-72.1 and 20-75 at the time the vehicle is delivered.(c) Manufacturers Certificate of Origin may be retained by the floor plan lienholder so long as the Manufacturers Certificate of Origin is located within the boundaries of North Carolina; provided the dealer has in possession, available for inspection, an invoice from the manufacturer or distributor and a Floor Plan Lien Disclosure Statement completed, dated, and signed by both parties. The Floor Plan Lien Disclosure Statement (LT-411) includes the following: (2) vehicle make, model, and style;(3) vehicle identification number;(4) address of lien holder;(6) signature of lien holder and dealer; and(d) Mobile and manufactured home dealers shall be exempt from the requirement that the Manufacturer's Certificate of Origin be located within the boundaries of North Carolina. All other provisions of this Rule shall apply to mobile and manufactured home dealers.19A N.C. Admin. Code 03D .0227
Authority G.S. 20-39; 20-52.1; 20-72; 20-72.1; 20-75;
Eff. June 1, 1988;
Amended Eff. June 1, 1995; January 1, 1994; October 1, 1991;
Readopted Eff. September 1, 2021.Authority G.S. 20-302;
Eff. June 1, 1988;
Amended Eff. June 1, 1995; January 1, 1994; October 1, 1991.Readopted by North Carolina Register Volume 36, Issue 07, October 1, 2021 effective 9/1/2021.