Okla. Admin. Code § 765:35-5-2

Current through Vol. 42, No. 6, December 2, 2024

Section 765:35-5-2 - Consignment sales

(a)Consignment. A manufactured home dealer, whether acting as principal or agent, or by power of attorney, shall be responsible for complying with 765:35-3-1 et seq. with regard to all manufactured homes purchased, sold, or transferred by the dealer whether or not any other party has any interest in the manufactured home being purchased, sold, or transferred. The certificate of title of a manufactured home owned by an individual consigned to a manufactured home dealer for sale by that dealer need not be assigned by the individual to the dealer provided a consignment form approved by this Commission is used in the consignment transaction, and all other state and federal forms required are properly executed at the time of sale by the dealer as agent for the consignor. The consignee shall not be responsible for the truthfulness of the information provided to him by the consignor unless consignee willfully, knowingly, or negligently with reckless disregard of the true facts, misrepresents or misstates the information on the forms and/or certificate of title.

(b)Title.

(1) The certificate of title of a manufactured home consigned to a dealer to be sold from the consignee's (agent-dealer's) location licensed by this Commission may be assigned directly from the consigning owner to the purchaser. Transfer of certificates of title in every instance must comply with the provisions of 47 O.S. Sections 1105 and 1107. However, it shall be the responsibility of the consignee (agent-dealer) to ensure that all forms and state and federal laws and regulations are complied with in the transaction.

(2) The certificate of title of a manufactured home must be in the name of the dealer (whether by record of title, assignment, or re-assignment) who is offering the manufactured home to a prospective buyer if that dealer has the sole discretion in determining the selling price and in determining the amount of profit he will receive from the sale, whether or not any other party has any interest in the manufactured home.

Okla. Admin. Code § 765:35-5-2

Added at 10 Ok Reg 4159, eff 7-26-93

Amended by Oklahoma Register, Volume 40, Issue 23, August 15, 2023, eff. 8/25/2023