Section Trans 140.20 - Definitions The terms used in this subchapter shall have the same meanings as in ch. 218, Stats., except as specifically provided below:
(1) "Claim arose against the bond or letter of credit of a licensee" means a situation in which a cause of action has accrued against the licensee. Unless otherwise provided by statute, a cause of action accrues where there exists a claim capable of present enforcement, a suable party against whom it may be enforced, and a party who has a present right to enforce it. A tort claim accrues when the injury is discovered or reasonably should have been discovered. Note: See ch. 893, Stats., and cases thereunder, governing the applicable statutes of limitation, and determination of the date when a cause of action accrues.
(2) "Commercial customer" means a private person who buys or agrees to buy one or more motor vehicles from the licensee for the person's business or commercial use. A private person who sells, trades, or consigns to the licensee a motor vehicle used by the person primarily for business or commercial purposes is also a commercial customer.(3) "Financial institution" means any person or organization authorized to do business under any state or federal law relating to financial institutions, including, without limitation, banks and trust companies, savings banks, building and loan associations, savings and loan associations, credit unions and sales finance companies. A credit corporation or similar financing organization of a motor vehicle manufacturer, factory branch, distributor or dealer is a financial institution. Any person who floor plans motor vehicles is a financial institution.(4) "Floor plan" means to make a financing arrangement for the lending of money to a motor vehicle dealer so that he or she may purchase a motor vehicle to include in his or her inventory; the loan being secured by the motor vehicle while in the dealer's possession and to be repaid when the motor vehicle is sold.(5) "Motor vehicle" shall have the same meaning as s. 218.0101(22), Stats., and includes mobile homes as defined by s. 218.0114, Stats. For the purposes of this subchapter, a moped as defined by s. 218.40(2), Stats., is also a motor vehicle.(6) "New motor vehicle" shall have the same meaning as s. Trans 137.03 (7).(7) " Private person" means a person not licensed under ch. 218, Stats., and not required to be so licensed, for the purpose of the transaction from which the person's claim arises. A financial institution, or a motor vehicle manufacturer, factory branch, factory representative, distributor, distributor representative, or a motor vehicle, mobile home, moped, salvage, trailer or auction dealer or a salesperson employed by such dealer is not a private person.(7m) The "period covered by the security" is co-extensive with the biennial license, issued under ch. 218, Stats., which is conditioned on providing the security in question. If the biennial license is extended by operation of s. 227.51(2), Stats., the period covered by the security also is extended and remains co-extensive unless sooner cancelled by the surety. Note: Forms for bonds and letters of credit are available from the Dealer Section, Department of Transportation, P.O. Box 7909, Madison, Wisconsin 53707.
(8) "Retail customer" means a private person buying or agreeing to buy one or more motor vehicles from the bonded licensee for the private person's personal, family or household use. A person buying or agreeing to buy a motor vehicle or mobile home to be used primarily for business or commercial purposes is not a retail customer. A private person who sells, trades, or consigns to the bonded licensee a motor vehicle used personally or by the person's family or household, and not used primarily for business or commercial purposes, is a retail customer.(9) "Secured party" means a lender, seller or other person, whose claim is based on a transaction in which there is, or was, a security agreement creating a security interest in the lender's, seller's or person's favor, even if that interest is not sufficient to satisfy the claim. A person able to claim a lien under ss. 779.41, 779.415, or 779.43(3), Stats., is a secured party.Wis. Admin. Code Department of Transportation Trans 140.20
Emerg. cr. eff. 10-16-85; cr. Register, July, 1986, No. 367, eff. 8-1-86; r. (1), renum. (1m) to be (1) and am., am. (2) and (7m), Register, February, 1996, No. 482, eff. 3-1-96; corrections in (5) made under s. 13.92(4) (b) 7, Stats., Register March 2012 No. 675.Amended by, CR 22-048: am. (7) Register July 2023 No. 811, eff. 8/1/2023