ENTITLED, An Act to
allow certain repossessed motor vehicles to be sold without title in the name
of the entity selling these motor vehicles.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
be amended to read as follows:
Any auction agency operating under the provisions of this chapter may accept for sale
at its option vehicles which are owned by vehicle dealers regularly licensed in either this or some
other state, or by the following entities if the vehicle is owned and titled by the entity and acquired
incident to its regular business:
Any regulated lender as defined in § 54-3-14 or any financing institution licensed
pursuant to chapter 54-4;
Any financial institution chartered or licensed in any other jurisdiction. However, such
entity is not required to have a title in its name if the entity provides a title in the name of
the customer, a damage disclosure statement as required pursuant to
documentation as required by the department to substantiate a repossession transaction;
Any insurance company authorized to do business in either this state or some other state.
An auction agency may also accept from any manufacturer any vehicle that is owned by the
manufacturer and that has a manufacturer's certificate of origin or a valid title. Any vehicle with a
manufacturer's certificate of origin sold for a manufacturer may only be offered to the manufacturer's
franchised dealers with the same line vehicle make.
Any vehicle dealer, regularly licensed by this or some other state, may purchase any vehicle from
an auction agency, except as otherwise prohibited by this section. Any auction agency that accepts
for sale any vehicle not authorized by this section is guilty of a Class 1 misdemeanor.
An Act to allow certain repossessed motor vehicles to be sold without title in the name of the entity
selling these motor vehicles.
I certify that the attached
originated in the
Speaker of the House
President of the Senate
Secretary of the Senate
File No. ____
Chapter No. ______
Received at this Executive Office
this _____ day of _____________ ,
20____ at ____________ M.
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
STATE OF SOUTH DAKOTA,
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
Secretary of State
Asst. Secretary of State