The law defines consignors and consignees rights and requires consignees to make full disclosure when a consigned vehicle is sold. The new law also requires a written consignment agreement be executed between the consignor and consignee before the consigned vehicle can be driven. This agreement must indicate the party responsible for damage to or misuse of the vehicle. It must also indicate the permitted uses a consignee may make of a consigned vehicle. The law also requires a Consignment Charges Agreement be completed and attached to the written consignment agreement. This is form TC-120 and is available from the Tax Commission Warehouse (801) 297-3878 (41-3-801 through 41-3-803 UCA).
Yes. As long as the consignor has notified the consignee in writing that he is going to take possession of the vehicle; and he has paid all outstanding charges owing to the consignee that have been agreed to on form TC-120.
Yes. However, a completed form TC-120 must be attached.
Yes. You must disclose, in writing, the exact selling price of the consigned vehicle if you and the consignor agreed in writing that he will receive a percentage of the selling price, or you renegotiate in writing the selling price of the vehicle.
You must pay the consignor within 21 calendar days of the sale or within 15 calendar days of receiving payment for the vehicle, whichever date is earlier, unless the sale is rescinded.
Yes. You must notify the consignor in writing within five calendar days.
No. You must remove the consignors license plates and/or any temporary permits on the vehicle. It can only be operated on your dealer plates.
You are required to have liability insurance on your dealer plates. The written consignment agreement must specify who is responsible for damage or misuse to the consigned vehicle.