SECTION 215.178. Records Required for Vehicle Lessors and Vehicle Lease Facilitators

(a) Purchase and leasing records. A vehicle lessor or vehicle lease facilitator must maintain a complete record of all vehicle purchases and sales for at least one year after the expiration of the vehicle lease.

(1) Records reflecting vehicle lease transactions that occurred within the preceding 24 months must be maintained at the licensed location. Records for prior time periods may be kept off-site at a location within the same county or within 25 miles of the licensed location.

(2) Within 15 days of receipt of a request sent by mail or by electronic document transfer from a representative of the department, a vehicle lessor or vehicle lease facilitator must deliver a copy of the specified records to the address listed in the request.

(b) Content of records. A complete record for a vehicle lease transaction must contain:

(1) the name, address, and telephone number of the lessor of the vehicle subject to the transaction;

(2) the name, mailing address, physical address, and telephone number of each lessee of the vehicle subject to the transaction;

(3) the name, address, telephone number, and license number of the lease facilitator of the vehicle subject to the transaction;

(4) the name, home address, and telephone number of each employee of the vehicle lease facilitator that handled the transaction;

(5) a complete description of the vehicle involved in the transaction, including the VIN;

(6) the name, address, telephone number, and GDN of the dealer selling the vehicle, as well as the franchise license number of the dealer if the vehicle involved in the transaction is a new motor vehicle;

(7) the amount of fee paid to the vehicle lease facilitator or a statement that no fee was paid;

(8) a copy of the buyer's order and sales contract for the vehicle;

(9) a copy of the vehicle lease contract;

(10) a copy of all other contracts, agreements, or disclosures between the vehicle lease facilitator and the consumer lessee; and

(11) a copy of the front and back of the manufacturer's statement of origin, manufacturer's certificate of origin, or the title of the vehicle if the vehicle involved in the transaction is a new motor vehicle.

(c) Records of advertising. A vehicle lessor or vehicle lease facilitator must maintain a copy of all advertisements, brochures, scripts, or an electronically reproduced copy in whatever medium appropriate, of promotional materials for a period of at least 18 months. Each copy is subject to inspection upon request by a representative of the department at the business of the license holder during posted business hours.

(1) Vehicle Lessors and vehicle lease facilitators must comply with all federal and state advertising laws and regulations, including Subchapter H of this chapter (relating to Advertising).

(2) A vehicle lessor or vehicle lease facilitator may not state or infer in any advertisement, either directly or indirectly, that the business involves the sale of new motor vehicles.

(d) Title assignments. Each certificate of title, manufacturer's certificate of origin, or other evidence of ownership for a vehicle that has been acquired by a vehicle lessor for lease must be properly assigned from the seller in the vehicle lessor's name.

(e) Letters of appointment. A letter of appointment between a vehicle lessor and a vehicle lease facilitator with whom the vehicle lessor conducts business must be executed by both parties.

(f) Electronic records. Any record required to be maintained by a vehicle lessor or vehicle lease facilitator may be maintained in an electronic format, provided the electronic record can be printed at the licensed location upon request for the record by a representative of the department.

Source Note: The provisions of this §215.178 adopted to be effective February 11, 2010, 35 TexReg 883; amended to be effective February 13, 2017, 42 TexReg 571