Amends TCA Section 55-17-109; Title 55, Chapter 3, Part 2 and Title 55, Chapter 5, Part 1.

This bill exempts certain motor vehicle dismantlers and recyclers from the requirement to keep certain records of transactions of buying or selling automobile parts, as discussed below.<br /> <br /> Generally under present law:<br /> <br /> (1) A person, firm or corporation engaged in the business of buying or selling used automobile parts must keep permanent records of transactions of buying or selling engines, transmissions, vehicle bodies, chassis, doors, deck lids, front end clips (fenders and grill), seats, differentials, tires and wheels, steering wheels, automobile radios and automobile tape players, and bumpers; and<br /> (2)(A) A motor vehicle dismantler and recycler required to be licensed pursuant to laws governing vehicle sales or a scrap metal processor who purchases motor vehicles for parts, dismantling, or scrap, must maintain a record for three years of every vehicle bought, sold, dismantled, exchanged, or received by the motor vehicle dismantler and recycler or scrap metal processor; and<br /> (B) A motor vehicle dismantler and recycler required to be licensed pursuant to the laws governing vehicle sales or a scrap metal processor who purchases a vehicle for scrap or parts, must submit to the department of revenue any information in a format as is necessary to satisfy the requirement for reporting information to the National Motor Vehicle Title Information System (NMVTIS) in accordance with rules adopted by the United States department of justice within 24 hours, not counting weekends or legal holidays, of the close of business of the day the vehicle was received. The department must report such information to NMVTIS on behalf of the motor vehicle dismantler and recycler or scrap metal processor.<br /> <br /> This bill adds that a motor vehicle dismantler and recycler that is licensed under the laws governing vehicle sales and is fully compliant with the reporting requirements described above in (2)(B) is not required to keep the records required in (1) above, with regard to transactions of selling the parts described; all other records must be kept. This bill also adds that a person, firm, or corporation engaged in the business of selling used automobile parts must provide a bill of sale, including the source of the part, when requested by the purchaser of a major component part, in order to comply with the present law requirements governing the inspection and certification of rebuilt motor vehicles.<br /> <br />