5.3 Auto Broker Agreement
- An auto broker must execute a brokering agreement and provide a
copy to the consumer and selling dealer. The consumer must be provided with
a copy prior to signing an agreement for the purchase of the vehicle, or prior
to the broker's acceptance of $100.00 or more from that consumer - whichever
occurs first. The selling dealer must be provided with a copy of the agreement
prior to the selling dealer's entering into a purchase agreement with the
- The broker must disclose to the consumer and selling dealer, as
soon as practicable, whether the broker does, or does not, receive a fee or
other compensation from the selling dealer, and the dollar amount of any fee
the consumer must pay the broker.
- The broker must also maintain a copy of the executed brokering
agreement and any other notices and documents related to the transaction
for three years.