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Section 5

Auto Brokers

5.3 Auto Broker Agreement

  1. 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 consumer.
  2. 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.
  3. 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.

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