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Section 5

Auto Brokers

5.4 Deposits

  1. A broker cannot accept a deposit from a consumer in excess of 2.5% of the selling price of the vehicle described in the brokering agreement. [V.C. §11735(b)]


  1. A broker must refund any purchase money and purchase deposits upon demand prior the consumer's signing a purchase agreement, and taking delivery.
  2. A broker must provide the consumer a refund if the final price of the brokered vehicle exceeds the purchase price listed in the brokering agreement, or if the vehicle is not as described in the agreement.
  3. A broker must provide the consumer a refund if the brokering agreement expires before the consumer is presented with a purchase agreement meeting the terms of the brokering agreement.
  4. A broker must advise the consumer, prior to accepting any money that a full refund will be provided if the vehicle is not obtained, or if the service orally contracted for is not obtained. [V.C. §11735(d-i)]

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