Common use of Retention Requirements Clause in Contracts

Retention Requirements. The used vehicle information described in sub. (1) (f) shall be maintained for a period of 5 years, as required by s. 342.16, Stats., and all other required records shall be maintained for a period of 5 years from the date of sale, includ- ing copies of factory invoices, dealer reassignment forms, con- signment agreements, purchase contracts, MV1 or MV11 Wis- consin title, registration or license plate applications, Wisconsin buyers guides, regular and conforming power of attorney forms, prior owner odometer disclosure statements, dealer’s subsequent odometer disclosure statements, lessor’s notices to lessees relat- ing to odometer disclosure required at end of lease, and ▇▇▇▇▇▇’s odometer disclosure statement completed at end of lease. The records shall be kept in the place of business during business hours and shall be open to inspection and copying by a representative of the department during reasonable business hours. Multi−location dealerships may keep records at a single location. If the location is out of state, the dealerships shall reimburse the department for actual and necessary expenses, plus wages pursuant to the appro- priate state compensation plan or applicable labor agreement for examining the documents at that location. The actual and neces- sary expenses charged include the following: (a) Travel expenses. (b) Meal expenses. (c) Lodging expenses. (d) Telephone expenses. (e) Copying and data processing expenses. Note: The current Wisconsin Title and License Plate Application forms used by dealers is form MV−11, which may be purchased from motor vehicle dealer form sup- ply companies. MV−1 is used by the general public for this purpose and is available from motor vehicle service centers or on the Internet at http:\\▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇ No. 307, eff. 8−1−81; am. (1) (c) to (e), Register, December, 1982, No. 324, eff. 1−1−83; am. (intro.) (1) (b) 5. and 6., r. (1) (b) r. and (2), renum. (3) to be (2), Register, October, 1984, No. 346, eff. 11−1−84; am. (1) (b), cr. (1) (b) 7., Register, June, 1991, No. 426, eff. 7−1−91; am. (1) (b) 3., (d), (g) and (2), renum. (1) (f) to be (1) (f) 2., cr. (1) (f) 1. and 3. and (h), Register, January, 1996, No. 481, eff. 2−1−96; CR 99−135: am. (intro.), (1) (intro.), (a), (b) (intro.), (e) and (2), renum. (1) (b) 1. to 7. and (g) to be (1) (b) 1. a. to g. and (3) and am. (1) (b) 1. g. and (3), cr. (1) (b) 2., Register February 2004 No. 578, eff. 3−1−04; correction in (1) (h) (intro.) made under s. 13.93 (2m) (b) 7., Stats., Register February 2004 No. 578; CR 08−029: am. (1) (a) and (3) Register

Retention Requirements. The used vehicle information described in sub. (1) (f) shall be maintained for a period of 5 years, as required by s. 342.16, Stats., and all other required records shall be maintained for a period of 5 years from the date of sale, includ- ing copies of factory invoices, dealer reassignment forms, con- signment agreements, purchase contracts, MV1 or MV11 Wis- consin title, registration or license plate applications, Wisconsin buyers guides, regular and conforming power of attorney forms, prior owner odometer disclosure statements, dealer’s subsequent odometer disclosure statements, lessor’s notices to lessees relat- ing to odometer disclosure required at end of lease, and ▇▇▇▇▇▇’s odometer disclosure statement completed at end of lease. The records shall be kept in the place of business during business hours and shall be open to inspection and copying by a representative of the department during reasonable business hours. Multi−location dealerships may keep records at a single location. If the location is out of state, the dealerships shall reimburse the department for actual and necessary expenses, plus wages pursuant to the appro- priate state compensation plan or applicable labor agreement for examining the documents at that location. The actual and neces- sary expenses charged include the following: (a) Travel expenses. (b) Meal expenses. (c) Lodging expenses. (d) Telephone expenses. (e) Copying and data processing expenses. Note: The current Wisconsin Title and License Plate Application forms used by dealers is form MV−11, which may be purchased from motor vehicle dealer form sup- ply companies. MV−1 is used by the general public for this purpose and is available from motor vehicle service centers or on the Internet at http:\\▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇ No. 307, eff. 8−1−81; am. (1) (c) to (e), Register, December, 1982, No. 324, eff. 1−1−83; am. (intro.) (1) (b) 5. and 6., r. (1) (b) r. and (2), renum. (3) to be (2), Register, October, 1984, No. 346, eff. 11−1−84; am. (1) (b), cr. (1) (b) 7., Register, June, 1991, No. 426, eff. 7−1−91; am. (1) (b) 3., (d), (g) and (2), renum. (1) (f) to be (1) (f) 2., cr. . (1) (f) 1. and 3. and (h), Register, January, 1996, No. 481, eff. 2−1−96; CR 99−135: am. (intro.), (1) (intro.), (a), (b) (intro.), (e) and (2), renum. (1) (b) 1. to 7. and (g) to be (1) (b) 1. a. to g. and (3) and am. (1) (b) 1. g. and (3), cr. (1) (b) 2., Register February 2004 No. 578, eff. 3−1−04; correction in (1) (h) (intro.) made under s. 13.93 (2m) (b) 7., Stats., Register February 2004 No. 578; CR 08−029: am. (1) (a) and (3) RegisterRegister August 2008 No. 632, eff. 9−1−08.

Retention Requirements. The used vehicle information described in sub. (1) (f) shall be maintained for a period of 5 years, as required by s. 342.16, Stats., and all other required records shall be maintained for a period of 5 years from the date of sale, includ- ing copies of factory invoices, dealer reassignment forms, con- signment agreements, purchase contracts, MV1 or MV11 Wis- consin title, registration or license plate applications, Wisconsin buyers guides, regular and conforming power of attorney forms, prior owner odometer disclosure statements, dealer’s subsequent odometer disclosure statements, lessor’s notices to lessees relat- ing to odometer disclosure required at end of lease, and ▇▇▇▇▇▇’s odometer disclosure statement completed at end of lease. The records shall be kept in the place of business during business hours and shall be open to inspection and copying by a representative of the department during reasonable business hours. Multi−location dealerships may keep records at a single location. If the location is out of state, the dealerships shall reimburse the department for actual and necessary expenses, plus wages pursuant to the appro- priate state compensation plan or applicable labor agreement for examining the documents at that location. The actual and neces- sary expenses charged include the following: (a) Travel expenses. (b) Meal expenses. (c) Lodging expenses. (d) Telephone expenses. (e) Copying and data processing expenses. Note: The current Wisconsin Title and License Plate Application forms used by dealers is form MV−11, which may be purchased from motor vehicle dealer form sup- ply companies. MV−1 is used by the general public for this purpose and is available from motor vehicle service centers or on the Internet at http:\\▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇ History: Cr. Register, May, 1966, No. 125, eff. 6−1−66; r. and recr. Register, April, 1977, No. 256, eff. 5−1−77; renum. from MVD 13.02 and am., Register, July, 1981, No. 307, eff. 8−1−81; am. (1) (c) to (e), Register, December, 1982, No. 324, eff. 1−1−83; am. (intro.) (1) (b) 5. and 6., r. (1) (b) r. and (2), renum. (3) to be (2), Register, October, 1984, No. 346, eff. 11−1−84; am. (1) (b), cr. (1) (b) 7., Register, June, 1991, No. 426, eff. 7−1−91; am. (1) (b) 3., (d), (g) and (2), renum. (1) (f) to be (1) (f) 2., cr. . (1) (f) 1. and 3. and (h), Register, January, 1996, No. 481, eff. 2−1−96; CR 99−135: am. (intro.), (1) (intro.), (a), (b) (intro.), (e) and (2), renum. (1) (b) 1. to 7. and (g) to be (1) (b) 1. a. to g. and (3) and am. (1) (b) 1. g. and (3), cr. (1) (b) 2., Register February 2004 No. 578, eff. 3−1−04; correction in (1) (h) (intro.) made under s. 13.93 (2m) (b) 7., Stats., Register February 2004 No. 578; CR 08−029: am. (1) (a) and (3) RegisterRegister August 2008 No. 632, eff. 9−1−08.