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(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

Attorney General

Taxation and Revenue Department did not prepare an analysis of this bill indicating this bill does not have an impact on the Motor Vehicle Division.

SUMMARY

Synopsis of Bill

House Bill 364 makes the following changes related to unlawful acts of manufacturers, distributors or their representatives:

1) Establishes a 30 day window within which an automobile manufacturer, distributor or representative may give or withhold consent to the proposed sale or transfer of an automobile dealership beginning when the automobile manufacturer, distributor or representative receives notice of a proposed sale. The 30 day window is tolled if the manufacturer, distributor or representative request additional information within 20 days of receiving the notice of proposed sale or transfer. The 30 day window does not begin to run again until the manufacturer, distributor or representative receives the information requested. If the manufacturer, distributor or representative does not expressly withhold consent within the 30 day window, consent shall be deemed granted and the manufacturer, distributor or representative shall thereafter be barred from denying consent to the proposed sale or transfer of the dealership.

2) Adds a new section which prohibits manufacturers, distributors or dealers from setting a maximum retail price for the sale of a motor vehicle in New Mexico.

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