76-6-522 Definitions -- Equity skimming of a vehicle -- Penalties. (1) As used in this section:
(a) "Broker" means any person who, for compensation of any kind, arranges for the sale, lease, sublease, or transfer of a vehicle.
(b) "Dealer" means any person engaged in the business of selling, leasing, or exchanging vehicles for compensation of any kind.
(c) "Lease" means any grant of use or possession of a vehicle for consideration, with or without an option to buy.
(d) "Security interest" means an interest in a vehicle that secures payment or performance of an obligation.
(e) "Transfer" means any delivery or conveyance of a vehicle to another from one person to another.
(f) "Vehicle" means every device in, upon, or by which any person or property is or may be transported or drawn upon a highway, or through the air or water, or over land and includes a manufactured home or mobile home as defined in Section 41-1a-102.
(2) A dealer or broker or any other person in collusion with a dealer or broker is guilty of equity skimming of a vehicle if he transfers or arranges the transfer of a vehicle for consideration or profit, when he knows or should have known the vehicle is subject to a lease or security interest, without first obtaining written authorization of the lessor or holder of the security interest.
(3) Equity skimming of a vehicle is a third degree felony. (4) It is a defense to the crime of equity skimming of a vehicle if the accused proves by a
preponderance of the evidence that the lease obligation or security interest has been satisfied within 30 days following the transfer of the vehicle.
Amended by Chapter 1, 1992 General Session