Louisiana Revised Statutes 32:1261.2 – Payment to dealers; penalties
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Terms Used In Louisiana Revised Statutes 32:1261.2
- Dealer: means any person licensed to sell a motor vehicle, specialty vehicle, or recreational product subject to regulation by this Chapter. See Louisiana Revised Statutes 32:1252
- Distributor branch: means a branch office maintained by a person, resident or nonresident, who in whole or in part sells or distributes motor vehicles or recreational products to motor vehicle or recreational products dealers, or for directing or supervising, in whole or in part, its representatives. See Louisiana Revised Statutes 32:1252
- Factory branch: means a branch office maintained by a person who fabricates, manufactures, or assembles motor vehicles or recreational products, for the sale of motor vehicles or recreational products to distributors, or for the sale of motor vehicles or recreational products to motor vehicle or recreational products dealers, or for directing or supervising, in whole or in part, its representatives. See Louisiana Revised Statutes 32:1252
- Manufacturer: means any person, resident or nonresident, who fabricates, manufactures, or assembles motor vehicles, recreational products, or new, remanufactured, reconditioned, or rebuilt motor vehicle or marine motors. See Louisiana Revised Statutes 32:1252
- Motor vehicle: means any motor driven car, van, or truck required to be registered which is used, or is designed to be used, for the transporting of passengers or goods for public, private, commercial, or for hire purposes. See Louisiana Revised Statutes 32:1252
- wholesaler: means any person, resident or nonresident, who in whole or in part sells or distributes vehicles or new, remanufactured, reconditioned, or rebuilt motor vehicle motors to dealers, or who maintains distributor representatives. See Louisiana Revised Statutes 32:1252
It shall be a violation of this Chapter for a motor vehicle manufacturer, distributor, wholesaler, distributor branch, factory branch, officer, agent or other representative thereof, to fail to pay a dealer all monies due the dealer, except manufacturer hold-back amounts, within thirty days of the date of completion of the transactions or submissions of the claims giving rise to the payments to the dealers. Failure to make payments shall subject the manufacturer, distributor, wholesaler, distribution branch, factory branch, officer, agent, or other representative thereof, to a penalty of the one and one-half percent interest per month, or fraction thereof, until sums due the dealer are fully paid.
Acts 2009, No. 403, §1, eff. July 7, 2009.