1. Rule 1 has been revised to expand the definition of broker to include persons who arrange leases for other parties without acquiring ownership of the vehicle. Leasing companies that own the vehicles they lease are not required to be licensed brokers.
   
   
2. Rule 8 requires the written agreement (formerly referred to as the "purchase agreement") to include lease terms, if applicable, the dealer license number of the dealer buying, selling, or leasing the vehicle, and the fee disclosure information required by the "Truth-in-Brokering" law.
   
   
3. Rule 10 has been revised to require brokers to keep copies of transactions for five years.  Brokers must maintain records in a format specified by the Department of State and, upon request, submit them to the Department of State. Brokers are now required to keep their records electronically.

An investigator from the Bureau of Legal and Regulatory Services will visit all brokers engaged in retail transactions and deliver two computer disks with instructions for installing the record keeping program. This record keeping system neither takes the place of your police book (either hard-cover or electronic) nor eliminates your requirement to complete a written agreement.

If you do not currently have a computer, you should take steps to immediately acquire one or contract with someone to maintain your records electronically. Minimum computer system requirements will be as follows: 32 Mb RAM, 50 Mb hard drive free space, Windows 95/98 operating system or newer, and a 3.5 inch floppy disk drive.

All brokers should begin using the disk no later than April 1, 2001. Brokers will be notified when to mail the disk, or send the information electronically (by e-mail), to the Department of State.

Questions about the revised broker rules or your responsibility as a licensed vehicle dealer should be directed to the Dealer and Repair Resource Section at (517) 373-6993.