61-4-108. Exemptions.
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/mt/title-61/chapter-4/part-1/61-4-108·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
61-4-108 . Exemptions.
(1)This part does not require licensure of, or restrict or prohibit a financial institution, as defined in 32-6-103 :
(a)in the selling of collateral repossessed on default of a loan made by the financial institution;
(b)in the conduct of a motor vehicle sales promotion in affiliation with one or more licensed dealers; or
(c)in the conduct of a motor vehicle sales promotion in affiliation with a person regularly engaged in a bona fide vehicle rental business if the purpose of the sale is to dispose of used motor vehicles used in the rental business.
(2)This part does not require licensure of an auctioneer whose business consists primarily of the sale of personal property other than motor vehicles.
(3)This part does not require licensure of a licensed real estate broker or agent lawfully buying, selling, exchanging, taking on consignment, or acting as a broker of mobile homes.