circumstances; requiring an applicant for a certificate of title or registration to
submit to the Motor Vehicle Administration a notarized bill of sale form that
meets certain requirements and is accompanied by certain documentation under
certain circumstances; expanding the circumstances under which a licensed
dealer may retain a certain percentage of the vehicle excise tax collected by the
dealer on behalf of the Administration; limiting the amount of the excise tax a
dealer may retain; making a stylistic change; and generally relating to the
vehicle excise tax.

BY repealing and reenacting, with amendments,
Article - Transportation
Section 13-809 and 13-812(a)
Annotated Code of Maryland

(1998 Replacement Volume and 1998 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Transportation

13-809.

(a) (1) In this section the following words have the meanings indicated.
(2) "Fair market value" means:

(i) As to the sale of any new or used vehicle by a licensed dealer,
the total purchase price, as certified by the dealer;

(ii) As to a used vehicle that is sold by any person other than a
licensed dealer and that has a designated model year that is 7 years old or older, the
greater of:

1. The total purchase price; or

2. $500 $640;

(iii) As to any other used vehicle that is sold by any person other
than a Licensed dealer[, either:

1. The greater of the total purchase price, if verified by
means of a notarized bill of sale, signed by both the buyer and the seller, in which the
actual price paid for the vehicle is stated or $500; or

2. In the case where the bill of sale does not accompany the
title, either the total purchase price or the valuation shown in a national publication
of used car values adopted for use by the Department]:

1. THE TOTAL PURCHASE PRICE, IF THE TOTAL PURCHASE
PRICE IS AT LEAST 80 PERCENT OF THE VALUATION WITHIN LESS THAN $500 OF
BELOW THE RETAIL VALUE OF THE VEHICLE AS SHOWN IN A NATIONAL
PUBLICATION OF USED CAR VALUES ADOPTED FOR USE BY THE DEPARTMENT; OR