(1) A person commits equity skimming of a vehicle if, knowing the vehicle is subject to a security interest, lien, or lease, he accepts possession of or exercises any control over the vehicle in exchange for consideration given which may be verbal assurance or otherwise, and:
Obtains or exercises control over the vehicle of another and then sells or leases thevehicle to a third party without first obtaining written authorization from the secured creditor, lessor, or lienholder for the transaction of the sale or lease to the third party, unless the entire balance of the security interest, lien, or lease is paid or satisfied within thirty days of said transaction; or
Arranges the sale or lease of the vehicle of another to a third party without firstobtaining written authorization from the secured creditor, lessor, or lienholder for the transaction of the sale or lease to the third party and exercises control over any part of the funds received, unless the entire balance of the security interest, lien, or lease is paid or satisfied within thirty days of said transaction; or
Knowingly fails to ascertain on a monthly basis whether payments are due to thesecured creditor, lienholder, or lessor and to apply all funds he receives for any lease or sale of the vehicle toward the satisfaction of any outstanding payment due to the secured creditor, lienholder, or lessor in a timely manner.
(2) Equity skimming of a vehicle is a class 6 felony.
Source: L. 87: Entire part added, p. 671, § 1, effective July 1. L. 89: (2) amended, p. 839, § 74, effective July 1.