(1) The committee shall raise money by selling to a buyer the right to use valuable letter and number combinations for a registration number. The committee shall auction registration numbers that are likely to be worth substantially more than the average value of a registration number.
(2) (a) The committee shall study the market and determine which registration numbers are the most valuable, including both the types of plates currently issued and any type of plate that has been historically issued. Based on the study, the committee shall select the most valuable registration numbers and request the department of revenue to verify whether plates with the registration numbers are currently issued. The committee and the department of revenue shall enter into an agreement establishing a process for requesting registration numbers that specifies the frequency of these requests.
Upon receiving the committee's request, the department of revenue shall verify whether the plates are currently issued. If the plate is not currently issued, the department shall reserve the registration number until the committee notifies the department to release the registration number.
If a registration number is not currently issued, the committee may sell the right touse the registration number in a manner calculated to bring the highest price; except that the department of revenue may deny the sale or use of a registration number that is offensive or inappropriate.
Source: L. 2016: Entire part amended with relocations, (HB 16-1362), ch. 319, p. 1293, § 1, effective August 10.
Editor's note: This section is similar to former § 42-1-404 as it existed prior to 2016.