(1) The committee shall raise money by creating a market, which may include an online site, for registration numbers using methods that are commercially reasonable, account for expenditures, and ensure the collection of the state's approval and transfer royalty.
The royalty for the state's approval and transfer of the right to use a registrationnumber is twenty-five percent of the sale price of the transfer. At the time of sale, the purchaser shall pay the royalty to the committee. This payment is not in lieu of the normal registration fees or specific ownership tax.
A person shall not sell a registration number and the department of revenue shall notassign a registration number as a result of the right to use the number being sold to a vehicle unless the registration number was sold using the market created by the committee.
Source: L. 2016: Entire part amended with relocations, (HB 16-1362), ch. 319, p. 1294, § 1, effective August 10.
Editor's note: This section is similar to former § 42-1-405 as it existed prior to 2016.