As used in this part 2, unless the context otherwise requires:
"Owner" means the person who holds the legal title of a motor vehicle, but, in theevent a motor vehicle is the subject of an agreement for the conditional sale or lease thereof, with the right to purchase upon the performance of the conditions stated in the agreement and with an immediate right to possession vested in the conditional vendee or lessee, or in the event a mortgagor of a vehicle is entitled to possession, then such conditional vendee, lessee, or mortgagor shall be deemed the owner.
"Person" means an individual, firm, association, corporation, or partnership.
"Private sale" means a sale or transfer of a used motor vehicle between two personsneither of whom is a used motor vehicle dealer.
"Retail used motor vehicle sale" means a sale or transfer of a used motor vehiclefrom a used motor vehicle dealer to a person other than a used motor vehicle dealer.
"Sale" means that the buyer of the used motor vehicle has paid the purchase price or,in lieu thereof, has signed a purchase contract or security agreement and has taken physical possession or delivery of the used motor vehicle.
"Sale between used motor vehicle dealers" means a sale or transfer of a used motorvehicle from one used motor vehicle dealer to another.
"Sale from an owner other than a used motor vehicle dealer to a used motor vehicledealer" means any sale, trade-in, or other transfer of a used motor vehicle from a person other than a used motor vehicle dealer to a used motor vehicle dealer.
"Used motor vehicle" means every self-propelled motor vehicle having a gross weight of less than sixteen thousand pounds that has been sold, bargained for, exchanged, given away, leased, loaned, or driven as a "company executive car" or the title to which has been transferred from the person who first acquired it from the manufacturer or importer and it is so used as to have become what is commonly known as "secondhand" within the ordinary meaning thereof. A previously untitled motor vehicle that has been driven by the dealer for more than one thousand five hundred miles, excluding mileage incurred in the transit of the motor vehicle from the manufacturer to the dealer or from another dealer to the dealer, shall be considered a "used motor vehicle". This shall not apply to any automobile manufactured before January 1, 1942.
"Used motor vehicle dealer" means any licensed motor vehicle dealer, used motorvehicle dealer, or wholesaler as defined by section 44-20-102.
Source: L. 94: Entire title amended with relocations, p. 2469, § 1, effective January 1, 1995. L. 97: (8) amended, p. 558, § 2, effective August 6. L. 2017: (9) amended, (SB 17-240), ch. 395, p. 2067, § 57, effective July 1. L. 2018: (9) amended, (SB 18-030), ch. 7, p. 143, § 25, effective October 1.