1. A. Any dealer harmed by the failure of a manufacturer to comply with this act shall be entitled to bring a private right of action against the manufacturer for the recovery of the fair market value of the business affected and to recover actual, punitive, special, exemplary, extraordinary damages, lost profits and lost business opportunities, and treble actual damages, and such other relief as it may be entitled at law or in equity. The dealer shall be entitled to recover its attorneys’ fees and expenses and all costs incurred by the private right of action. In addition, if a manufacturer commits an act prohibited by this act, the manufacturer shall purchase from the affected dealer the following items at the following prices:

   1. 1. The fair market value of all aircraft in the inventory of the dealer of aircraft held for resale; and
   2. 2. The current price list amounts of the manufacturer for all parts and supplies acquired by the dealer from the manufacturer which are in the inventory of the dealer at the time of the violation of the manufacturer; and
   3. 3. The fair market value of all equipment and specialty tools owned by the dealer and purchased from the manufacturer for use in the sale, service, or maintenance of the aircraft manufactured or sold to the dealer by the manufacturer. If any items are encumbered or subject to any outstanding financing statement, the payments shall be made jointly to the dealer and the secured party to the extent of their respective interests. If any items are leased by the dealer, the manufacturer shall assume all future obligations under the lease.
2. B. This section shall apply only to dealers which have agreements with manufacturers in effect on or after January 1, 2004.

Added by Laws 2004, HB 2494, c. 286, § 4, eff. November 1, 2004; Amended by Laws 2005, SB 902, c. 107, § 4, eff. November 1, 2005 (superseded document available).