1. (1) As used in this section:

   1. (a) “Advertisement” means any public notice or announcement of a motor vehicle for sale or lease.
   2. (b) “Motor vehicle” has the meaning given that term in ORS 801.360, except that “motor vehicle” does not include commercial vehicles, as defined in ORS 801.210, or commercial motor vehicles, as defined in ORS 801.208.
   3. (c) “Seller” means a person that is engaged in the business of selling or leasing motor vehicles.
   4. (d) “Trade publication” means a motor vehicle price guide that is nationally recognized and distributed.

2. (2) An advertisement for the sale or lease of a motor vehicle may not claim that a seller will value property being offered in exchange for payment toward the motor vehicle:

   1. (a) At a specific amount;
   2. (b) Within a range of specified amounts;
   3. (c) At a guaranteed minimum amount; or
   4. (d) As a multiple of or an increase in trade-in allowance.

3. (3) This section does not apply to an advertisement for a used motor vehicle that:

   1. (a) References a value cited in a trade publication that is not published by the seller and that is readily accessible by the public;
   2. (b) Clearly and conspicuously discloses the name of the trade publication being referenced;
   3. (c) Clearly and conspicuously includes the following disclaimer in at least 10-point bold type: “THE VALUE OF USED MOTOR VEHICLES VARIES WITH MILEAGE, USAGE, INCLUDED ACCESSORIES AND CONDITION. BOOK VALUES SHOULD BE CONSIDERED ESTIMATES ONLY.”; and
   4. (d) If the publisher of the trade publication publishes and distributes separate issues for specific geographic regions, references the value cited for the geographic region in which the motor vehicle is being offered for sale.

[2011 c.57 §1]