1. (a) Purchase and leasing records. A lessor or lease facilitator must keep a complete record of all vehicle purchases and sales for a minimum period of at least one year after the expiration of the lease. Records reflecting lease transactions that have occurred within the preceding 24 months must be maintained at the licensed location. Records for prior time periods may be kept off-site at a location within the same county or within 25 miles of the licensed location. Upon receipt of a request sent by mail or electronic document transfer from a representative of the department, a lessor or lease facilitator must produce copies of specified records to the address listed in the request within 15 days.

2. (b) Content of records. As used in this subsection, a complete lease file shall contain the following information or documents:

   1. (1) names, addresses, and telephone numbers of the lessor of the vehicle in the transaction;
   2. (2) names, addresses, and telephone numbers of the lessee of the vehicle in the transaction;
   3. (3) names, addresses, telephone numbers, and license numbers of the lease facilitator of the vehicle in the transaction;
   4. (4) name, home address, and telephone number of employee of lease facilitator who handled the transaction;
   5. (5) complete description of the vehicle involved in the transaction, including its vehicle identification number (VIN);
   6. (6) name, address, telephone number, and general distinguishing number of the dealer selling the vehicle, as well as the franchise license number of the dealer if the vehicle in the transaction is a new motor vehicle;
   7. (7) amount of fee received by or paid to the lease facilitator;
   8. (8) copies of the buyers order and sales contract for the vehicle;
   9. (9) copy of the lease contract;
   10. (10) copies of all other contracts, agreements or disclosures between the lease facilitator and the consumer lessee;
   11. (11) copies of the front and back of Manufacturer's Statement/Certificate of Origin or the title of the vehicle involved in the transaction.

3. (c) Records of advertising. A lessor or lease facilitator must maintain copies of all advertisements, brochures, scripts or electronically reproduced copies, in whatever medium appropriate, of promotional materials for a period of at least 18 months, subject to inspection upon request by a representative of the Board at the business of the licensee during regular business hours.

   1. (1) All advertisements by lessors or lease facilitators must be in accordance with Subchapter H of this chapter (relating to Advertising).
   2. (2) Lessors and lease facilitators may not state or infer, either directly or indirectly, in any manner such as advertisements, stationery or business cards that their business involves the sale of new motor vehicles.
4. (d) Title assignments. All certificates of title, manufacturer's certificates of origin, or other evidence of ownership for vehicles which have been acquired by a lessor for lease must be assigned properly from the seller into the lessor's name.
5. (e) Letters of appointment. All letters of appointment between each lessor or lease facilitator with whom the licensee does business must be executed by both parties.
6. (f) Electronic records. Any records required to be kept by a lessor or lease facilitator may be kept in an electronic format, if the electronic records can be printed at the licensed location upon request by a representative of the department.

Source Note:The provisions of this §215.178 adopted to be effective February 11, 2010, 35 TexReg 883.