Section 78.03. Determining retail value of motor vehicle.

 

(1)  A licensed lender shall use any of the following nationally recognized vehicle valuation guides to determine the retail value of a motor vehicle at the time of loan origination:

(a) Black Book.

(b) National Automobile Dealers Association .

(c) Kelley Blue Book.

(d) Other nationally recognized vehicle valuation guides as approved in writing by the division.

(2)  A licensed lender shall take all of the following vehicle criteria into consideration when it determines the retail value of a motor vehicle at the time of loan origination:

(a) Location.

(b) Year, make, and model.

(c) Trim or body type.

(d) Mileage.

(e) Engine size.

(f) Transmission type.

(g) Options.

(h) Condition.

(i) Other criteria used by the nationally recognized vehicle valuation guide when determining the retail value of a motor vehicle.

CR 12-034 : cr. Register May 2013 No. 689 , eff. 6-1-13.