§ 27-14-2301 - Definitions. - Arkansas Statutes

27-14-2301. Definitions.

As used in this subchapter:

(1) (A) "Dealer" means any person or business who sells or offers for sale a motor vehicle after selling or offering for sale five (5) or more motor vehicles in the previous twelve (12) months or who is a new or used motor vehicle dealer licensed by or with the State of Arkansas.

(B) Persons or businesses that operate as salvage vehicle pools or salvage vehicle auctions are not dealers under this subchapter when selling vehicle parts to a dealer;

(2) "Motor vehicle" means every self-propelled vehicle except motorcycles, motor-driven cycles, and trucks with an unladen weight of ten thousand pounds (10,000 lbs.) or more, in, upon, or by which any person or property is or may be transported upon a street or highway;

(3) (A) "Occurrence" means the event that caused the motor vehicle to become damaged.

(B) "Occurrence" includes without limitation collision, theft, vandalism, storm, or flood;

(4) "Office of Motor Vehicle" or "office" means the Office of Motor Vehicle of the Revenue Division of the Department of Finance and Administration;

(5) "Owner" means an individual, insurance company, or other entity with legal title to the motor vehicle;

(6) "Salvage vehicle" means a motor vehicle that is:

(A) Water-damaged; or

(B) Sustains any other damage in an amount equal to or exceeding seventy percent (70%) of its average retail value as determined under criteria established by rule of the Office of Motor Vehicle; and

(7) "Water-damaged" means damage to a motor vehicle caused by submerging or partially submerging the vehicle in water to the extent that the vehicle was submerged or partially submerged at any water level above the dashboard of the vehicle, regardless of the actual dollar amount of the damage.