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2019 SESSION
SB 1464 Manufacturer or distributor; right of first refusal.
Introduced by: Jeremy S. McPike | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Manufacturer or distributor right of first refusal. Provides that a manufacturer or distributor's right to first refusal in the event of a proposed sale or transfer of a dealership does not apply if such sale or transfer is not to a dealer licensed anywhere in the United States as a dealer holding a franchise from any manufacturer or to a distributor licensed as a manufacturer or distributor in the Commonwealth unless the exercise of such right of first refusal by a manufacturer or distributor with a program promoting minority dealers would lead to a minority dealer having a majority ownership of a dealership. The bill exempts certain manufacturers and distributors from the limitations on the right of first refusal.
SUMMARY AS PASSED SENATE:
Manufacturer or distributor right of first refusal. Provides that a manufacturer or distributor's right to first refusal in the event of a proposed sale or transfer of a dealership does not apply if such sale or transfer is not to a dealer licensed anywhere in the United States as a dealer holding a franchise from any manufacturer or to a distributor licensed as a manufacturer or distributor in the Commonwealth unless the exercise of such right of first refusal by a manufacturer or distributor with a program promoting minority dealers would lead to a minority dealer having a majority ownership of a dealership.
SUMMARY AS INTRODUCED:
Manufacturer or distributor right of first refusal. Provides that a manufacturer or distributor shall not exercise or enforce a right of first refusal in the event of a proposed sale or transfer of a dealership or change in management of a dealership if such sale or transfer is to a dealer licensed in the United States as a dealer holding a franchise from any manufacturer or distributor licensed as a manufacturer or distributer in the Commonwealth.