(1) A dealer shall give a grantor 30 days’ notice in writing before the dealer transfers an interest in a dealership agreement or ownership of a business that is the subject of a dealership agreement.
(2) The dealer shall include in a notice under this section the identity, financial ability and qualifications of the proposed transferee and any other information required by the dealership agreement.
(3)(a) The dealer may not transfer the business to the transferee if a grantor, within 30 days after receiving the dealer’s notice, notifies the dealer that the grantor has reasonable grounds to object to the proposed transferee.
(b) If the grantor does not notify the dealer as provided in this subsection, the grantor shall accept the transfer.
(c) As used in this subsection, “reasonable grounds to object” includes, but is not limited to, a proposed transferee’s conviction of a felony or a lack of creditworthiness or experience to operate the business. [2003 c.377 §8]
Section: Previous 650.300 650.310 650.320 650.330 650.340 650.350 650.360 650.370 650.380 650.390 650.400 650.410 650.420 650.430 650.440 NextLast modified: August 7, 2008