N.Y. Vehicle & Traffic Law § 2114: Transfer to or from dealer; records

§ 2114. Transfer to or from dealer; records. (a) If a dealer buys a

vehicle and holds it for resale and procures the certificate of title

from the owner within ten days after delivery to him of the vehicle, he

need not send the certificate to the commissioner but, upon transferring

the vehicle to another person other than by the creation of a security

interest, shall promptly execute the assignment and warranty of title by

a dealer, showing the names and addresses of the transferee and of any

lienholder holding a security interest created or reserved at the time

of the resale, in the spaces provided therefor on the certificate or as

the commissioner prescribes, and mail or deliver the certificate to the

commissioner with the transferee's application for a new certificate.

The assignment and warranty of title by a dealer required by this

section shall include a statement, signed by the dealer stating either

(i) any facts or information known to him that could reasonably affect

the validity of the title of the vehicle, or (ii) that no such facts or

information are known to him.

(b) Every dealer shall maintain a record in the form and for a period

of time the commissioner prescribes of every vehicle bought, sold or

exchanged by him, or received by him for sale or exchange, which shall

be open to inspection by a representative of the commissioner, a peace

officer, when acting pursuant to his special duties, or a police officer

during reasonable business hours.