Long-term lessors also holding licenses as vehicle dealers: Authorized acts

A licensed long-term lessor who also holds a license as a vehicle dealer on January 1, 1995, may, for the period those licenses remain in effect, sell, exchange, buy, offer or display for sale, negotiate or attempt to negotiate the sale or exchange of, or induce or attempt to induce any person to buy or exchange an interest in, a vehicle that has been registered with the Department, or has been registered with the appropriate agency of authority of any other state, the District of Columbia, any territory or possession of the United States or foreign state, province or country, if the long-term lessor: 1. Maintains an established place of business in this State which: (a) Is in a location that is zoned for such activities; (b) Includes an office and lot facilities with sufficient space to meet the needs of his or her customers; and (c) Includes a facility for repairing and performing maintenance work on vehicles; 2. Maintains all other state and local licenses, registrations and permits required for such activities; and 3. Forwards to the registered owner of a vehicle sold by the long-term lessor any notice received from the manufacturer of the vehicle regarding a defect in the vehicle.