Tex.
Tax Code Section 152.0635
Records of Certain Sellers
(a)
In addition to the requirements prescribed by Section 152.063 (Records), a seller engaged in seller-financed sales who has a permit under Section 152.065 (Required Permits) shall keep the records required by this section.(b)
For seller-financed sales, the seller shall keep at the seller’s principal office for at least four years from the date on which the seller receives the final payment for the motor vehicle:(1)
the lienholder’s copy of the receipt for title application, registration, and motor vehicle tax issued by a county tax assessor-collector; and(2)
a ledger or other document containing a complete record of the payment history for that motor vehicle, including:(A)
the name and address of the purchaser;(B)
the total consideration;(C)
the amount of the down payment received at the time the motor vehicle is sold;(D)
the date and amount of each subsequent payment;(E)
the date of sale; and(F)
the date of any repossession.(c)
For retail sales paid in full at the time of sale, the seller shall keep at the seller’s principal office for at least four years from the date of the sale documentation of complete payment in the form of:(1)
a copy of the payment instrument or a receipt for cash received; and(2)
a copy of the receipt for title application, registration, and motor vehicle tax issued by the county tax assessor-collector.(d)
For sales for resale, the seller shall keep at the seller’s principal office for at least four years from the date of the sale the purchaser’s written statement of resale on a form prescribed by the comptroller.(e)
Section 111.0041 (Records; Burden to Produce and Substantiate Claims) applies to a person required to keep records under this chapter.
Source:
Section 152.0635 — Records of Certain Sellers, https://statutes.capitol.texas.gov/Docs/TX/htm/TX.152.htm#152.0635 (accessed Apr. 20, 2024).
