Sec. 386.161. REPORT TO COMMISSION; SUSPENSION OF PURCHASE OR LEASE INCENTIVES

(a) The comptroller shall report to the commission annually regarding motor vehicle purchase or lease incentives.

(b) If the balance available for motor vehicle purchase or lease incentives falls below 15 percent of the total allocated for the incentives during that fiscal year, the comptroller by order shall suspend the incentives until the date the comptroller can certify that the balance available in the fund for incentives is an amount adequate to resume the incentives or the beginning of the next fiscal year, whichever is earlier. If the comptroller suspends the incentives, the comptroller shall immediately notify the commission and all new motor vehicle dealers and leasing agents that the incentives have been suspended.

(c) The comptroller shall establish a toll-free telephone number available to motor vehicle dealers and leasing agents for the dealers and agents to call to verify that incentives are available. The comptroller may provide for issuing verification numbers over the telephone line.

(d) Reliance by a dealer or leasing agent on information provided by the comptroller or commission is a complete defense to an action involving or based on eligibility of a vehicle for an incentive or availability of vehicles eligible for an incentive.

Added by Acts 2001, 77th Leg., ch. 967, Sec. 1(b), eff. Sept. 1, 2001.