Interpretation ID: aiam1116

Mr. John E. Huisman, Davies, Gibbs, Strayer, Stoel and Boley, Twenty-Third Floor, 900 S W Fifth Avenue, Portland, OR 97204; Mr. John E. Huisman
Davies
Gibbs
Strayer
Stoel and Boley
Twenty-Third Floor
900 S W Fifth Avenue
Portland
OR 97204;

Dear Mr. Huisman: This is in reply to your letter of April 10, 1973, concerning th status under the Federal odometer disclosure requirements of a bank which purchases a motor vehicle purchase money security agreement.; You are correct in understanding that the Act does not anticipate tha a bank will be required to give or receive an odometer disclosure statement in conjunction with the sale of a purchase money security agreement. In referring to a 'security interest', in 49 CFR Part 580, we did not intend to create an artificial distinction between States in which the bank holds only an 'interest' and States, such as Oregon, in which the bank actually takes title. It is our opinion that the bank should in neither case be required to execute a disclosure statement, and that the bank's 'ownership' of a vehicle by virtue of its purchase of a purchase money security agreement would not make the bank a transferor or transferee as those terms are employed in 49 CFR Part 580.; Yours truly, Richard B. Dyson, Assistant Chief Counsel