§ 54-115. Exceptions to holding period.

The holding periods required by Sections 54-113 and 54-114 shall not apply to the following:

(1)

Any transaction made in the normal course of business with a salvage yard or secondary metal recycler that holds a current valid city salvage yard or secondary metal recycler permit, provided that the seller presents a copy of the permit at the time of the transaction;

(2)

Any transaction made in the normal course of business with a business located outside the city that holds an active National Motor Vehicle Title Information System ("NMVTIS") reporting ID and a current license with their state of origin as secondary metal recycler, salvage yard or equivalent, provided that the seller presents a copy of the license and their NMVTIS reporting ID at the time of the transaction;

(3)

Any transaction made in the normal course of business with an insurance company legally registered to do business;

(4)

Any transaction made in the normal course of business with the tow lot operated by the city;

(5)

Any transaction made in the normal course of business at a public auction conducted by a salvage broker who holds a valid salvage yard permit with the city.

(Ord. No. 060816, § 1, 10-19-06; Ord. No. 180606 , § 1, 12-20-18)

Note— Former § 54-114. See editor's note, § 54-114.