2015 GNYADA MEMBERSHIP DIRECTORY

RECORD RETENTION

HOT TOPICS 2015 GNYADA Membership Directory 83 DEALER RECORDS REPAIR SHOP INSPECTION STATION RECORDS Appraisals Estimates Repair Invoices Repair Orders

This guide is intended to serve only as a tool to assist in developing a document retention policy. The retention periods listed are minimum suggested periods, however, business practice or lawmay require preserving records for a longer period of time. You should consult with your counsel or accountant to ensure that your record retention practice meets both federal and state guidelines and is appropriate for your business. The same rules apply to electronic record retention. Electronic records must be easily accessible during an audit.

DMV RECORDS

Document Type

Retention Period

Paper Required

Certificate of Sale ( Form MV-50)

5 years

Yes

Dealer Plate Issuance Program Plate/

5 years

No

Permit Issuance Log In-transit Permit Log

5 years

Yes

Invoice or Bill of Sale

5 years

No

Odometer Disclosure Statement (form MV-103)

5 years

No

Police Books (Books of Registry)

3 years

Yes

Proofs of Ownership (e.g., MSO, MCO, Title)

Until Vehicle Ownership

Yes

is Transferred

2 years

No

2 years

No

Air Bag / System Log Book

2 years

Yes

2 years

No

Parts Purchase Orders

2 years

No

2 years

No

Daily Inspection Report

2 years

Yes

Emissions InspectionWaiver

2 years

Yes

Inspection Certificate Purchase Invoices

2 years

No

Inspection Rejection Notice

2 years

No

Motor Vehicle Inspection Records

2 years

No

Vehicle Inspection Receipt

2 years

No

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