NHTSA Issues Final Rule on Electronic Odometer Disclosures
Sept. 20, 2019—The National Highway Traffic Safety Administration (NHTSA) published a final rule establishing standards under which states may allow for odometer disclosures in electronic format.
Odometer fraud is a Federal crime and NHTSA has required sellers to disclose vehicle odometer readings at the time of sale for decades. However, most vehicle transfers have been subject to a requirement that odometer disclosures be made in a paper format with handwritten names and wet ink signatures.
By removing the paper documentation requirement, today’s Final Rule opens the door for state Departments of Motor Vehicles to move toward paperless transactions. Paperless transactions will save time and reduce costs for consumers and industry, create economic efficiencies, and improve security.