§ 2114. Transfer to or from dealer; records. (a) If a dealer buys a
vehicle and holds it for resale and procures the certificate of title
from the owner within ten days after delivery to him of the vehicle, he
need not send the certificate to the commissioner but, upon transferring
the vehicle to another person other than by the creation of a security
interest, shall promptly execute the assignment and warranty of title by
a dealer, showing the names and addresses of the transferee and of any
lienholder holding a security interest created or reserved at the time
of the resale, in the spaces provided therefor on the certificate or as
the commissioner prescribes, and mail or deliver the certificate to the
commissioner with the transferee's application for a new certificate.
The assignment and warranty of title by a dealer required by this
section shall include a statement, signed by the dealer stating either
(i) any facts or information known to him that could reasonably affect
the validity of the title of the vehicle, or (ii) that no such facts or
information are known to him.

(b) Every dealer shall maintain a record in the form and for a period
of time the commissioner prescribes of every vehicle bought, sold or
exchanged by him, or received by him for sale or exchange, which shall
be open to inspection by a representative of the commissioner, a peace
officer, when acting pursuant to his special duties, or a police officer
during reasonable business hours.