Sec. 78.6. Amendments to registration

(a) Change in members of a partnership or officers of a corporation.

(1) The Department of Motor Vehicles must be notified immediately, in writing, if there is a change in either the members of a partnership, or the officers of a corporation, registered as a dealer. Notification must contain the name and residence address of the new member or officer and the member or officer who has been succeeded. Notification must be sent to the Department of Motor Vehicles at the address shown on the amendment form.

(2) The registration of a dealer in the names of two or more persons as partners or otherwise shall not expire on change in ownership as long as one person named as a partner remains the owner or part owner. This policy applies also where two or more partners increase the number of partners, but does not apply where an individual forms a partnership nor where a corporation is involved.

(3) In effecting a change, it is necessary for the dealer to submit an amendment form, MV-82, with the required number of certificate stubs, the certificate of registration and the stubs in the old name.

(4) In those cases where a partnership is dissolved, the partner leaving the firm is required to affix his signature to the amendment form in addition to the signatures of the remaining partners.

(b) Change of address, name or status.

The Department of Motor Vehicles must be notified on the amendment form:

(1) within 30 days of any change of address; and

(2) immediately if the name of the dealership or the name of the individual owner, a partner, or a stockholder of more than 10 percent of the share changes.