61-4-150. Sale, transfer, or exchange of dealership -- notice -- response to notice. (1) A manufacturer of new motor vehicles, a factory branch, a distributor, a distributor branch, an importer, a field representative, an officer, an agent, or any representative of the persons or entities listed in this subsection may not unreasonably withhold consent to the sale, transfer, or exchange of a franchise to a qualified buyer capable of being licensed as a new motor vehicle dealer in this state who meets the state's statutory requirements for appointment as a dealer.

(2) (a) A manufacturer or distributor shall respond to a dealer in writing within 60 days of receipt of the dealer's request, delivered by certified mail to the manufacturer or distributor, for consent to the sale, transfer, or exchange of the dealer's franchise submitted by the dealer to the manufacturer or distributor pursuant to the provisions of subsection (1).

(b) The manufacturer shall acknowledge, in writing delivered by certified mail to the dealer and the buyer designated in the dealer's request for consent, receipt of the request. Failure to respond within the 60-day period established in subsection (2)(a) is approval of the request.

(c) If the manufacturer or distributor requires additional information to complete its review, the manufacturer or distributor shall notify the buyer in writing delivered by certified mail within 15 business days of receipt of the dealer's request. If the manufacturer or distributor requests additional information, the 60-day time period for approval runs from the time of the receipt of the requested supplemental information. The manufacturer or dealer may request additional information only one time.