SB 1186 - This act requires motor vehicle dealers to have used car buyers sign a form which acknowledges the buyers' receipt of a buyers guide. The buyers guide is a disclosure document or window form required by federal regulations to be posted on the used motor vehicle. The buyers guide required by federal law informs buyers: (1) Whether the vehicle is being sold "as is" or is accompanied by a warranty; (2) What percentage of the repair costs a dealer will pay under the applicable warranty; (3) That oral promises are difficult to enforce; (4) To get all promises in writing; (5) To ask to have the car inspected by an independent mechanic before they buy. This act goes beyond the federal regulations by mandating that the buyers guide include a signature line and an accompanying statement next to the signature line stating "I hereby acknowledge receipt of the buyers guide at the closing of this sale". Both parties to the sale shall keep a copy of the signed buyers guide. The motor vehicle dealer shall also attach a notation to the buyers guide setting forth the Department of Revenue's toll-free number. A violation of this act constitutes an unlawful trade practice. If the used motor vehicle dealer fails to provide the appropriate notice and fails to obtain a signed buyers guide, the buyer may cancel the sale within 30 days. The buyer shall have the right to return the vehicle to the used motor vehicle dealer and obtain a full refund of all payments made toward the purchase of the used motor vehicle, less any damage to the used motor vehicle incurred while ownership was vested in the buyer, and less a reasonable amount for the use not to exceed one-half the amount allowed per mile by the Internal Revenue Service, as provided by regulation, revenue procedure, or revenue ruling promulgated pursuant to Chapter 162 of the Internal Revenue Code, for use of a personal vehicle for business purposes. The act requires the Department of Revenue to utilize its toll-free number service to receive complaints from used motor vehicle buyers regarding possible violations of this act. The act also authorizes the Department of Revenue to initiate investigations to ensure compliance with the act. Any motor vehicle dealer who fails to comply with the act shall be subject to disciplinary action by the Department of Revenue. STEPHEN WITTE