(1) Trade-in Value. Unless otherwise provided by law, governmental bodies may trade-in personal property, the trade-in value of which may be applied to the procurement or lease of like items. The trade-in value of such personal property shall not exceed an amount as specified in regulations promulgated by the board.

(2) Approval of Trade-In Sales. When the trade-in value of personal property of a governmental body exceeds the specified amount, the Department of Administration shall have the authority to determine whether:

(a) the subject personal property shall be traded in and the value applied to the purchase of new like items; or

(b) the property shall be classified as surplus and sold in accordance with the provisions of Section 11-35-3820. The department's determination shall be in writing and be subject to the provisions of this chapter.

(3) Record of Trade-In Sales. Governmental bodies shall submit quarterly to the Division of Procurement Services a record listing all trade-in sales made under subsections (1) and (2) of this section, including any applicable written determinations.

HISTORY: 1981 Act No. 148, Section 1; 1997 Act No. 153, Section 1; 2019 Act No. 41 (S.530), Section 53, eff May 13, 2019.

Editor's Note

2019 Act No. 41, Section 80, provides as follows:

"SECTION 80. This act takes effect upon approval by the Governor and applies to solicitations issued after that date."

Effect of Amendment

2019 Act No. 41, Section 53, in (2), substituted "Department of Administration" for "board", and in (b), in the second sentence, substituted "The department's" for "The board's"; and in (3), substituted "Division of Procurement Services" for "materials management officer" and inserted ", including any applicable written determinations".