Section 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.