1. Before commencing the provision of services to a prospective buyer, a broker shall execute a written brokerage agreement with the prospective buyer.
2. A brokerage agreement executed pursuant to subsection 1 must be in at least 10-point type and must include:
(a) The name, address, license number and telephone number of the broker.
(b) A complete description of the vehicle, including, but not limited to, the make, model, year and color of the vehicle.
(c) A specific statement of:
(1) The amount of the purchase price of the vehicle; and
(2) The date on which the brokerage agreement expires, if an agreement with a vehicle dealer to purchase a vehicle has not been signed.
(d) One of the following statements, as applicable for the particular transaction, printed in at least 10-point bold type and placed immediately below the statement required by paragraph (c):
(1) The broker does not receive a fee from the dealer which is selling this vehicle.
(2) The broker does receive a fee from the dealer which is selling this vehicle.
(e) A notice on the face of the brokerage agreement with a title in at least 14-point bold type and the text in at least 10-point bold type in substantially the following form:
(f) The date of execution of the brokerage agreement.
(g) The signatures of the broker and the prospective buyer.
3. A broker shall retain copies of any brokerage agreement executed pursuant to this section for 3 years.