(a) Every person licensed or required to be licensed under the provisions of Sections 5-101, 5-101.1, 5-102, 5-102.8, and 5-301 of this Code shall, under rule and regulation prescribed by the Secretary of State, maintain an inventory system of all vehicles or essential parts in such a manner that a person making an inspection pursuant to the provisions of Section 5-403 of this Code can readily ascertain the identity of such vehicles or essential parts and readily locate such parts on the licensees premises. (b) Failure to maintain an inventory system as required under this Section is a Class A misdemeanor. (c) This Section does not apply to vehicles or essential parts which have been acquired by a scrap processor for processing into a form other than a vehicle or essential part.
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