; and (II) the date on which the total amount of payments to a dealer under this paragraph equals the fair market value of the used motor vehicle. (ii) Date described The date referred to in clause (i) is the date that is 60 days after the date described in section 30119(b) and specified by the manufacturer— (I) in a notification under section 30119(a)(5); or (II) under section 30121(c)(2). (iii) Rate described The rate referred to in clause (i) is a rate determined by the Secretary that is not less than 1 percent of the fair market value of the used motor vehicle per month, which shall be prorated on a daily basis for each day that the used motor vehicle is in the possession of the dealer— (I) after the date described in clause (ii); and (II) before the date on which a remedy is made available by the manufacturer. (iv) Limitation The total amount of payments to a dealer under this paragraph with respect to a used motor vehicle shall not exceed the fair market value of that used motor vehicle. ; and (2) by adding at the end the following: (l) Limitation on the sale, lease, or loan of used motor vehicles (1) Definition of dealer In this subsection, the term dealer means a person that, during the 1-year period ending on the date of the sale, lease, or loan of a used motor vehicle, has sold at least 5 motor vehicles to buyers that in good faith purchased the vehicles other than for resale. (2) Limitation Except as provided under paragraph (3), a dealer shall not sell, lease, or loan a used motor vehicle until after any defect or noncompliance for which notification is required under subsection (b)(2)(A) or (c) of section 30118 with respect to the vehicle has been remedied. (3) Exception Paragraph (2) shall not apply if— (A) the recall information regarding the used motor vehicle— (i) was not available at the time of sale, lease, or loan using the means established by the Secretary under section 31301 of the Moving Ahead for Progress in the 21st Century Act ( 49 U.S.C. 30166 note; Public Law 112–141 )