Investigators said the bus did not have insurance and its license plate was fictitious.
In a news release, Charlotte-Mecklenburg police said the owner of the bus, Victor Rabb, "Has voluntarily surrendered the vehicle to the North Carolina State Highway Patrol's Motor Carrier Division to allow state investigators the opportunity to inspect the vehicle for any equipment violations."
Rabb said on Monday that he can't say why the insurance was not up to date.
"We're just trying to work through it," Rabb told WSOC. "It's just tragic. We have no comment at this time."
Court records show that Rabb has faced similar charges in 2012; however, prosecutors dismissed charges of fictitious tag and operating a vehicle with no insurance.
A year later, he pleaded guilty to improper use of a dealer permit or tag.
Last week's tragic incident happened around 10:25 p.m. Tuesday on North Tryon Street near the intersection of Sugar Creek Road.
Witnesses said 20-year-old Polly Rogers fell out of the emergency window of a Charlotte Party Charters bus and was hit by two cars.
Police are still investigating Rogers' death.
A report released last Thursday by CMPD said multiple people on board the bus were drinking alcohol.
The UNC Charlotte chapter of Kappa Sigma fraternity has been suspended by their national organization pending an investigation into Rogers' death.
The bus was rented by the fraternity.
"Polly was the friendliest person you would ever meet in your life," said Zeta Tau Alpha Chapter President Alexis Marie Burns. "She could always be found in the common areas of the house greeting sisters after their day at classes and making sure their day was going great."