Nev. Admin. Code § 490.305

Current through December 12, 2024

Section 490.305 - Lease of new off-highway vehicle by long-term lessor: Contents of report of sale; certificate or statement of origin; duties of long-term lessor

1. An off-highway vehicle dealer's report of sale completed and executed pursuant to NRS 490.440 for the lease of a new off-highway vehicle by a long-term lessor must include:

(a) A description of the off-highway vehicle;

(b) The names and addresses of the long-term lessor, long-term lessee and any person having a security interest in the off-highway vehicle; and

(c) The business license number of the long-term lessor.

2. A completed and executed manufacturer's certificate of origin or statement of origin for the off-highway vehicle must be submitted together with the report of sale pursuant to subsection 1.

3. Unless an extension of time is granted by the Department pursuant to NAC 490.095, the long-term lessor shall:

(a) Collect the fees required for:

(1) The issuance of a certificate of title for an off-highway vehicle present or registered in this State pursuant to NAC 490.360; and

(2) The processing of the off-highway vehicle dealer's report of sale pursuant to NAC 490.360; and

(b) Within 30 days after the execution of the report of sale:

(1) Submit to the Department by mail the original of the report of sale which includes the manufacturer's certificate of origin or statement of origin; and

(2) Remit to the Department by mail the fees specified in paragraph (a).

4. To establish compliance with the period required by paragraph (b) of subsection 3, the Department will use the date imprinted or otherwise indicated on the report of sale as the beginning date of the 30-day period.

5. Upon execution of all documents required to complete the lease of the off-highway vehicle, including, without limitation, any financial documents, the long-term lessor shall execute the report of sale and furnish a copy of the report of sale to the long-term lessee not more than 10 days after the date imprinted or otherwise indicated on the report of sale.

Nev. Admin. Code § 490.305

Added to NAC by Dep't of Motor Veh. by R130-11, 6-29-2012, eff. 7-1-2012

NRS 481.051, 490.066, 490.440, 490.500