Nevada Administrative Code
Chapter 490 - Off-Highway Vehicles
SECURITY INTERESTS
Section 490.315 - Lease of used off-highway vehicle by long-term lessor: Contents of report of sale; duties of long-term lessor

Universal Citation: NV Admin Code 490.315

Current through February 27, 2024

1. An off-highway vehicle dealer's report of sale completed and executed pursuant to NRS NRS 490.440 for the lease of a used 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. 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 endorsed certificate of title previously issued for the off-highway vehicle; and

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

3. To establish compliance with the period required by paragraph (b) of subsection 2, the Department will use the date imprinted or otherwise indicated on the report of sale as the beginning date of the 30-day period.

4. 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 less than 10 days after the date imprinted or otherwise indicated on the report of sale.

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

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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