Lease of used or rebuilt vehicle pursuant to long-term lease: Duties of long-term lessor; temporary placards; execution and furnishing of copy of long-term lessor’s report of lease.
1. If a used or rebuilt vehicle is leased in this State by a long-term lessor, the long-term lessor shall complete and execute a long-term lessor’s report of lease. Such a report must be in a form prescribed by the Department and must include:
(a) A description of the vehicle;
(b) An indication as to whether the vehicle is a rebuilt vehicle; and
(c) The names and addresses of the long-term lessor, long-term lessee and any person having a security interest in the vehicle.
2. Unless an extension of time is granted by the Department, the long-term lessor shall, within 30 days after the execution of the long-term lessor’s report of lease:
(a) Submit to the Department the original of the long-term lessor’s report of lease and the properly endorsed certificate of title previously issued for the vehicle; and
(b) Collect and remit to the Department the fee set forth in NRS 482.429 for the processing of the long-term lessor’s report of lease.
3. Upon entering into a lease for a used or rebuilt vehicle, the seller shall affix a temporary placard to the rear of the vehicle. Only one temporary placard may be issued for the vehicle. The temporary placard must:
(a) Be in a form prescribed by the Department;
(b) Be made of a material appropriate for use on the exterior of a vehicle;
(c) Be free from foreign materials and clearly visible from the rear of the vehicle; and
(d) Include the date of its expiration.
4. Compliance with the requirements of subsection 3 permits the vehicle to be operated for a period not to exceed 30 days after the execution of the lease. Upon issuance of the certificate of registration and license plates for the vehicle or the expiration of the temporary placard, whichever occurs first, the long-term lessee shall remove the temporary placard from the rear of the vehicle.
5. To establish compliance with the period required by subsection 2, the Department shall use the date imprinted or otherwise indicated on the long-term lessor’s report of lease as the beginning date of the 30-day period.
6. Upon executing all documents necessary to complete the lease of the vehicle, the long-term lessor shall execute the long-term lessor’s report of lease and furnish a copy of the report to the long-term lessee not less than 10 days before the expiration of the temporary placard.
Last modified: February 25, 2006