Assembly Bill No. 209-Assemblymen Anderson, Williams, Segerblom, Carpenter, Tiffany, Evans, Krenzer, Nolan, Price, Mortenson, Collins, Cegavske, Manendo, Hettrick, Perkins, Ernaut, Buckley, Berman, de Braga, Neighbors, Von Tobel, Ohrenschall, Humke, Amodei, Close, Herrera, Goldwater, Giunchigliani, Arberry, Bache, Lambert and Freeman
February 27, 1997
____________
Referred to Committee on Transportation
SUMMARY--Revises provisions governing satisfaction of outstanding security interest on vehicle taken in trade or purchased by licensed motor vehicle dealer.
(BDR 43-367)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to motor vehicles; revising the period for the satisfaction of an outstanding security interest on a vehicle taken in trade or purchased by a licensed dealer; providing a period for the delivery of the title to such a vehicle to the licensed dealer; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
~^
Section 1 NRS 482.328 is hereby amended to read as follows:
482.328 If a licensed dealer takes [a vehicle in trade on the purchase of another] possession by trade or purchase of a vehicle and there is an outstanding security interest, the licensed dealer shall satisfy the outstanding security interest within [30] 15 days after [the vehicle is taken in trade on the purchase of the other vehicle.] taking possession of the vehicle. The title to the vehicle upon which the outstanding security interest has been satisfied must be delivered to the licensed dealer within 15 days after satisfaction of the outstanding security interest.
Sec. 2. This act becomes effective upon passage and approval.