Assembly Bill No. 494-Assemblymen Tiffany, Hickey, Carpenter, Neighbors, Amodei, Humke, Close, Herrera, Buckley, Arberry, Berman, Parks, Gustavson, Lee, Chowning, Nolan, Mortenson, Manendo, Von Tobel and Ohrenschall
May 15, 1997
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Referred to Committee on Transportation
SUMMARY--Prohibits dealer of motor vehicles from obtaining duplicate certificate of ownership of motor vehicle under certain circumstances. (BDR 43-1145)
FISCAL NOTE: Effect on Local Government: Yes.
Effect on the State or on Industrial Insurance: Yes.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to motor vehicles; prohibiting a dealer of motor vehicles from obtaining a duplicate certificate of ownership of a motor vehicle under certain circumstances; providing a penalty; 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 Chapter 482 of NRS is hereby amended by adding thereto a new section to read as follows:
1. It is unlawful for a dealer or any other person, with the intent to defraud, to obtain a duplicate certificate of ownership for any vehicle in which he grants a security interest to secure a present or future debt, obligation or liability of any nature arising from a loan or other extension of credit made in connection with the financing of the inventory of the vehicles of the dealer, or to engage in any other similar practice commonly known as "flooring."
2. A person who violates the provisions of subsection 1 shall be punished:
(a) If the amount of the security interest in the vehicle for which the duplicate certificate of ownership was fraudulently obtained was $2,500 or more, for a gross misdemeanor.
(b) If the amount of the security interest in the vehicle for which the duplicate certificate of ownership was fraudulently obtained was less than $2,500, for a misdemeanor.
3. In addition to any penalty imposed pursuant to subsection 2, the court shall order the person to pay restitution.
Sec. 2 The provisions of subsection 1 of NRS 354.599 do not apply to any additional expenses of a local government that are related to the provisions of this act.
Sec. 3 The amendatory provisions of this act do not apply to offenses that are committed before October 1, 1997.