Senate Bill No. 482–Committee on Transportation

 

March 24, 2003

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Referred to Committee on Transportation

 

SUMMARY—Provides that certain leases of motor vehicles or trailers do not constitute sales or create security interests under certain circumstances. (BDR 43‑1043)

 

FISCAL NOTE:  Effect on Local Government: No.

                           Effect on the State: No.

 

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

 

AN ACT relating to vehicles; providing that certain leases of motor vehicles or trailers do not constitute sales or create security interests under certain circumstances; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

 

1-1  Section 1. Chapter 482 of NRS is hereby amended by adding

1-2  thereto a new section to read as follows:

1-3  Notwithstanding any specific statute to the contrary, the lease

1-4  of a motor vehicle or trailer for use primarily in a trade or

1-5  business of the lessee does not constitute a sale or create a security

1-6  interest merely because the lease permits or requires that the

1-7  rental price be adjusted upward or downward by reference to the

1-8  amount realized by the lessor upon the sale or other disposition of

1-9  the motor vehicle or trailer upon the termination of the lease.

 

1-10  H