Senate Bill No. 482–Committee on Transportation

 

CHAPTER..........

 

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:

 

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

thereto a new section to read as follows:

    Notwithstanding any specific statute to the contrary, the lease

of a motor vehicle or trailer for use primarily in a trade or

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

interest merely because the lease permits or requires that the

rental price be adjusted upward or downward by reference to the

amount realized by the lessor upon the sale or other disposition of

the motor vehicle or trailer upon the termination of the lease.

 

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