205.2747 - Unlawful transfer or assignment of right or interest in motor vehicle; penalty.
205.2747 Unlawful transfer or assignment of right or interest in motor vehicle; penalty.
1. A person, other than a party to the lease contract, retail installment contract or security agreement, for compensation or some other consideration, shall not transfer or assign, or purport to transfer or assign, any right or interest in a motor vehicle that is subject to a lease contract, retail installment contract or security agreement the terms of which prohibit the transfer or assignment of any right or interest in the motor vehicle to any person who is not a party to the contract or agreement.
2. A person shall not assist, cause or arrange for a person to violate the provisions of subsection 1.
3. This section does not affect the enforceability of any provision of any lease contract, retail installment contract, security agreement or direct loan agreement by any party to the contract or agreement.
4. In addition to any other penalty, a person who violates the provisions of this section is guilty of a gross misdemeanor.
5. As used in this section:
(a) “Buyer” means a person who buys or hires a motor vehicle pursuant to a retail installment contract.
(b) “Direct loan agreement” means an agreement between a lender and a purchaser by which the lender has advanced money pursuant to a loan secured by a motor vehicle which the purchaser has purchased.
(c) “Lease contract” means a contract for or in contemplation of a lease or bailment for the use of a motor vehicle, and the purchase of services incidental to the lease or bailment, by a natural person for a term exceeding 4 months, primarily for personal, family, household, business or commercial purposes.
(d) “Lessor” means a person who is engaged in the business of leasing, offering to lease or arranging the lease of a motor vehicle under a lease contract. The term includes a bailor.
(e) “Motor vehicle” means a motor vehicle which is required to be registered pursuant to chapter 482 of NRS.
(f) “Purchaser” has the meaning ascribed to it in NRS 104.1201.
(g) “Retail installment contract” means a retail installment contract as defined in NRS 97.105 pursuant to which the title to or lien upon a motor vehicle, which is the subject matter of the retail installment transaction, is retained or taken by a seller from a buyer as security for the buyer’s obligation.
(h) “Retail installment transaction” means a transaction in which a buyer purchases a motor vehicle from a seller pursuant to a retail installment contract which provides for a finance charge and under which the buyer agrees to pay the total of payments in one or more installments. As used in this paragraph:
(1) “Amount financed” means the cash sale price of the motor vehicle which is the subject matter of a retail installment contract less the amount of the buyer’s down payment in money or goods, or both, plus the amounts, if any, included therein, if a separate identified charge is made therefor and stated in the contract, for insurance and official fees.
(2) “Finance charge” means the cost of credit indicated in a dollar amount. The term includes any charge payable directly or indirectly by the buyer and imposed directly or indirectly by the seller as an incident to or a condition of the extension of credit. The term does not include any charge of a type payable in a comparable cash transaction.
(3) “Total of payments” means the amount financed plus the finance charge.
(i) “Secured party” has the meaning ascribed to it in NRS 104.9102.
(j) “Security agreement” has the meaning ascribed to it in NRS 104.9102.
(k) “Seller” means a person engaged in the business of selling or leasing motor vehicles pursuant to retail installment contracts.
(Added to NRS by 2005, 1423)