490.150 - Written consignment contract required before taking off-highway vehicle on consignment; required provisions of contract. [Effective 1 year after the date the Interim Finance Committee issues
490.150 Written consignment contract required before taking off-highway vehicle on consignment; required provisions of contract. [Effective 1 year after the date the Interim Finance Committee issues a notice to the Department of Motor Vehicles that adequate money is available to begin registering off-highway vehicles or on July 1, 2011, whichever is sooner, and expires by limitation on July 1, 2011, if such notice is not given before that date.]
1. Before taking an off-highway vehicle on consignment, an off-highway vehicle dealer or lessor shall prepare a written consignment contract.
2. A consignment contract must include, without limitation:
(a) The names of the consignor and consignee;
(b) The date on which the consignment contract was entered into;
(c) A complete description of the off-highway vehicle subject to the consignment contract, including the unique vehicle identification or serial number, and the year, make and model of the off-highway vehicle;
(d) The term of the consignment contract;
(e) The name of each person or business entity holding any security interest in the off-highway vehicle to be consigned;
(f) The minimum sales price for the off-highway vehicle and the disposition of the proceeds therefrom, as agreed upon by the consignor and consignee; and
(g) The signatures of the consignor and consignee acknowledging all the terms and conditions set forth in the consignment contract.
(Added to NRS by 2009, 3086, effective 1 year after the date the Interim Finance Committee issues a notice to the Department of Motor Vehicles that adequate money is available to begin registering off-highway vehicles or on July 1, 2011, whichever is sooner, and expires by limitation on July 1, 2011, if such notice is not given before that date)