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)