Nevada · statute · Nev. Rev. Stat. ch. 597 · 272 active provisions
As used in NRS 597.010 to 597.110, inclusive, unless the context otherwise requires: 1. “Consummation” means the time at which a customer becomes contractually obligated under a lease agreement with an option to purchase. 2. “Customer” means a natural person who leases personal property which is to be used primarily fo…
1. A lease agreement with an option to purchase which complies with the provisions of NRS 597.010 to 597.110, inclusive, is exempt from the provisions of law governing: (a) A security interest as defined in NRS 104.1201. (b) A door-to-door sale as defined in NRS 598.180. (c) The sale of consumer goods as defined in NRS…
1. Except as otherwise provided in subsection 2, a lease agreement with an option to purchase must contain the following disclosures, if applicable: (a) The total number and total amount of all payments which are necessary to acquire ownership of the leased property, and the dates on which those payments are due. (b) A…
1. The disclosures required to be made by NRS 597.030 must be made: (a) At or before the consummation of the lease agreement with an option to purchase; and (b) Clearly and conspicuously in writing on the face of the agreement, directly above the line for the customer’s signature. 2. In a transaction involving more tha…
1. The disclosures required by NRS 597.030: (a) Must be made if a lease agreement with an option to purchase is renegotiated. (b) Are not required to be made if such an agreement is extended. 2. For the purposes of this section, a lease agreement with an option to purchase: (a) Is renegotiated if it is replaced by a ne…
A lease agreement with an option to purchase may not contain: 1. A confession of judgment. 2. A negotiable instrument. 3. A security interest or any other claim to an interest in property other than the property delivered by the lessor pursuant to the agreement. 4. An assignment of wages. 5. A waiver by the customer of…
1. A customer who fails to make a timely payment may reinstate the lease agreement with an option to purchase without losing any rights or options contained in the agreement if the customer pays to the lessor: (a) All payments that are past due; (b) The reasonable costs of returning the property to the lessor and redel…
A lessor shall give to a customer a written receipt for each payment made in cash or with a money order.
1. An advertisement for a lease agreement with an option to purchase that refers to or states the amount of any required payment and the right to acquire ownership of any individual item of property must clearly and conspicuously indicate: (a) That the transaction advertised is a lease agreement with an option to purch…
A person who willfully and intentionally violates any provision of NRS 597.010 to 597.090, inclusive, is guilty of a misdemeanor.
Unless the lease agreement with an option to purchase provides otherwise: 1. In addition to any penalty imposed pursuant to NRS 597.100, the lessor or his or her assignee is liable, except as otherwise provided in subsection 3, in civil suit to the customer for an amount equal to the actual damages resulting from a vio…
As used in NRS 597.112 to 597.118, inclusive, unless the context otherwise requires, the words and terms defined in NRS 597.1123 to 597.114, inclusive, have the meanings ascribed to them in those sections.
“Dealer” means any person who engages in the business of selling inventory.
“Dealer agreement” means an oral or written agreement between a supplier and a dealer by which: 1. A commercial relationship of definite duration or continuing indefinite duration is established; 2. The dealer is granted the right to offer and sell inventory at retail; 3. The dealer constitutes a component of a system…
“Inventory” means farm equipment or any attachments or repair parts for that farm equipment.
“Net price” means the price set forth in the price list or catalog of a supplier which is in effect when a dealer agreement is terminated, less any applicable trade or cash discounts.
“Superseded part” or “superseded repair part” means a part which has an equivalent function of a part which is available on the date of the termination of a dealer agreement.
“Supplier” means: 1. A manufacturer, wholesaler or wholesale distributor of new inventory; 2. A purchaser of the assets or shares of a surviving corporation resulting from a merger or liquidation of a supplier; or 3. A receiver, assignee or trustee of such a manufacturer, wholesaler or wholesale distributor.
1. A supplier shall not terminate, fail to renew or substantially change the terms of a dealer agreement without good cause. 2. Except as otherwise provided in this section, a supplier may terminate or refuse to renew a dealer agreement for good cause if the supplier provides to the dealer a written notice setting fort…
1. Each year a supplier shall allow each dealer with whom it has entered into a dealer agreement to return to the supplier for credit a portion of the surplus parts in the dealer’s inventory. 2. A supplier shall notify each dealer of the period it has designated for that dealer to submit a list of the surplus parts the…
A supplier shall not: 1. Require a dealer to accept delivery of equipment, parts or accessories which the dealer has not ordered unless the equipment, parts or accessories are required by the supplier for the safe use of any inventory provided to the dealer by the supplier; 2. Condition the sale of any equipment to a d…
1. Except as otherwise provided in this section, upon the termination of a dealer agreement by a supplier or dealer, the supplier shall repurchase the inventory held by the dealer on the date of the termination of the dealer agreement. 2. A supplier who repurchases the inventory of a dealer pursuant to subsection 1 sha…
1. At the end of each year after the termination of a dealer agreement, a dealer’s reserve account for recourse, retail sale or lease contracts may not be debited by a supplier or lender for any deficiency unless the dealer is given written notice of at least 7 business days by certified or registered mail, return rece…
The provisions of NRS 597.112 to 597.118, inclusive, do not require a supplier to repurchase from a dealer: 1. Any repair part which is not in new and undamaged condition or, because of its condition, is not resalable as a new part; 2. Any inventory which the dealer retains pursuant to subsection 3 of NRS 597.1153; 3.…
If a supplier fails or refuses to repurchase and pay a dealer for any inventory the supplier is required to repurchase in accordance with the provisions of NRS 597.112 to 597.118, inclusive, within 60 days after shipment of the inventory to the supplier, the supplier is liable for: 1. An amount equal to 100 percent of…