Existing law provides that whenever application is made to the Department of Motor Vehicles for registration of a motor vehicle of which the ownership has been transferred, the person transferring the vehicle is authorized to designate the person receiving the vehicle to provide the information required by the Department relating to odometer disclosures if the: (1) certificate of title is lost, unlawfully detained by one in possession or otherwise not available; and (2) model year is 9 years old or newer. (NRS 482.415) Section 4 of this bill provides instead that this process applies to the registration of a motor vehicle of which the model year is 2011 or newer and the vehicle is less than 20 years old. Section 1 of this bill authorizes a dealer licensed in this State and the purchaser of a vehicle to enter into a written return agreement to cancel the sale. Upon entering into such a written agreement, the sale is cancelled. The dealer is required, within 15 days, to return to the purchaser or secured party, as applicable, all money, taxes and fees that were collected by the dealer at the time of the sale. Section 1 provides that if such a written agreement is entered into, the dealer may submit an application to the Department of Motor Vehicles for a certificate of title. Section 1 further requires the Department of Motor Vehicles to issue a certificate of title after receiving such an application. Finally, section 1: (1) prohibits, under certain circumstances, a dealer from selling in this State the vehicle that is the subject of such a cancellation of sale until the dealer receives the certificate of title from the Department of Motor Vehicles; (2) requires a dealer to retain the written return agreement to cancel a vehicle sale with the sales records for the transaction; and (3) provides that the cancellation of a sale pursuant to section 1 does not negate the fact that the vehicle has been the subject of a previous retail sale. Section 2 of this bill makes a conforming change to indicate the proper placement of section 1 in the Nevada Revised Statutes. Section 3 of this bill creates an exception to the general requirement that an existing certificate of title be endorsed by the transferor and transferee when an ownership interest in the vehicle is transferred. (NRS 482.400)

Statutes affected:
As Introduced: 482.245, 482.400, 482.415
Reprint 1: 482.245, 482.400, 482.415
Reprint 2: 482.245, 482.400, 482.415
As Enrolled: 482.245, 482.400, 482.415