ASSEMBLY ACTION Initial and Date |SENATE ACTION Initial and Date
Adopted Lost | Adopted Lost
Concurred In Not |Concurred In Not
Receded Not | Receded Not
Amend section 1, page 2, after “(b)” by inserting:
“Obtain from the consignor, before receiving delivery of the vehicle, a signed and dated disclosure statement that is included in the consignment contract and provides in at least 10-point bold type or font:
IMPORTANT NOTICE TO VEHICLE OWNERS
State law (NRS 482.31776) requires that the operator of this business file a Uniform Commercial Code 1 (UCC1) form with the Office of the Secretary of State on your behalf to protect your interest in your vehicle. The form is required to protect your vehicle from forfeiture in the event that the operator of this business fails to meet his financial obligations to a third party holding a security interest in his inventory. The form must be filed by the operator of this business before he may take possession of your vehicle. If the form is not filed as required, YOU MAY LOSE YOUR VEHICLE THROUGH NO FAULT OF YOUR OWN. For a copy of the UCC1 form filed on your behalf or for more information, please contact:
The Office of the Secretary of State of Nevada
Uniform Commercial Code Division
775.684.5708
I understand and acknowledge the above disclosure.
________________________ __________
Consignee Signature Date
(c)”.
Amend section 1, page 3, by deleting lines 1 through 4 and inserting:
“4. The provisions of this section do not apply to [an executor, an administrator, a sheriff or any] :
(a) An executor;
(b) An administrator;
(c) A sheriff;
(d) A salvage pool subject to the provisions of NRS 487.400 to 487.510, inclusive; or
(e) Any other person who sells a vehicle pursuant to the powers or duties granted to or imposed on him by specific statute.”.
Amend section 1, pages 3 and 4, by deleting lines 38 through 44 on page 3 and lines 1 through 32 on page 4.
Amend section 1, page 4, line 33, by deleting “9.” and inserting “8.”.
Amend section 1, page 4, line 40, by deleting “paragraph (b)” and inserting:
“paragraphs (b) or (c)”.
Amend the title of the bill to read as follows:
“AN ACT relating to motor vehicles; requiring the consignee of a vehicle to obtain a signed disclosure statement from the consignor of a vehicle; requiring the consignee to assist the consignor in completing a financing statement to create a purchase-money security interest of the consignor in the vehicle; requiring the consignee to file the financing statement with the Secretary of State; providing a penalty; and providing other matters properly relating thereto.”.