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 1, line 3, by deleting “1.”.
Amend section 1, pages 1 and 2, by deleting line 7 on page 1 and lines 1 through 4 on page 2, and inserting:
“vehicle shall, upon the request of a purchaser or prospective purchaser”.
Amend section 1, page 2, by deleting lines 9 through 25 and inserting:
“prospective purchaser to view the version of the forms for the application for credit and contracts to be used in the sale of vehicles which have been translated into Spanish pursuant to subsection 3 of NRS 97.299.”.
Amend the bill as a whole by deleting sec. 3 and adding a new section designated sec. 3, following sec. 2, to read as follows:
“Sec. 3. NRS 97.299 is hereby amended to read as follows:
97.299 1. The Commissioner of Financial Institutions shall prescribe, by regulation, forms for the application for credit and contracts to be used in the sale of vehicles if:
(a) The sale involves the taking of a security interest to secure all or a part of the purchase price of the vehicle;
(b) The application for credit is made to or through the seller of the vehicle;
(c) The seller is a dealer; and
(d) The sale is not a commercial transaction.
2. The forms prescribed pursuant to subsection 1 must meet the requirements of NRS 97.165, must be accepted and acted upon by any lender to whom the application for credit is made and, in addition to the information required in NRS 97.185 and required to be disclosed in such a transaction by federal law, must:
(a) Identify and itemize the items embodied in the cash sale price, including the amount charged for a contract to service the vehicle after it is purchased.
(b) In specifying the amount of the buyer’s down payment, identify the amounts paid in money and allowed for property given in trade and the amount of any manufacturer’s rebate applied to the down payment.
(c) Contain a description of any property given in trade as part of the down payment.
(d) Contain a description of the method for calculating the unearned portion of the finance charge upon prepayment in full of the unpaid total of payments as prescribed in NRS 97.225.
(e) Include the following notice in at least 10‑point bold type:
NOTICE TO BUYER
Do not sign this agreement before you read it or if it contains any blank spaces. You are entitled to a completed copy of this agreement. If you pay the amount due before the scheduled date of maturity of the indebtedness and you are not in default in the terms of the contract for more than 2 months, you are entitled to a refund of the unearned portion of the finance charge. If you fail to perform your obligations under this agreement, the vehicle may be repossessed and you may be liable for the unpaid indebtedness evidenced by this agreement.
3. The Commissioner shall arrange for or otherwise cause the translation into Spanish of the forms prescribed pursuant to subsection 1.
4. If a change in state or federal law requires the Commissioner to amend the forms prescribed pursuant to subsection 1, the Commissioner need not comply with the provisions of chapter 233B of NRS when making those amendments.
[4.]5. As used in this section:
(a) “Commercial transaction” means any sale of a vehicle to a buyer who purchases the vehicle solely or primarily for commercial use or resale.
(b) “Dealer” has the meaning ascribed to it in NRS 482.020.”.
Amend sec. 4, page 2, by deleting lines 34 through 37 and inserting:
“Sec. 4. 1. This section and section 3 of this act become effective upon passage and approval.
2. Sections 1 and 2 of this act become effective on July 1, 2004.”.
Amend the title of the bill, fourth line, after “circumstances;” by inserting:
“requiring the Commissioner of Financial Institutions to arrange for or otherwise cause the translation into Spanish of certain documents;”.
Amend the bill as a whole by adding the following senator as a primary joint sponsor:
Senator Carlton.