As used in NRS 100.095 to 100.175, inclusive:
1. “Commercial vehicle lease” means a bailment or lease of a single vehicle by a person for a period of more than 4 months for a total contractual obligation not exceeding $25,000, primarily for business or commercial purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the vehicle at the termination or expiration of the lease. The term includes a bailment or lease where the lessee becomes or may become owner of the vehicle by payment to the lessor of an amount which is substantially equal to the residual value or the unamortized capitalized cost, if the payment is not nominal. The term does not include a bailment or lease where the lessee contracts to pay as compensation for use of the vehicle a sum substantially equivalent to or in excess of the capitalized cost of the vehicle and it is agreed that the lessee may become the owner for no other consideration or for a nominal consideration.
2. “Person” includes any governmental entity.
3. “Vehicle” means every device in, upon or by which any person or property is or may be transported upon a public highway, except devices:
(a) Moved by human power;
(b) Used exclusively upon stationary rails or tracks; or
(c) Having a gross vehicle weight of more than 10,000 pounds, exclusive of the weight of any slide-in camper as defined in NRS 482.113 which may be on it.
The term does not include electric personal assistive mobility devices as defined in NRS 482.029.
4. “Vehicle lease” means a bailment or lease of a single vehicle by a person for a period of more than 4 months where the lessee’s obligation upon termination or expiration of the lease is based on the excess of the unamortized capitalized cost of the vehicle over its residual value as established pursuant to the provisions of NRS 100.145. The term includes a bailment or lease where the lessee becomes or may become owner of the vehicle by payment to the lessor of an amount which is substantially equal to the residual value or the unamortized capitalized cost, if the payment is not nominal.
(Added to NRS by 1979, 1259; A 2003, 1206)
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