1. Except as otherwise provided in subsection 7, a person who engages in the leasing of vehicles in this State as a long-term or short-term lessor shall:

(a) Secure a license from the Department to conduct the leasing business;

(b) Post a bond;

(c) Furnish the Department with any other information as may be required;

(d) Comply with the terms and conditions of this chapter which apply to vehicle dealers;

(e) If the applicant is a natural person, submit the statement required pursuant to NRS 482.319; and

(f) Pay a license fee of $125.

2. Except as otherwise provided in subsection 7, a short-term lessor shall, in addition to the license fee specified in subsection 1, pay a fee of $125 for each branch to be operated pursuant to the license.

3. Any person employed by a long-term lessor licensed under the provisions of subsection 1 who engages in the practice of arranging or selling such services, and any person employed by a short-term lessor who sells, offers or displays for sale or exchange vehicles which are owned by the short-term lessor shall, before commencing operations, and annually thereafter:

(a) Secure from the Department a license to act as a salesperson of such services; and

(b) Comply with the terms and conditions which apply to salespersons of vehicles as specified in NRS 482.362.

4. An application for the issuance of a license pursuant to this section must include the social security number of the applicant.

5. Licenses issued pursuant to subsection 1 expire on December 31 of each year. Before December 31 of each year, licensees shall furnish the Department with an application for renewal of the license accompanied by an annual renewal fee of $50. Except as otherwise provided in subsection 7, a short-term lessor shall, in addition to the annual renewal fee, pay an annual fee of $50 for each branch to be operated pursuant to the license. If the applicant is a natural person, the application for renewal also must be accompanied by the statement required pursuant to NRS 482.319. The renewal application must be provided by the Department and must contain information required by the Department.

6. The provisions of NRS 482.352, relating to the denial, revocation or suspension of licenses, apply to licenses issued pursuant to the provisions of subsection 1. The provisions of NRS 482.362, relating to the denial, revocation, suspension and transfer of vehicle salespersons’ licenses, apply to licenses issued pursuant to the provisions of subsection 3.

7. The provisions of subsections 1, 2 and 5 which relate to the licensing of lessors of vehicles do not apply to:

(a) An owner of a vehicle who leases it to a carrier and operates the vehicle pursuant to that lease; or

(b) A new or used vehicle dealer licensed pursuant to the provisions of NRS 482.325 who engages in the leasing of vehicles in this State as a long-term lessor.

8. As used in this section, “carrier” has the meaning ascribed to it in NRS 482.3963.

(Added to NRS by 1965, 1472; A 1967, 707; 1971, 1307; 1975, 1072, 1578; 1979, 1225; 1983, 1005; 1997, 319, 2073, 2993; 1999, 520)