As used in NRS 597.010 to 597.110, inclusive, unless the context otherwise requires: 1. “Consummation” means the time at which a customer becomes contractually obligated under a lease agreement with an option to purchase. 2. “Customer” means a natural person who leases personal property which is to be used primarily for personal, family or household […]
1. A lease agreement with an option to purchase which complies with the provisions of NRS 597.010 to 597.110, inclusive, is exempt from the provisions of law governing: (a) A security interest as defined in NRS 104.1201. (b) A door-to-door sale as defined in NRS 598.180. (c) The sale of consumer goods as defined in […]
1. Except as otherwise provided in subsection 2, a lease agreement with an option to purchase must contain the following disclosures, if applicable: (a) The total number and total amount of all payments which are necessary to acquire ownership of the leased property, and the dates on which those payments are due. (b) A statement […]
1. The disclosures required to be made by NRS 597.030 must be made: (a) At or before the consummation of the lease agreement with an option to purchase; and (b) Clearly and conspicuously in writing on the face of the agreement, directly above the line for the customer’s signature. 2. In a transaction involving more […]
1. The disclosures required by NRS 597.030: (a) Must be made if a lease agreement with an option to purchase is renegotiated. (b) Are not required to be made if such an agreement is extended. 2. For the purposes of this section, a lease agreement with an option to purchase: (a) Is renegotiated if it […]
A lease agreement with an option to purchase may not contain: 1. A confession of judgment. 2. A negotiable instrument. 3. A security interest or any other claim to an interest in property other than the property delivered by the lessor pursuant to the agreement. 4. An assignment of wages. 5. A waiver by the […]
1. A customer who fails to make a timely payment may reinstate the lease agreement with an option to purchase without losing any rights or options contained in the agreement if the customer pays to the lessor: (a) All payments that are past due; (b) The reasonable costs of returning the property to the lessor […]
A lessor shall give to a customer a written receipt for each payment made in cash or with a money order. (Added to NRS by 1991, 519)
1. An advertisement for a lease agreement with an option to purchase that refers to or states the amount of any required payment and the right to acquire ownership of any individual item of property must clearly and conspicuously indicate: (a) That the transaction advertised is a lease agreement with an option to purchase; (b) […]
A person who willfully and intentionally violates any provision of NRS 597.010 to 597.090, inclusive, is guilty of a misdemeanor. (Added to NRS by 1991, 519)
Unless the lease agreement with an option to purchase provides otherwise: 1. In addition to any penalty imposed pursuant to NRS 597.100, the lessor or his or her assignee is liable, except as otherwise provided in subsection 3, in civil suit to the customer for an amount equal to the actual damages resulting from a […]
