2022 Nevada Revised Statutes
Chapter 100 - Special Relations of Debtor and Creditor; Suretyship
NRS 100.095 - Definitions.
As used in NRS 100.095 to 100.180, inclusive:
1. "Closed-end vehicle lease" means a vehicle lease, other than an open-end vehicle lease, commonly referred to as a walk-away lease, in which the lessee is not responsible for the residual value of the leased vehicle at the end of the term of the lease.
2. "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.
3. "Consumer vehicle lease" means a contract in the form of a bailment or lease of a single vehicle by a person for a period of more than 4 months, primarily for personal, family or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the vehicle at the expiration of the lease. The term includes:
(a) A closed-end vehicle lease;
(b) An open-end vehicle lease; and
(c) A bailment or lease entered into primarily for personal, family or household purposes 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.
4. "Dealer" has the meaning ascribed to it in NRS 482.020.
5. "Open-end vehicle lease" means a vehicle lease where the lessee’s obligation upon termination or expiration of the lease is based on the difference between the residual value of the leased vehicle and its realized value.
6. "Person" includes any governmental entity.
7. "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.
(Added to NRS by 1979, 1259; A 2003, 1206; 2021, 1429)
