NAC490.530. Sale or lease of repossessed off-highway vehicle: Persons liable on security agreement to be given written notice of intent in advance; required manner of provision and contents of notice; rights of persons liable on security agreement.

     1. Any provision in any security agreement for the sale or lease of an off-highway vehicle to the contrary notwithstanding, at least 10 days’ written notice of intent to sell or again lease a repossessed off-highway vehicle must be given to all persons liable on the security agreement. The notice must be given in person or sent by mail directed to the address of the persons shown on the security agreement, unless the persons have notified the holder in writing of a different address.

     2. The notice:

     (a) Must set forth that there is a right to redeem the off-highway vehicle and the total amount required as of the date of the notice to redeem;

     (b) May inform the persons of their privilege of reinstatement of the security agreement, if the holder extends such a privilege;

     (c) Must give notice of the holder’s intent to resell or again lease the off-highway vehicle upon the expiration of 10 days after the date of giving or mailing the notice;

     (d) Must disclose the place at which the off-highway vehicle will be returned to the buyer or lessee upon redemption or reinstatement; and

     (e) Must designate the name and address of the person to whom payment must be made.

     3. During the period provided under the notice, each person liable on the security agreement may pay in full the indebtedness evidenced by the security agreement. Each of those persons is liable for any deficiency after sale or lease of the repossessed off-highway vehicle only if the notice prescribed by this section is given within 60 days after repossession and includes an itemization of the balance and of any costs or fees for delinquency, collection or repossession. In addition, the notice must either set forth the computation or estimate of the amount of any credit for unearned finance charges as of the date of the notice or state that such a credit may be available against the amount due.

     (Added to NAC by Dep’t of Motor Veh. by R130-11, 6-29-2012, eff. 7-1-2012)