Nevada Revised Statutes 597.090 – Advertisement for lease agreement that refers to payment or right to acquire ownership: Requirements; exception; liability
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:
Terms Used In Nevada Revised Statutes 597.090
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(a) That the transaction advertised is a lease agreement with an option to purchase;
(b) The total amount of payments necessary to acquire ownership of the property; and
(c) That the customer does not acquire ownership of the property if the total amount of payments is not paid.
2. This section does not apply to an advertisement for a lease agreement with an option to purchase which is published in a telephone or business directory.
3. This section does not create any liability for the acts of a publisher, owner, agent or employee of a newspaper, magazine, periodical, radio station, television station or other advertising medium for the publication or dissemination of an advertisement for a lease agreement with an option to purchase if the publisher, owner, agent or employee did not know that the advertisement violated the provisions of this section.
4. As used in this section, ‘advertisement’ means the attempt by publication, dissemination, solicitation or circulation to induce, directly or indirectly, any person to enter into a lease agreement with an option to purchase.