Nevada Revised Statutes 482.438 – Obtaining duplicate certificate of title to use as security with intent to defraud prohibited; penalties
Current as of: 2023 | Check for updates
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1. It is unlawful for a dealer or any other person, with the intent to defraud, to obtain a duplicate certificate of title for any vehicle in which the dealer or other person grants a security interest to secure a present or future debt, obligation or liability of any nature arising from a loan or other extension of credit made in connection with the financing of the inventory of the vehicles of the dealer, or to engage in any other similar practice commonly known as ‘flooring.’
Terms Used In Nevada Revised Statutes 482.438
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
2. A person who violates the provisions of subsection 1 shall be punished in accordance with the provisions of NRS 205.380.
3. In addition to any penalty imposed pursuant to subsection 2, the court shall order the person to pay restitution.