Nevada Revised Statutes 597.997 – Prohibition on certain offers to lease living animal or goods intended for personal, family or household use; federal Truth in Lending Act applicable to retail installment contract for sale of living animal or goods …
1. A person shall not offer to lease any living animal or goods intended for personal, family or household use, including, without limitation, pets, tires, batteries and hearing aids, if the living animal or good is expected to have not more than a de minimis residual financial value at the end of the term of the lease or contract.
Terms Used In Nevada Revised Statutes 597.997
- Contract: A legal written agreement that becomes binding when signed.
- Fraud: Intentional deception resulting in injury to another.
- 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
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
2. Any retail installment contract for the sale of any living animal or goods intended for personal, family or household use, including, without limitation, pets, tires, batteries and hearing aids, is subject to the provisions of the Truth in Lending Act, 15 U.S.C. § 1601 et seq., and any regulations adopted pursuant thereto.
3. The failure of a person to comply with this section constitutes a deceptive trade practice for the purposes of NRS 598.0903 to 598.0999, inclusive.
4. A violation of this section constitutes consumer fraud for the purposes of NRS 41.600.
5. The provisions of this section do not apply to any lease or contract on furniture or household electronics.
6. As used in this section:
(a) ’Goods’ has the meaning ascribed to it in NRS 104.2105.
(b) ’Household electronics’ means electronic devices, personal effects and property of an electronic nature used or to be used in a dwelling.
(c) ’Residual financial value’ means the amount the living animal or good is worth at the end of the term of the lease or contract and includes, without limitation, the salvage value of the living animal or good.
(d) ’Retail installment contract’ has the meaning ascribed to it in NRS 97.105.
(e) ’Salvage value’ means the amount expected to be obtained when the living animal or good is disposed of at the end of its useful life.