1.  Within 15 days after the terms of the contract or security agreement have been fully performed, the seller or other secured party who holds a certificate of title shall deliver the certificate of title to the person or persons legally entitled thereto, with proper evidence of the termination or release of the security interest.

Terms Used In Nevada Revised Statutes 482.431

  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Department: means the Department of Motor Vehicles. See Nevada Revised Statutes 481.015
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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

2.  Upon receipt of a written complaint alleging a violation of subsection 1, the Department shall conduct an investigation of the alleged violation.

3.  If the Department determines that the seller or other secured party has violated the provisions of subsection 1, the Department shall impose an administrative fine of $25 for each day that the seller or other secured party is in violation of the provisions of subsection 1. The Department shall afford to any person so fined an opportunity for a hearing pursuant to the provisions of NRS 233B.121.

4.  All administrative fines collected by the Department pursuant to subsection 3 must be deposited with the State Treasurer for credit to the State Highway Fund.

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