Dealer-related Information in Nevada
The auto sales industry has a huge number of regulations and laws handed down by both state and federal legislatures. Just keeping up with the latest regulations can be a job in itself.
The Nevada Department of Motor Vehicles has prepared a page on its site to keep you updated on the latest vehicle code and regulations, not only in relation to dealers, but also to individuals. This page includes links to the specific chapters in the Nevada Administrative Code and Nevada Revised Statutes that deal with motor vehicle issues.
You can also read the Motor Vehicle Industry Bulletin, aimed specifically at the dealer, wrecker, and garage industries. This PDF document has a summarized rundown of the vehicle-related bills that were passed in the most recent legislative session. You'll find updated laws about abandoned vehicles, manufacturer agreements, deceptive trade practices, and vehicle transmitting devices.
When a consumer buys a vehicle from your dealership, you are required by law to issue them the following documents:
- Copies of any lease agreement, warranty information, and contracts.
- Temporary license plate that expires 30 days from the date of sale.
- Certificate of emissions compliance, if required.
- Report on drive-train inspection if the vehicle is used and has more than 75,000 miles on it.
- Dealer's Report of Sale (DRS).
You have 15 days to finalize financing on the vehicle, and the DRS doesn't have to be issued until that time. If you're not able to secure financing for the vehicle, you can cancel the sale and ask the buyer to return the vehicle. You can, at that point, offer a new contract with alternate terms if you wish, but the buyer will be under no obligation to sign the new contract.
As stated in section 482.3255 of the Nevada Revised Statutes, you can lose your dealer license for a number of regulatory infractions, including:
- Failure to release a lienholder on a trade-in vehicle within 30 days.
- Being a principal or owner of a dealership that held a license that was ultimately revoked, cancelled, or suspended and never reinstated.
- Defrauding the state in regard to taxes collected on the sale of a vehicle.
- Forging a signature of a registered owner on a title certificate.
- Buying, selling, or having in your property a vehicle that you have reasonable cause to believe is stolen.
- Failure to deliver a certificate of title to a new owner or his lienholder.
- Refusal to let a DMV representative inspect your books and financial records during business hours.
- Fraud, including failure to disclose important facts or failure to comply with all regulations as set forth by the DMV and state of Nevada..