1. A lessor who is a dealer shall use a lease agreement in connection with a consumer vehicle lease for a used vehicle that:
(a) Is accepted and acted upon by the lessor and any other person necessary to effectuate the lease.
(b) Contains any information required to be disclosed by the Consumer Leasing Act of 1976, 15 U.S.C. §§ 1667 et seq., and the regulations adopted pursuant thereto, including, without limitation, 12 C.F.R. Part 1013, commonly known as Regulation M.
(c) If the lease provides for the sale of goods or services, identifies and itemizes the goods sold or to be sold or services furnished or rendered or to be furnished or rendered and the price of each item of goods or services.
(d) Contains a provision that default on the part of the lessee is only enforceable to the extent that:
(1) The lessee fails to make a payment as required by the agreement, but in no case less than 30 days after the date required by the lease agreement; or
(2) The prospect of payment, performance or realization of collateral is significantly impaired. The burden of establishing the prospect of significant impairment is on the lessor.
(e) Includes the following notice in at least 10-point bold type:
(f) Limits late fees to the lesser of $15 or 8 percent of any installment amount in default for more than 10 days.
(g) Contains a term regarding residual value in substantially the following form:
(h) Contains a term regarding early termination in substantially the following form:
(i) Contains a term regarding default charges in substantially the following form:
2. Before a lessor who is a dealer obtains the signature of a lessee on a consumer vehicle lease for a used vehicle, the lessor shall provide the lessee with the disclosures set forth in this subsection. The disclosures must:
(a) Identify the vehicle and identify and itemize any other goods or services included in the lease and, if the lease provides for the sale of goods or services, identify and itemize the goods sold or to be sold or services furnished or rendered or to be furnished or rendered and the price of the vehicle and each other item of goods or services.
(b) Be provided to the lessee before he or she signs the lease agreement, in a form the lessee can keep.
(c) Contain the signature of the lessee and any other party obligated by the terms of the lease agreement.
(d) Contain a notice that default on the part of the lessee is only enforceable to the extent that:
(1) The lessee fails to make a payment as required by the lease agreement, but in no case less than 30 days after the date required by the lease agreement; or
(2) The prospect of payment, performance or realization of collateral is significantly impaired. The burden of establishing the prospect of significant impairment is on the lessor.
(e) Provide to the lessee the following notices in both English and Spanish in at least 14-point bold type:
3. If a lessor who is a dealer fails to obtain the signature of a lessee on the disclosures required by subsection 2 before obtaining the signature of the lessee on a consumer vehicle lease for a used vehicle, the consumer vehicle lease shall be deemed a retail installment contract for the sale of the vehicle.
4. If a consumer vehicle lease for a used vehicle includes a provision that conflicts with a provision of this section, the provision of this section will control.
5. As used in this section:
(a) “Retail installment contract” has the meaning ascribed to it in NRS 97.105.
(b) “Used vehicle” has the meaning ascribed to it in NRS 482.132.