1. Upon the request of a motor carrier or a service provider, the Department may enter into an agreement with the motor carrier or service provider which authorizes the motor carrier or service provider:

(a) Without applying to the Department, to register or transfer or renew the registration of any vehicle:

(1) Owned solely by the motor carrier or service provider; or

(2) Leased solely by the motor carrier or service provider, if the lease is a long-term lease; and

(b) To issue registration credentials on behalf of the Motor Carrier Division of the Department for any vehicle registered pursuant to paragraph (a) and for any vehicle with a registration that has been renewed or transferred pursuant to paragraph (a).

2. Before registering or transferring or renewing the registration of any vehicle pursuant to subsection 1:

(a) A motor carrier who enters into an agreement with the Department pursuant to this section shall file with the Department a bond of a surety company authorized to transact business in this State for the benefit of this State in an amount not less than $25,000; and

(b) A service provider who enters into an agreement with the Department pursuant to this section shall file with the Department a bond of a surety company authorized to transact business in this State for the benefit of this State in an amount not less than $50,000.

3. If a motor carrier or service provider provides a savings certificate, certificate of deposit or investment certificate pursuant to NRS 100.065 in lieu of the bond required pursuant to subsection 2, the certificate must state that the amount is not available for withdrawal except upon the approval of the Director of the Department.

4. If at any time a motor carrier or service provider is unable to account for an unissued license plate or decal, the motor carrier or service provider must immediately pay to the Department an amount established by the Department.

5. The Director of the Department shall adopt such regulations as are necessary to carry out the provisions of this section.

6. As used in this section:

(a) “Lease” has the meaning ascribed to it in NRS 482.053.

(b) “Long-term lease” means a lease for a fixed period of more than 31 days.

(c) “Motor carrier” means a common, contract or private motor carrier registered through the Motor Carrier Division of the Department.

(d) “Registration credentials” includes, without limitation, license plates, registration cab cards, decals and temporary authority permits.

(e) “Service provider” means a business or organization authorized by the Department to register or transfer or renew the registration of vehicles on behalf of motor carriers.

(Added to NRS by 2009, 391)