482.438 - Obtaining duplicate certificate of title to use as security with intent to defraud prohibited; penalties. - Nevada Statutes

482.438  Obtaining duplicate certificate of title to use as security with intent to defraud prohibited; penalties.

      1.  It is unlawful for a dealer or any other person, with the intent to defraud, to obtain a duplicate certificate of title for any vehicle in which the dealer or other person grants a security interest to secure a present or future debt, obligation or liability of any nature arising from a loan or other extension of credit made in connection with the financing of the inventory of the vehicles of the dealer, or to engage in any other similar practice commonly known as “flooring.”

      2.  A person who violates the provisions of subsection 1 shall be punished in accordance with the provisions of NRS 205.380.

      3.  In addition to any penalty imposed pursuant to subsection 2, the court shall order the person to pay restitution.

      (Added to NRS by 1997, 1366; A 2003, 466)