Nevada Revised Statutes Title 8. Commercial Instruments and Transactions § 100.155. Notice of lessor's intention to establish residual value of vehicle

1. The lessor shall give the lessee written notice of his or her intention to establish the residual value of the vehicle under the open-end consumer vehicle lease or commercial vehicle lease at least 15 days before that action is taken. The notice must be given in person to the lessee or sent by mail to the address of the lessee shown on the lease, or to the lessee's last known address, unless the lessee has notified the lessor in writing of a different address.

2. The notice must:

3. If the lease is not in default and has not been terminated before its scheduled expiration, the notice must also inform the lessee that his or her maximum total liability under the open-end consumer vehicle lease or commercial vehicle lease is limited to three times the average payment allocable to a monthly period under the lease if the estimated residual value exceeds the actual residual value and the difference is not the result of physical damage to the vehicle beyond reasonable wear and use or to excessive use.