1. Notwithstanding any other provision of law, a dealer licensed in this State and the purchaser of a vehicle may enter into a written return agreement to cancel the sale of the vehicle. Upon entering into such an agreement, the sale is cancelled and the dealer shall, not later than 15 days after the sale is cancelled, return to the purchaser or secured party, as applicable, all of the money, taxes and fees that were collected by the dealer at the time of sale. 2. If a dealer and purchaser enter into a written return agreement to cancel the sale of a vehicle pursuant to subsection 1, the dealer may submit an application for a certificate of title to the Department. Any such application for a certificate of title must be in the form prescribed by the Department, may request the expedited processing of the application and must include, without limitation: (a) A copy of the written return agreement described in subsection 1; (b) The fees required for the issuance of a certificate of title pursuant to NRS 482.429 ; (c) If the Department has already issued a certificate of title for the vehicle in relation to the sale: (1) The certificate of title that the Department issued to the purchaser; or (2) An affidavit certifying that the certificate of title issued to the purchaser by the Department is unavailable and needs to be cancelled by the Department; and (d) If the Department has not issued a certificate of title for the vehicle in relation to the sale, the certificate of title upon which the title transfer to the purchaser was made. 3. Except as otherwise provided in subsection 8, the Department shall issue the certificate of title to the dealer that sets forth: (a) The dealer as the owner of the vehicle; and (b) An odometer reading, as recorded at the time of the sale. 4. Except as otherwise provided in subsection 8, if an application for a certificate of title submitted pursuant to subsection 2 does not request the expedited processing of the application, the Department shall at its standard processing time, issue the certificate of title to the dealer that sets forth: (a) The dealer as the owner of the vehicle; and (b) An odometer reading, as recorded at the time of the sale. 5. A dealer shall not sell in this State a vehicle that is the subject of a cancellation of sale pursuant to this section if the dealer has submitted an application for a certificate of title pursuant to subsection 2 until the dealer receives the certificate of title from the Department. 6. A dealer must retain a written return agreement to cancel the sale of a vehicle entered into pursuant to subsection 1 with the sales records related to the sale between the dealer and purchaser. 7. The cancellation of the sale of a vehicle pursuant to a written return agreement entered into pursuant to subsection 1 does not negate the fact that the vehicle has been the subject of a previous retail sale. 8. Nothing in this section shall be construed to prohibit the Department from reviewing an application for a certificate of title submitted pursuant to subsection 2 for the accuracy and completeness of any information contained therein, or conduct any necessary investigations before issuing a certificate of title.
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