38.3.2002 APPROVED EQUIPMENT LEASE AGREEMENT FORM AND REQUIRED PROVISIONS
(1) Interested parties may contact the commission office for information concerning
where an approved equipment lease agreement form may be obtained. In addition,
any equipment lease conforming to the provisions of (2) below, may be submitted
for approval in lieu of the above-mentioned approved lease agreement
(2) The following are required equipment lease
(a) The lease shall state the full names and
addresses of the negotiating parties.
(b) The lease shall list a complete description
of the equipment involved.
lease shall provide that the sole possession, responsibility, control and
direction of the equipment and its driver shall reside with the lessee for the
duration of the lease, and the lessee shall be considered as the owner of such
equipment during the duration of the lease for all purposes, including public
liability, insurance, all regulatory fees, and registration of equipment with
lease shall state the terms of the compensation to be paid for use of the
vehicle while under lease and the method by which such compensation is
determined. All methods for computing compensation must be realistic and cover
entire compensation paid to lessor for total use of the vehicle by lessee.
There may be no agreement or understanding between lessee and lessor other than
that fully set forth in the lease agreement.
(e) The lease shall state the date of execution, the term length and
renewal conditions, if any, of the lease.
lease may include the services of a driver, however, nothing in these
regulations shall be construed to require that such driver be an employee of
the motor carrier lessee.
parties to the equipment lease agreement may insert therein any other
provisions not contrary to law, and not inconsistent with the rules and
regulations of the commission.
History: Secs. 69-12-201 and 69-12-204, MCA; IMP, Sec. 69-12-611, MCA, Eff. 12/31/72; AMD, 1983 MAR p. 1736, Eff. 11/26/83.