§47-230.29.

§47-230.29.
   
   A. As used in this section:
   
   1. "Authorized carrier" means a person or persons authorized to engage
   in the transportation of passengers or property as a licensed motor
   carrier;
   
   2. "Equipment" means a motor vehicle, straight truck, tractor,
   semitrailer, full trailer, any combination of these and any other type
   of equipment used by authorized carriers in the transportation of
   passengers or property for hire;
   
   3. "Owner" means a person to whom title to equipment has been issued,
   or who, without title, has the right to exclusive use of equipment for
   a period longer than thirty (30) days;
   
   4. "Lease" means a contract or arrangement in which the owner grants
   the use of equipment, with or without driver, for a specified period
   to an authorized carrier for use in the regulated transportation of
   passengers or property, in exchange for compensation;
   
   5. "Lessor", in a lease, means the party granting the use of
   equipment, with or without driver, to another;
   
   6. "Lessee", in a lease, means the party acquiring the use of
   equipment, with or without driver, from another;
   
   7. "Addendum" means a supplement to an existing lease which is not
   effective until signed by the lessor and lessee; and
   
   8. "Shipper" means a person who sends or receives passengers or
   property which is transported in intrastate commerce in this state.
   
   B. An authorized carrier may perform authorized transportation in
   equipment it does not own only under the following conditions:
   
   1. There shall be a written lease granting the use of the equipment
   and meeting the requirements as set forth in subsection C of this
   section;
   
   2. The authorized carrier acquiring the use of equipment under this
   section shall identify the equipment in accordance with the
   requirements of the Commission; and
   
   3. Upon termination of the lease, the authorized carrier shall remove
   all identification showing it as the operating carrier before giving
   up possession of the equipment.
   
   C. The written lease required pursuant to subsection B of this section
   shall contain the following provisions. The required lease provisions
   shall be adhered to and performed by the authorized carrier as
   follows:
   
   1. The lease shall be made between the authorized carrier and the
   owner of the equipment. The lease shall be signed by these parties or
   by their authorized representatives;
   
   2. The lease shall specify the time and date or the circumstances on
   which the lease begins and ends and include a description of the
   equipment which shall be identified by vehicle serial number, make,
   year model and current license plate number;
   
   3. The period for which the lease applies shall be for thirty (30)
   days or more when the equipment is to be operated for the authorized
   carrier by the owner or an employee of the owner;
   
   4. The lease shall provide that the authorized carrier lessee shall
   have exclusive possession, control and use of the equipment for the
   duration of the lease. The lease shall further provide that the
   authorized carrier lessee shall assume complete responsibility for the
   operation of the equipment for the duration of the lease;
   
   5. The amount to be paid by the authorized carrier for equipment and
   driver's services shall be clearly stated on the face of the lease or
   in an addendum which is attached to the lease;
   
   6. The lease shall clearly specify the responsibility of each party
   with respect to the cost of fuel, fuel taxes, empty mileage, permits
   of all types, tolls, detention and accessorial services, base plates
   and licenses, and any unused portions of such items. Except when the
   violation results from the acts or omissions of the lessor, the
   authorized carrier lessee shall assume the risks and costs of fines
   for overweight and oversize trailers when the trailers are preloaded,
   sealed, or the load is containerized, or when the trailer or lading is
   otherwise outside of the lessor's control, and for improperly
   permitted overdimension and overweight loads and shall reimburse the
   lessor for any fines paid by the lessor. If the authorized carrier is
   authorized to receive a refund or a credit for base plates purchased
   by the lessor from, and issued in the name of, the authorized carrier,
   or if the base plates are authorized to be sold by the authorized
   carrier to another lessor the authorized carrier shall refund to the
   initial lessor on whose behalf the base plate was first obtained a
   prorated share of the amount received;
   
   7. The lease shall specify that payment to the lessor shall be made by
   the authorized carrier within fifteen (15) days after submission of
   the necessary delivery documents and other paperwork concerning a trip
   in the service of the authorized carrier. The paperwork required
   before the lessor can receive payment is limited to those documents
   necessary for the authorized carrier to secure payment from the
   shipper. The authorized carrier may require the submission of
   additional documents by the lessor but not as a prerequisite to
   payment;
   
   8. The lease shall clearly specify the right of the lessor, regardless
   of method of compensation, to examine copies of the documentation of
   the carrier upon which charges are assessed;
   
   9. The lease shall clearly specify all items that may be initially
   paid for by the authorized carrier, but ultimately deducted from the
   compensation of the lessor at the time of payment or settlement
   together with a recitation as to how the amount of each item is to be
   computed. The lessor shall be afforded copies of those documents which
   are necessary to determine the validity of the charge;
   
   10. The lease shall specify that the lessor is not required to
   purchase or rent any products, equipment, or services from the
   authorized carrier as a condition of entering into the lease
   arrangement;
   
   11. As it relates to insurance:
   
   a. the lease shall clearly specify the legal obligation of the
   authorized carrier to maintain insurance coverage for the protection
   of the public, and
   
   b. the lease shall clearly specify the conditions under which
   deductions for cargo or property damage may be made from the lessor's
   settlements. The lease shall further specify that the authorized
   carrier must provide the lessor with a written explanation and
   itemization of any deductions for cargo or property damage made from
   any compensation of money owed to the lessor. The written explanation
   and itemization must be delivered to the lessor before any deductions
   are made; and
   
   12. An original and two copies of each lease shall be signed by the
   parties. The authorized carrier shall keep the original and shall
   place a copy of the lease in the equipment during the period of the
   lease. The owner of the equipment shall keep the other copy of the
   lease.
   
   D. The provisions of this section shall apply to the leasing of
   equipment with which to perform transportation regulated by the
   Corporation Commission by motor carriers holding a license from the
   Commission to transport passengers or property.