[Code of Federal Regulations]

[Title 49, Volume 5]

[Revised as of October 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 49CFR376.22]



[Page 129-130]

 

                        TITLE 49--TRANSPORTATION

 

                      DEPARTMENT OF TRANSPORTATION

 

PART 376_LEASE AND INTERCHANGE OF VEHICLES--Table of Contents

 

            Subpart C_Exemptions for the Leasing Regulations

 

Sec. 376.22  Exemption for private carrier leasing and leasing between 

authorized carriers.



    Regardless of the leasing regulations set forth in this part, an 

authorized carrier may lease equipment to or from another authorized 

carrier, or a private carrier may lease equipment to an authorized 

carrier under the following conditions:

    (a) The identification of equipment requirements in Sec. 376.11(c) 

must be complied with;

    (b) The lessor must own the equipment or hold it under a lease;

    (c) There must be a written agreement between the authorized 

carriers or between the private carrier and authorized carrier, as the 

case may be, concerning the equipment as follows:

    (1) It must be signed by the parties or their authorized 

representatives.

    (2) It must provide that control and responsibility for the 

operation of the equipment shall be that of the lessee from the time 

possession is taken by the lessee and the receipt required under Sec. 

376.11(b) is given to the lessor until: (i) Possession of the equipment 

is returned to the lessor and the receipt required under Sec. 376.11(b) 

is received by the authorized carrier; or (ii) in the event that the 

agreement is between authorized carriers, possession of the equipment is 

returned to the lessor or given to another authorized carrier in an 

interchange of equipment.

    (3) A copy of the agreement must be carried in the equipment while 

it is in the possession of the lessee.

    (4) Nothing in this section shall prohibit the use, by authorized 

carriers, private carriers, and all other entities conducting lease 

operations pursuant to this section, of a master lease if a copy of that 

master lease is carried in the equipment while it is in the possession 

of the lessee, and if the master lease complies with the provisions of



[[Page 130]]



this section and receipts are exchanged in accordance with Sec. 

376.11(b), and if records of the equipment are prepared and maintained 

in accordance with Sec. 376.11(d).

    (d) Authorized and private carriers under common ownership and 

control may lease equipment to each other under this section without 

complying with the requirements of paragraph (a) of this section 

pertaining to identification of equipment, and the requirements of 

paragraphs (c)(2) and (c)(4) of this section pertaining to equipment 

receipts. The leasing of equipment between such carriers will be subject 

to all other requirements of this section.



[49 FR 9570, Mar. 14, 1984, as amended at 49 FR 47269, Dec. 3, 1984; 49 

FR 47851, Dec. 7, 1984; 62 FR 15424, Apr. 1, 1997; 63 FR 40838, July 31, 

1998]