[Code of Federal Regulations]
[Title 49, Volume 5]
[Revised as of October 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 49CFR376.22]

[Page 139]
 
                        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 
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]