69-12-611. Leasing of power equipment. (1) All Class A, Class B, Class C, and Class D motor carriers subject to the jurisdiction of the commission may lease power equipment for the purpose of performing transportation movements within the state. The leasing of power units must be in writing.
(2) All leases must contain:
(a) the full names and addresses of negotiating parties;
(b) a complete description of each vehicle involved;
(c) a provision that the sole possession, responsibility, control, and direction of each vehicle resides with the lessee for the entire term of the lease;
(d) a provision that the lessee assumes full responsibility for all regulatory fees;
(e) the amount of compensation to be paid for use of the vehicle while under the lease and the method by which the compensation is determined;
(f) the renewal conditions of the lease, if any; and
(g) the term length of the lease.
(3) A copy of the lease must be maintained in each leased vehicle at all times. Each leased power unit must display in a conspicuous place on both sides of the vehicle the identity and address of the lessor and lessee and the certificate number under which the power unit is operating.
(4) The leasing of power units by an authorized carrier to a noncertificated carrier is prohibited.