(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 form.

(2) The following are required equipment lease provisions:

(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.

(c) The 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 the commission.

(d) The 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.

(f) The 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.

(g) The 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.