Sec. 781.2. Use of nonowned equipment

Authorized carriers may utilize in authorized operations equipment they do not own under the following conditions:

(a)

(1) Any lease of equipment shall be in writing and a copy or other evidence of the lease shall always be kept by the driver of the equipment. A copy of the lease will be kept by the authorized carrier for a period of two years from the date of termination of the lease.

(2) The lease shall provide for the exclusive possession, control and use of the equipment and for the complete assumption of responsibility in respect thereto by the lessee during the term of the lease.

(b) Equipment shall be covered by the insurance of the authorized carrier to the same extent as if the equipment were owned by the authorized carrier.

(c) The equipment will be subject to the same rules and regulations as would equipment owned by authorized carriers.

(d) Drivers will be subject to the same regulations as employees of authorized carriers.

(e) When leased equipment is driven by an employee of the authorized carrier, only subdivisions (b) and (c) of this section, shall apply.

(f) Leased equipment used in a bus line operation need not comply with the provisions of subdivision (a) of this section.