Section 645H.465 - Establishment of auditable rules, policies, procedures and systems for hiring independent contractors; annual report to Division; disciplinary action1. An asset management company or asset manager that retains the services of an independent contractor to perform asset management services shall establish auditable rules, policies, procedures and systems for the hiring of independent contractors. These rules, policies, procedures and systems must include, without limitation:(a) Verification that the independent contractor and his or her subcontractors maintain all applicable local, state and federal licenses or permits required to perform the services for which the asset management company or asset manager uses the independent contractor and his or her subcontractors;(b) Verification that the independent contractor and his or her subcontractors have satisfied all applicable bonding and insurance requirements; and(c) Periodic inspection of any work performed by the independent contractor and his or her subcontractors.2. An asset management company or asset manager shall provide the Division with an annual report that describes how the asset management company or asset manager has complied with the requirements set forth in subsection 1. The report must be submitted with the application for renewal of the certificate of registration or permit.3. Except as otherwise provided in NRS 645H.730, the Division will not take disciplinary action against an asset management company or asset manager for the actions of an independent contractor or his or her subcontractors that perform services on behalf of the asset management company or asset manager if the Division determines that the asset management company or asset manager has complied with subsections 1 and 2.Nev. Admin. Code § 645H.465
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013