Nev. Rev. Stat. § 482.3337

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 482.3337 - Brokers: Insured trust account required

1. Each broker shall open and maintain a separate trust account in a bank, credit union, savings and loan association or savings bank in this State that is federally insured or insured by a private insurer approved pursuant to NRS 672.755. The broker shall deposit into the trust account any money received from a prospective buyer as a deposit on a vehicle. A broker shall not:

(a) Commingle the money in the trust account with any money that is not a deposit on a vehicle.

(b) Use any money in the trust account to pay his or her operational expenses.

2. A broker shall not require the buyer of a vehicle to pay a deposit on a vehicle in an amount that exceeds 10 percent of the purchase price of the vehicle.

NRS 482.3337

Added to NRS by 1995, 2363; A 1999, 1501