Statutes, codes, and regulations
Nevada Revised Statutes
Title 52 - TRADE REGULATIONS AND PRACTICESChapter 598 - DECEPTIVE TRADE PRACTICESCREDIT SERVICE ORGANIZATIONS, ORGANIZATIONS FOR BUYING GOODS OR SERVICES AT DISCOUNT, DANCE STUDIOS AND HEALTH CLUBS
ORGANIZATIONS FOR BUYING GOODS OR SERVICES AT DISCOUNT
Section 598.8541 - Release of security if registrant ceases to operate or registration expires

Nev. Rev. Stat. § 598.8541

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Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1
Section 598.8541 - Release of security if registrant ceases to operate or registration expires
1. If no claims have been filed against the security deposited with the Unit pursuant to NRS 598.853 within 6 months after the registrant ceases to operate or his or her registration expires, whichever occurs later, the Commissioner shall release the security to the registrant and shall not audit any claims filed against the security thereafter by consumers.
2. If one or more claims have been filed against the security within 6 months after the registrant ceases to operate or his or her registration expires, whichever occurs later, the proceeds must not be released to the registrant or distributed to any consumer earlier than 1 year after the registrant ceases to operate or his or her registration expires, whichever occurs later.
3. For the purposes of this section, the Commissioner shall determine the date on which a registrant ceases to operate.

NRS 598.8541

Added to NRS by 2009, 2710; A 2011, 2652; 2013, 1054; 2015, 3653; 2017, 2254; 2019, 2501
Amended by 2017, Ch. 365,§2, eff. 6/4/2017.
Amended by 2013, Ch. 250,§1, eff. 5/28/2013.
Added to NRS by 2009, 2710; A 2011, 2652, effective July 1, 2015