Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1
Section 598.865 - Administration of trust accounts; audits1. Except as otherwise provided in subsection 3 of NRS 598.855, the trust accounts required by NRS 598.855 and 598.860 must be administered by an independent trustee approved by the Commissioner. All fees charged by the trustee to administer a trust account must be paid by the organization.2. The trustee shall withdraw money from the trust account for payments on goods or services only upon written proof from the source of the goods or services that the items have been shipped or delivered to the buyer. The Commissioner may audit the trustee as necessary to ensure compliance with NRS 598.840 to 598.930, inclusive.Added to NRS by 1985, 962; A 2005, 1375; R temp. 2009, 2732; R temp. 2011, 2652; R temp. 2013, 1054; R temp. 2015, 3653; R temp. 2017, 2254; R temp. 2019, 2501Amended by 2017, Ch. 365,§2, eff. 6/4/2017.Amended by 2015, Ch. 528,§16, eff. 6/10/2015.Amended by 2013, Ch. 250,§1, eff. 5/28/2013.Added to NRS by 1985, 962; A 2005, 1375; R temp. 2009, 2732; R temp. 2011, 2652, expires by limitation on June 30, 2017.