1.  A residential contractor shall notify an owner with whom he or she contracts of the rights of the owner pursuant to NRS 624.400 to 624.560, inclusive, including, without limitation, providing a written statement explaining those rights in any agreement or contract for qualified services. The written statement must be in substantially the following form:

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2.  The Board may impose upon a contractor an administrative fine:

(a) Of not more than $250 for the first violation of subsection 1; and

(b) Of not more than $500 for a second or subsequent violation of subsection 1.

3.  The Board shall deposit any money received pursuant to this section in the account established pursuant to NRS 624.470.