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:

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Terms Used In Nevada Revised Statutes 482.3337

  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC

(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.

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