Nevada Revised Statutes 597.840 – Unlawful retention of deposit for longer than agreed time; penalty
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1. A person shall not hold a deposit for the purchase of an item longer than the time specified in a contract between the purchaser and the seller if the purchaser is entitled to the return of the deposit.
Terms Used In Nevada Revised Statutes 597.840
- Contract: A legal written agreement that becomes binding when signed.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. A person who violates the provisions of subsection 1 shall be punished by a fine of not more than the amount of the deposit multiplied by the number of working days the deposit was retained after return was due.