Nevada Revised Statutes 627.180 – Duty of construction control to deposit surety bond with State Contractors’ Board; form and amount of bond; exceptions
1. The provisions of this section do not apply to:
Terms Used In Nevada Revised Statutes 627.180
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(a) Savings and loan associations, savings banks, state banks and national banking associations licensed to do business in the State of Nevada, under the laws of the State of Nevada or under the laws of the United States.
(b) Title insurers or underwritten title insurance companies authorized to do business in the State of Nevada.
(c) Lenders of construction loan money for dwelling units who are approved by the Federal Housing Administration or Department of Veterans Affairs and who have been licensed and authorized to do business in the State of Nevada.
2. Except as otherwise provided in subsection 1 and NRS 627.183, as a condition to doing business in this State, each construction control shall deposit with the State Contractors’ Board and keep in full force and effect a surety bond, in the amount set forth in subsection 4, which is executed by some corporation authorized to issue surety bonds in this State.
3. The surety bond must be in substantially the following form:
4. Each construction control shall initially deposit a surety bond that complies with the provisions of this section or a substitute form of security that complies with the provisions of NRS 627.183 in the amount of $20,000. Not later than 3 months after the initial deposit and annually thereafter, the construction control shall:
(a) Submit to the State Contractors’ Board a signed and notarized affidavit attesting to the average monthly balance in the trust account maintained by the construction control; and
(b) Deposit a surety bond that complies with the provisions of this section or a substitute form of security that complies with the provisions of NRS 627.183 in the following amount based upon the average monthly balance in the trust account maintained by the construction control: