Nevada Revised Statutes 649.105 – Bond or substitute security required; amount and conditions; adjustments in amount
1. An applicant for a license must file with the Commissioner, concurrently with the application, a bond in the sum of $35,000, or an appropriate substitute pursuant to NRS 649.119, which must run to the State of Nevada. The bond must be made and executed by the principal and a surety company authorized to write bonds in the State of Nevada.
Terms Used In Nevada Revised Statutes 649.105
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Statute: A law passed by a legislature.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
2. The bonds must be conditioned:
(a) That the principal, who must be the applicant, must, upon demand in writing, pay any customer from whom any claim for collection is received, the proceeds of the collection, in accordance with the terms of the agreement made between the principal and the customer; and
(b) That the principal must comply with all requirements of this or any other statute with respect to the duties, obligations and liabilities of collection agencies.
3. The Commissioner shall annually determine the appropriate amount of bond or appropriate substitute which must be maintained by the licensee. If applicable, such a determination must be in accordance with the licensee’s average monthly balance in the trust account maintained pursuant to NRS 649.355: