Nevada Administrative Code (Last Updated: January 6, 2015)

NAC119A.258. Escrow accounts for purchasers.

Latest version.

All deposits, negotiable instruments and money received in the sale of a time share must be placed in a separate escrow account for each purchaser for the duration of the period of revocation provided in this chapter unless:

1. The project broker has posted a surety bond naming the Division for the benefit of the purchasers in the minimum amount of $25,000 or in an amount equal to the highest monthly total amount of deposits received by that project broker, whichever sum is greater; and

2. All such money or negotiable instruments are deposited in one trust account established solely for the project and the purposes set forth in this section.

(Added to NAC by Real Estate Div., eff. 2-28-90)

                    
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