NAC365.190. Review upon notification of cancellation of surety bond; notification of dealer or supplier; revocation of license upon failure to provide security.

     1. If the Department is notified that a surety bond of a dealer or supplier has been or may be cancelled, the Department will, to determine the amount of security the dealer or supplier must provide, review the monthly tax returns of the dealer or supplier:

     (a) For the 24 months immediately preceding the review; or

     (b) If the dealer or supplier has been in business less than 24 months, for the period he or she has operated his or her business.

     2. Within 15 days after the Department receives a notice that a surety bond specified in subsection 1 has been or may be cancelled, the Department will notify the dealer or supplier of the amount of security required to retain his or her license. If the dealer or supplier fails to provide the security required by the Department within 15 days after receiving a notice from the Department setting forth the amount of security required, the Department will revoke the license of the dealer or supplier.

     (Added to NAC by Dep’t of Motor Veh. by R105-01, 12-17-2001, eff. 1-1-2002)