NAC482.680. Bond or deposit: Amount of liability; suspension, revocation and reinstatement of participation.

     1. Liability under a surety bond which is filed or a deposit which is made with the Department pursuant to NAC 482.678 will be in an amount prescribed by the Department.

     2. The Department will suspend or revoke the authority of a new vehicle dealer to participate in the program if:

     (a) The amount of the surety bond filed or the deposit made is reduced to an amount that is less than the amount required by the Department pursuant to NAC 482.678;

     (b) There is an outstanding judgment resulting from the sale, transfer of interest or registration of a vehicle for which the new vehicle dealer is liable;

     (c) The new vehicle dealer violates any provision of NRS 482.352; or

     (d) The Department determines that the suspension or revocation is in the best interest of the public.

     3. A new vehicle dealer whose participation in the program is suspended pursuant to subsection 2 will be reinstated if the new vehicle dealer:

     (a) Files an additional surety bond pursuant to NAC 482.678;

     (b) Restores the deposit to its original amount;

     (c) Satisfies the outstanding judgment for which he or she is liable; or

     (d) Takes all other action required by the Department.

     4. A new vehicle dealer whose participation in the program is revoked pursuant to subsection 2 may not be reinstated for 1 year after the date of revocation.

     (Added to NAC by Dep’t of Motor Veh. by R011-08, eff. 6-17-2008)