NAC482.682. Bond or deposit: Disbursement; release; refund.

A surety bond which is filed or a deposit which is made with the Department pursuant to NAC 482.678 may be:

     1. Disbursed by the Director, for good cause shown and after notice and hearing, in an amount determined by the Director to compensate a person injured by an action of a new vehicle dealer, or an employee or agent of the new vehicle dealer.

     2. Released by the Director upon receipt by the Department of a statement that:

     (a) Is signed by a person under whose name the surety bond or deposit is made;

     (b) Is acknowledged before any person authorized to take acknowledgments in this State;

     (c) Requests the Director to release the surety bond or deposit, or a specified portion thereof; and

     (d) Sets forth the purpose for which the release of the surety bond or deposit is requested.

     3. Refunded by the Director:

     (a) One year after the date on which the participation of the new vehicle dealer in the program terminates, if the Director determines that there are no outstanding claims against the surety bond or deposit; or

     (b) Pursuant to an order of a court of competent jurisdiction.

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