NAC489.331. Inactivation of license issued to designated member or corporate officer of business.

     1. A license issued to a designated member or corporate officer of a business pursuant to NRS 489.343 on behalf of the business becomes inactive immediately if the member or officer:

     (a) Is disabled from engaging in the business; or

     (b) Ceases to be engaged in or connected with the business.

     2. The business may continue to operate pursuant to the inactive license if the business:

     (a) Notifies the Division that its license has become inactive; and

     (b) Designates another member or officer who submits an application for a license on behalf of the business.

Ê Except as otherwise provided in subsection 3, the business must submit the notice within 5 business days after the license becomes inactive. If the application for a license on behalf of the business is not submitted within 15 days after the license becomes inactive, the business shall cease to operate until such an application has been submitted and approved by the Division.

     3. The Division may grant an extension of time to comply with subsection 2 if the business requests an extension in writing within the 5-day period.

     4. If a business dissolves or fails to designate a new member or corporate officer within the period allowed pursuant to this section, the business shall return to the Division all licenses issued to the business by the Division.

     5. As used in this section, “business” means a partnership, limited partnership, limited-liability partnership, limited-liability limited partnership or limited-liability company or a corporation, whether or not for profit, doing business as a manufacturer, dealer, general serviceperson or specialty serviceperson in this State.

     (Added to NAC by Mfd. Housing Div. by R192-05, eff. 9-18-2006; A by R126-08, 12-17-2008)