NAC502.150. Bond required; payment of premium for bond; transfer or sale of business.

     1. An applicant for appointment as a license agent must furnish a continuous bond of not less than $7,000 to indemnify the Department against any loss occasioned by the improper performance of his or her duties.

     2. Except as otherwise provided in this subsection, the license agent shall pay the premium for the bond required by subsection 1. The Department will pay the premium for the bond required by subsection 1 if the license agency is located in a remote area and the license agency is or has been established for the convenience of the Department.

     3. The contract of a license agent may not be transferred. If a license agent transfers or sells his or her business, the license agent must notify the Department at least 30 days before the transfer or sale. All inventory and money due must be submitted to the Department before the ownership is transferred.

     [Bd. of Wildlife Comm’rs, No. 19 § 7, eff. 3-10-80]—(NAC A 9-20-83; 2-18-88, eff. 3-1-88; 12-13-91; 11-23-94; 12-29-97)