Nevada Administrative Code (Last Updated: January 6, 2015)

NAC624.670. Application for increase in monetary limit on license for single project.

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     1. A licensee may, in accordance with the provisions of NRS 624.220, submit to the Board a written application requesting an increase, for a single project, in the monetary limit on his or her license. Not more than five such applications may be submitted by a licensee during any 12-month period.

     2. A licensee must submit with the application:

     (a) The financial statement required by NAC 624.593; and

     (b) Any other supporting information the Board requests.

     3. The Board will approve the application if it finds that the financial status of the licensee is adequate to justify the increase and if the licensee:

     (a) Procures and agrees to maintain any performance or payment bond, or both, that the Board requires; and

     (b) Complies with any other conditions the Board finds necessary to protect the public interest.

(Added to NAC by Contractors’ Bd., eff. 8-26-83; A 10-17-86; 8-25-97; R155-05, 12-29-2005; R128-08, 9-18-2008; R058-09, 6-30-2010; R034-11, 12-30-2011)

                    
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