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 Nevada Administrative Code (Last Updated: January 6, 2015)
 Chapter624 Contractors
  LICENSES

  NAC624.675. Increase in monetary limit for indemnified licensee or applicant; withdrawal of indemnity.  

Latest version.

  •      1. If an applicant or licensee is indemnified by its officers, directors or any other person, the Board will consider a written request to increase, remove or not place a monetary limit on the license of an applicant or licensee although the financial condition of an applicant or licensee is not adequate to justify such a request.

         2. If the applicant or licensee is a corporation and the officers or directors are personally indemnifying the corporation, the request must be submitted with:

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

         (b) An agreement for indemnification made on a form supplied by the Board which has been signed by each indemnitor and his or her spouse, if any.

         3. If another corporation will act as an indemnitor for the licensee, the request must be submitted with:

         (a) A resolution by the directors of the indemnitor in which they approve the indemnification;

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

         (c) An agreement for indemnification which is made on the form supplied by the Board and is signed by the appropriate officer of the indemnitor.

         4. If a natural person will act as indemnitor for the applicant or licensee, the request must be submitted with:

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

         (b) An agreement for indemnification made on a form supplied by the Board which has been signed by each indemnitor and his or her spouse, if any.

         5. Except as otherwise provided in this subsection, if an indemnitor wishes to withdraw his or her agreement for indemnification, the indemnitor must deliver to the Board a written notice of his or her withdrawal. The withdrawal becomes effective 90 days after the Board’s receipt of the notice. If the agreement for indemnification was provided as a precondition to the approval by the Board of an increase in the monetary limit on a license pursuant to NAC 624.670, the indemnitor may not withdraw the agreement.

     (Added to NAC by Contractors’ Bd., eff. 8-26-83; A 10-17-86; 4-22-94; R155-05, 12-29-2005; R058-09, 6-30-2010)