NAC645F.625. Surety bonds: Miscellaneous provisions.

     1. The term of the surety bond or substitute for the surety bond, if applicable, must be not less than 1 year.

     2. If the independent licensee deposits a surety bond, the independent licensee shall keep accurate records of the surety bond and the payments made on the premium. The records must be open to inspection by the Commissioner during business hours. The independent licensee shall notify the Commissioner not later than 30 days before the date of expiration of the surety bond and provide written proof of the renewal of the surety bond to the Commissioner.

     3. The Commissioner may reject any surety bond or substitute for the surety bond which fails to conform to the requirements of this chapter or chapter 645F of NRS.

     4. An independent licensee may change the form of security deposited with the Commissioner. If the independent licensee changes the form of the security, the Commissioner may retain for not more than 1 year any portion of the security previously deposited by the independent licensee as security for claims arising during the time the previous security was in effect.

     5. If the amount of the deposited security falls below the amount required by this chapter or chapter 645F of NRS for that security, the license of the independent licensee must be revoked as of the date the deposited security falls below the amount required.

     (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)