NAC645G.110. Deposit of security in lieu of bond.

     1. If, in accordance with subsection 2 of NRS 645.608, an applicant posts a letter of credit with the Division, the letter of credit must:

     (a) Be irrevocable and be effective for a period not less than 18 months after the date of the application for registration or renewal of registration.

     (b) State that the issuer will honor multiple drafts for payment upon compliance with the terms of the credit;

     (c) Be in a form acceptable to the Division; and

     (d) Name the Division as the beneficiary for the benefit of the clients of the qualified intermediary.

     2. If, in accordance with subsection 2 of NRS 645.608, an applicant posts a savings certificate, certificate of deposit, or investment certificate, the certificate must comply with the requirements of subsection 2 of NRS 645.608. Interest earned on a certificate may accrue to the account of the qualified intermediary.

     (Added to NAC by Real Estate Div., eff. 3-30-94; A 7-7-94)—(Substituted in revision for NAC 645.792)