NAC697.520. Disbursement.

     1. Upon return of collateral to the person who posted it, if any amount has been deducted by the licensee as expense, the licensee shall include with the money an itemized statement of all expenses, and maintain a copy of the statement in his or her file. The statement must include notary fees, guard fees and any other expenses deducted from the collateral.

     2. If the bond secured by the collateral is forfeited and the licensee retains possession of the collateral in payment of the forfeiture or otherwise disposes of the collateral, the licensee shall advise the surety company within 7 working days of the terms of disposition of the collateral.

     3. Compliance with subsection 1 or 2 of this section may be accomplished by completion of a form similar to Form M-8B or M-8B-1, and including the items shown on those forms.

     [Comm’r of Insurance, M-8 § XIV, eff. 11-22-78]